Mutual of America Capital Management LLC Sells 627 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Mutual of America Capital Management LLC lessened its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 2.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,889 shares of the financial services provider’s stock after selling 627 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Ameriprise Financial were worth $13,017,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. University of Texas Texas AM Investment Management Co. purchased a new position in Ameriprise Financial during the 4th quarter valued at $26,000. Sunbeam Capital Management LLC bought a new position in shares of Ameriprise Financial in the 4th quarter worth $31,000. Opal Wealth Advisors LLC purchased a new position in Ameriprise Financial during the 1st quarter worth $36,000. Quarry LP grew its stake in Ameriprise Financial by 148.6% during the 4th quarter. Quarry LP now owns 87 shares of the financial services provider’s stock worth $46,000 after buying an additional 52 shares during the last quarter. Finally, Sound Income Strategies LLC grew its stake in Ameriprise Financial by 68.7% during the 1st quarter. Sound Income Strategies LLC now owns 113 shares of the financial services provider’s stock valued at $55,000 after purchasing an additional 46 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Morgan Stanley downgraded Ameriprise Financial from an “equal weight” rating to an “underweight” rating and upped their target price for the stock from $462.00 to $530.00 in a research note on Tuesday, July 15th. Wall Street Zen raised Ameriprise Financial from a “sell” rating to a “hold” rating in a report on Friday, May 30th. William Blair lowered Ameriprise Financial from an “outperform” rating to a “market perform” rating in a research report on Friday, July 25th. Raymond James Financial increased their price objective on Ameriprise Financial from $518.00 to $582.00 and gave the stock a “strong-buy” rating in a research report on Friday, July 25th. Finally, Keefe, Bruyette & Woods raised their price target on Ameriprise Financial from $520.00 to $550.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 9th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $534.71.

Ameriprise Financial Stock Up 0.6%

Ameriprise Financial stock opened at $508.18 on Thursday. Ameriprise Financial, Inc. has a 1-year low of $392.10 and a 1-year high of $582.05. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.60. The stock has a market cap of $48.39 billion, a PE ratio of 15.81, a P/E/G ratio of 1.08 and a beta of 1.24. The stock’s fifty day moving average is $522.30 and its two-hundred day moving average is $510.30.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, topping analysts’ consensus estimates of $9.00 by $0.11. The business had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.33 billion. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%. The business’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $8.72 earnings per share. On average, sell-side analysts expect that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, August 4th will be given a dividend of $1.60 per share. The ex-dividend date is Monday, August 4th. This represents a $6.40 annualized dividend and a yield of 1.3%. Ameriprise Financial’s payout ratio is presently 19.91%.

Ameriprise Financial declared that its board has initiated a stock buyback program on Thursday, April 24th that allows the company to buyback $4.50 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 9.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

About Ameriprise Financial

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.