Marshall Wace LLP Raises Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Marshall Wace LLP raised its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 1,200.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,503 shares of the financial services provider's stock after purchasing an additional 6,003 shares during the quarter. Marshall Wace LLP's holdings in Ameriprise Financial were worth $3,462,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. TCTC Holdings LLC purchased a new stake in shares of Ameriprise Financial during the 4th quarter worth about $26,000. Whipplewood Advisors LLC purchased a new stake in shares of Ameriprise Financial during the 4th quarter worth about $28,000. Rialto Wealth Management LLC purchased a new stake in shares of Ameriprise Financial during the 4th quarter worth about $28,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Ameriprise Financial during the 4th quarter worth about $30,000. Finally, Sound Income Strategies LLC purchased a new stake in shares of Ameriprise Financial during the 4th quarter worth about $36,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Trading Up 0.5 %

Shares of Ameriprise Financial stock traded up $2.22 during mid-day trading on Monday, hitting $468.16. The stock had a trading volume of 457,010 shares, compared to its average volume of 491,046. The firm has a 50-day moving average of $485.25 and a two-hundred day moving average of $522.27. Ameriprise Financial, Inc. has a 12-month low of $385.74 and a 12-month high of $582.05. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.01. The firm has a market cap of $44.86 billion, a P/E ratio of 14.16, a price-to-earnings-growth ratio of 1.15 and a beta of 1.23.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, beating the consensus estimate of $9.08 by $0.42. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The business had revenue of $4.35 billion during the quarter, compared to analysts' expectations of $4.45 billion. During the same quarter in the prior year, the company posted $8.39 EPS. The business's revenue for the quarter was up 3.6% on a year-over-year basis. Sell-side analysts forecast that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial announced that its Board of Directors has authorized a stock buyback program on Thursday, April 24th that authorizes the company to buyback $4.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 9.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 19th. Investors of record on Monday, May 5th will be issued a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 1.37%. The ex-dividend date is Monday, May 5th. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.48. Ameriprise Financial's dividend payout ratio (DPR) is 21.75%.

Insider Buying and Selling at Ameriprise Financial

In related news, CEO William F. Truscott sold 6,000 shares of the business's stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $540.29, for a total value of $3,241,740.00. Following the sale, the chief executive officer now owns 14,023 shares in the company, valued at approximately $7,576,486.67. The trade was a 29.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joseph Edward Sweeney sold 4,636 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $539.07, for a total value of $2,499,128.52. Following the transaction, the insider now directly owns 7,237 shares in the company, valued at approximately $3,901,249.59. The trade was a 39.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,636 shares of company stock valued at $6,263,989 over the last quarter. 0.73% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods lowered their target price on shares of Ameriprise Financial from $570.00 to $520.00 and set a "market perform" rating on the stock in a research note on Wednesday, April 9th. Raymond James upgraded shares of Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price target for the company in a research report on Monday, April 7th. UBS Group downgraded shares of Ameriprise Financial from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $580.00 to $570.00 in a research report on Monday, January 6th. Royal Bank of Canada restated an "outperform" rating and set a $625.00 price target on shares of Ameriprise Financial in a research report on Monday, February 3rd. Finally, Piper Sandler increased their price objective on shares of Ameriprise Financial from $415.00 to $442.00 and gave the company an "underweight" rating in a report on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $517.44.

Ameriprise Financial Profile

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.