Ameriprise Financial, Inc. $AMP Stock: Welch & Forbes LLC Lowers Position

Welch & Forbes LLC lessened its position in Ameriprise Financial, Inc. (NYSE:AMP) by 1.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 169,241 shares of the financial services provider’s stock after selling 1,891 shares during the period. Welch & Forbes LLC’s holdings in Ameriprise Financial were worth $83,326,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of AMP. Twin Lakes Capital Management LLC purchased a new position in shares of Ameriprise Financial during the second quarter valued at approximately $25,000. Balance Wealth Partners LLC purchased a new stake in Ameriprise Financial in the 3rd quarter worth approximately $27,000. Cassaday & Co Wealth Management LLC acquired a new position in Ameriprise Financial in the 1st quarter valued at $28,000. University of Texas Texas AM Investment Management Co. acquired a new position in Ameriprise Financial in the 2nd quarter valued at $28,000. Finally, Fiduciary Financial Advisors acquired a new position in Ameriprise Financial in the 2nd quarter valued at $30,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $518.81 on Tuesday. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.71 and a current ratio of 0.68. The company has a 50 day moving average price of $513.81 and a 200 day moving average price of $493.23. The firm has a market capitalization of $45.04 billion, a price-to-earnings ratio of 11.67, a price-to-earnings-growth ratio of 1.12 and a beta of 1.13.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings results on Thursday, October 29th. The financial services provider reported $11.26 EPS for the quarter, missing the consensus estimate of $11.77 by ($0.51). Ameriprise Financial had a return on equity of 69.94% and a net margin of 20.99%. The firm had revenue of $5.08 billion for the quarter, compared to analyst estimates of $5.10 billion. During the same quarter in the prior year, the company earned $9.92 earnings per share. The business’s revenue was up 6.8% compared to the same quarter last year. Sell-side analysts anticipate that Ameriprise Financial, Inc. will post 46.24 EPS for the current year.

Ameriprise Financial declared that its board has approved a stock buyback program on Tuesday, September 29th that allows the company to buy back $5.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Ameriprise Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Monday, November 9th will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Monday, November 9th. This represents a $6.80 annualized dividend and a yield of 1.3%. Ameriprise Financial’s payout ratio is 15.30%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on AMP shares. Weiss Ratings raised Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. Argus lifted their price objective on Ameriprise Financial from $534.00 to $590.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Jefferies Financial Group reduced their target price on Ameriprise Financial from $645.00 to $638.00 in a research report on Monday, October 12th. BMO Capital Markets decreased their price target on Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 6th. Finally, Morgan Stanley lowered their price target on Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating for the company in a report on Friday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $557.00.

About Ameriprise Financial

Ameriprise Financial is a financial services company focused on helping individuals and institutions plan for and manage their finances. Its offerings include financial planning and investment advice, brokerage services, asset management, insurance and annuity products.

The company traces its roots to Investors Syndicate, founded in Minneapolis in 1894. It became an independent public company in 2005 after separating from American Express, and remains headquartered in Minneapolis.

Ameriprise serves clients primarily in the United States through its network of financial advisors.