Atlantic Edge Private Wealth Management LLC Has $2.67 Million Stock Position in Ameriprise Financial, Inc. (NYSE:AMP)

Atlantic Edge Private Wealth Management LLC lifted its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 0.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,514 shares of the financial services provider’s stock after purchasing an additional 30 shares during the quarter. Atlantic Edge Private Wealth Management LLC’s holdings in Ameriprise Financial were worth $2,669,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of AMP. Concurrent Investment Advisors LLC raised its stake in shares of Ameriprise Financial by 5.0% in the 1st quarter. Concurrent Investment Advisors LLC now owns 668 shares of the financial services provider’s stock valued at $323,000 after acquiring an additional 32 shares in the last quarter. HM Payson & Co. boosted its stake in Ameriprise Financial by 6.4% in the first quarter. HM Payson & Co. now owns 2,696 shares of the financial services provider’s stock worth $1,305,000 after purchasing an additional 163 shares in the last quarter. World Investment Advisors raised its position in shares of Ameriprise Financial by 1.7% during the first quarter. World Investment Advisors now owns 1,654 shares of the financial services provider’s stock worth $800,000 after acquiring an additional 27 shares during the last quarter. Wayfinding Financial LLC bought a new stake in Ameriprise Financial in the first quarter valued at about $120,000. Finally, Strategic Blueprint LLC increased its holdings in shares of Ameriprise Financial by 32.0% in the first quarter. Strategic Blueprint LLC now owns 565 shares of the financial services provider’s stock worth $274,000 after acquiring an additional 137 shares in the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Stock Performance

Shares of Ameriprise Financial stock opened at $543.06 on Friday. The company has a market cap of $51.71 billion, a PE ratio of 18.45, a price-to-earnings-growth ratio of 2.03 and a beta of 1.23. Ameriprise Financial, Inc. has a 52 week low of $385.74 and a 52 week high of $582.05. The business has a 50 day moving average price of $509.70 and a 200-day moving average price of $511.23. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.10.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Thursday, April 24th. The financial services provider reported $9.50 EPS for the quarter, topping the consensus estimate of $9.08 by $0.42. The firm had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.45 billion. Ameriprise Financial had a return on equity of 68.93% and a net margin of 17.14%. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the business posted $8.39 earnings per share. Equities analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial announced that its board has initiated a share buyback program on Thursday, April 24th that permits the company to repurchase $4.50 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 9.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 19th. Investors of record on Monday, May 5th were given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.18%. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.48. The ex-dividend date was Monday, May 5th. Ameriprise Financial’s dividend payout ratio (DPR) is presently 21.75%.

Analyst Ratings Changes

Several brokerages recently commented on AMP. Keefe, Bruyette & Woods increased their price target on Ameriprise Financial from $510.00 to $520.00 and gave the company a “market perform” rating in a research report on Wednesday, May 7th. Royal Bank Of Canada boosted their price objective on Ameriprise Financial from $550.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. Wall Street Zen upgraded Ameriprise Financial from a “sell” rating to a “hold” rating in a research report on Friday, May 30th. Piper Sandler upped their target price on Ameriprise Financial from $423.00 to $434.00 and gave the company an “underweight” rating in a research report on Thursday. Finally, Raymond James Financial upgraded Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 target price on the stock in a research report on Monday, April 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $517.86.

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.