Palisade Asset Management LLC Acquires 320 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Palisade Asset Management LLC lifted its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 8.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,160 shares of the financial services provider’s stock after acquiring an additional 320 shares during the period. Palisade Asset Management LLC’s holdings in Ameriprise Financial were worth $533,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of AMP. Retirement Systems of Alabama raised its stake in shares of Ameriprise Financial by 37.8% during the 1st quarter. Retirement Systems of Alabama now owns 263,892 shares of the financial services provider’s stock worth $33,805,000 after purchasing an additional 72,370 shares in the last quarter. Farmers & Merchants Trust Co of Chambersburg PA raised its stake in shares of Ameriprise Financial by 40.4% during the 1st quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 278 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 80 shares in the last quarter. Shorepoint Capital Partners LLC bought a new stake in shares of Ameriprise Financial during the 1st quarter worth approximately $1,031,000. Legacy Private Trust Co. raised its stake in shares of Ameriprise Financial by 3.7% during the 1st quarter. Legacy Private Trust Co. now owns 24,326 shares of the financial services provider’s stock worth $3,116,000 after purchasing an additional 876 shares in the last quarter. Finally, NuWave Investment Management LLC raised its stake in shares of Ameriprise Financial by 258.4% during the 1st quarter. NuWave Investment Management LLC now owns 405 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 292 shares in the last quarter. Hedge funds and other institutional investors own 85.02% of the company’s stock.

AMP stock opened at $144.27 on Wednesday. The firm has a market cap of $19.49 billion, a price-to-earnings ratio of 9.66 and a beta of 1.95. Ameriprise Financial, Inc. has a fifty-two week low of $95.69 and a fifty-two week high of $153.15. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.88.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Wednesday, April 24th. The financial services provider reported $3.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.61 by $0.14. The company had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.03 billion. Ameriprise Financial had a return on equity of 37.97% and a net margin of 14.85%. Ameriprise Financial’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the firm posted $3.70 EPS. As a group, equities analysts expect that Ameriprise Financial, Inc. will post 15.9 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Monday, May 6th will be issued a dividend of $0.97 per share. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $0.90. This represents a $3.88 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend is Friday, May 3rd. Ameriprise Financial’s dividend payout ratio is 25.97%.

In other news, EVP Colin Moore sold 24,032 shares of Ameriprise Financial stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $133.64, for a total transaction of $3,211,636.48. Following the sale, the executive vice president now directly owns 56,447 shares of the company’s stock, valued at $7,543,577.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.90% of the company’s stock.

A number of brokerages have recently issued reports on AMP. Zacks Investment Research cut Ameriprise Financial from a “hold” rating to a “sell” rating in a research note on Monday, April 8th. UBS Group upped their price objective on Ameriprise Financial from $156.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, April 9th. Citigroup increased their price target on Ameriprise Financial from $153.00 to $170.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Barclays increased their price target on Ameriprise Financial from $146.00 to $171.00 and gave the company an “overweight” rating in a research note on Thursday, April 25th. Finally, Royal Bank of Canada set a $147.00 price target on Ameriprise Financial and gave the company a “hold” rating in a research note on Friday, April 26th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Ameriprise Financial has a consensus rating of “Buy” and an average target price of $159.63.

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About Ameriprise Financial

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

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Institutional Ownership by Quarter for Ameriprise Financial (NYSE:AMP)

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