Redmont Wealth Advisors LLC Invests $28,000 in Ameriprise Financial, Inc. (NYSE:AMP)

Redmont Wealth Advisors LLC purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 65 shares of the financial services provider’s stock, valued at approximately $28,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Venture Visionary Partners LLC raised its holdings in shares of Ameriprise Financial by 2.9% during the fourth quarter. Venture Visionary Partners LLC now owns 14,874 shares of the financial services provider’s stock worth $5,650,000 after acquiring an additional 416 shares during the period. 17 Capital Partners LLC acquired a new stake in shares of Ameriprise Financial during the fourth quarter worth $2,078,000. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Ameriprise Financial by 0.5% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 13,600 shares of the financial services provider’s stock worth $5,166,000 after acquiring an additional 73 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Ameriprise Financial by 3.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 110,995 shares of the financial services provider’s stock worth $42,238,000 after acquiring an additional 4,203 shares during the period. Finally, Cerity Partners LLC raised its holdings in shares of Ameriprise Financial by 280.6% during the fourth quarter. Cerity Partners LLC now owns 30,502 shares of the financial services provider’s stock worth $11,585,000 after acquiring an additional 22,487 shares during the period. 83.95% of the stock is owned by institutional investors.

Insider Buying and Selling at Ameriprise Financial

In other news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $438.07, for a total value of $657,105.00. Following the sale, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $4,818,770. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Ameriprise Financial from $420.00 to $460.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. Jefferies Financial Group raised their price objective on shares of Ameriprise Financial from $500.00 to $504.00 and gave the stock a “buy” rating in a report on Friday, June 28th. The Goldman Sachs Group lifted their price target on shares of Ameriprise Financial from $437.00 to $488.00 and gave the company a “buy” rating in a research note on Wednesday, March 27th. Argus lifted their price target on shares of Ameriprise Financial from $440.00 to $460.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Finally, Evercore ISI lifted their price target on shares of Ameriprise Financial from $400.00 to $445.00 and gave the company an “in-line” rating in a research note on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $456.22.

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $434.00 on Thursday. The company has a market capitalization of $43.10 billion, a price-to-earnings ratio of 14.77, a PEG ratio of 0.74 and a beta of 1.37. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.56 and a current ratio of 0.56. The company has a 50-day simple moving average of $429.29 and a 200 day simple moving average of $411.59. Ameriprise Financial, Inc. has a 52 week low of $306.63 and a 52 week high of $446.32.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $8.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.10 by $0.29. Ameriprise Financial had a net margin of 19.42% and a return on equity of 75.97%. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.15 billion. During the same quarter in the previous year, the firm posted $7.25 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, sell-side analysts predict that Ameriprise Financial, Inc. will post 34.92 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Monday, May 6th were given a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a yield of 1.36%. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.35. The ex-dividend date of this dividend was Friday, May 3rd. Ameriprise Financial’s dividend payout ratio is currently 20.15%.

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.