Lazard Asset Management LLC boosted its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 8.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 137,729 shares of the financial services provider’s stock after purchasing an additional 10,366 shares during the quarter. Lazard Asset Management LLC’s holdings in Ameriprise Financial were worth $17,643,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. boosted its stake in Ameriprise Financial by 5.6% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 3,781 shares of the financial services provider’s stock valued at $395,000 after purchasing an additional 200 shares during the period. Advisors Asset Management Inc. boosted its stake in Ameriprise Financial by 4.1% during the 4th quarter. Advisors Asset Management Inc. now owns 27,641 shares of the financial services provider’s stock valued at $2,885,000 after purchasing an additional 1,076 shares during the period. Dupont Capital Management Corp boosted its stake in Ameriprise Financial by 42.9% during the 4th quarter. Dupont Capital Management Corp now owns 1,459 shares of the financial services provider’s stock valued at $152,000 after purchasing an additional 438 shares during the period. Creative Planning boosted its stake in Ameriprise Financial by 17.8% during the 4th quarter. Creative Planning now owns 6,185 shares of the financial services provider’s stock valued at $646,000 after purchasing an additional 935 shares during the period. Finally, Pinnacle Associates Ltd. acquired a new position in Ameriprise Financial during the 4th quarter valued at about $208,000. Hedge funds and other institutional investors own 81.16% of the company’s stock.
AMP stock opened at $151.16 on Friday. Ameriprise Financial, Inc. has a 52 week low of $95.69 and a 52 week high of $153.15. The stock has a market cap of $20.14 billion, a price-to-earnings ratio of 10.12 and a beta of 1.87. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.81 and a current ratio of 0.81.
The firm also recently announced a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Monday, May 6th were issued a $0.97 dividend. This is an increase from Ameriprise Financial’s previous quarterly dividend of $0.90. This represents a $3.88 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date was Friday, May 3rd. Ameriprise Financial’s payout ratio is presently 25.97%.
In related news, EVP Randy Kupper sold 5,160 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $150.38, for a total value of $775,960.80. Following the sale, the executive vice president now directly owns 23,656 shares in the company, valued at approximately $3,557,389.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.90% of the stock is owned by insiders.
A number of analysts have commented on AMP shares. ValuEngine upgraded shares of Ameriprise Financial from a “sell” rating to a “hold” rating in a research report on Tuesday, April 16th. Zacks Investment Research downgraded shares of Ameriprise Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, March 5th. Citigroup set a $178.00 price target on shares of Ameriprise Financial and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Royal Bank of Canada set a $147.00 price target on shares of Ameriprise Financial and gave the stock a “hold” rating in a research report on Friday, April 26th. Finally, Barclays boosted their price target on shares of Ameriprise Financial from $135.00 to $146.00 and gave the stock an “overweight” rating in a research report on Monday, April 1st. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $171.56.
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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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