Oppenheimer Asset Management Inc. Increases Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Oppenheimer Asset Management Inc. raised its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 15.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,522 shares of the financial services provider’s stock after purchasing an additional 731 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Ameriprise Financial were worth $2,673,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Jones Financial Companies Lllp boosted its stake in shares of Ameriprise Financial by 24.3% during the 4th quarter. Jones Financial Companies Lllp now owns 1,674 shares of the financial services provider’s stock valued at $891,000 after purchasing an additional 327 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in Ameriprise Financial in the fourth quarter worth about $43,000. Exchange Traded Concepts LLC boosted its position in Ameriprise Financial by 488.5% during the 1st quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider’s stock valued at $470,000 after acquiring an additional 806 shares in the last quarter. Fisher Asset Management LLC bought a new stake in Ameriprise Financial during the 4th quarter valued at approximately $214,000. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Ameriprise Financial by 6.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 24,902 shares of the financial services provider’s stock worth $12,055,000 after acquiring an additional 1,433 shares during the period. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Stock Up 0.2%

NYSE:AMP opened at $525.25 on Friday. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.60 and a current ratio of 0.60. The firm has a market cap of $50.01 billion, a P/E ratio of 17.85, a P/E/G ratio of 1.96 and a beta of 1.24. Ameriprise Financial, Inc. has a fifty-two week low of $385.74 and a fifty-two week high of $582.05. The firm has a 50-day simple moving average of $501.01 and a two-hundred day simple moving average of $511.71.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, beating the consensus estimate of $9.08 by $0.42. Ameriprise Financial had a net margin of 17.14% and a return on equity of 68.93%. The company had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.45 billion. During the same quarter last year, the firm earned $8.39 earnings per share. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. Analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial declared that its Board of Directors has initiated a share repurchase plan on Thursday, April 24th that allows the company to buyback $4.50 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 9.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 19th. Shareholders of record on Monday, May 5th were issued a $1.60 dividend. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.48. The ex-dividend date was Monday, May 5th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.22%. Ameriprise Financial’s dividend payout ratio (DPR) is presently 21.75%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on AMP. Raymond James Financial upgraded Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 price target on the stock in a research report on Monday, April 7th. Keefe, Bruyette & Woods boosted their target price on shares of Ameriprise Financial from $510.00 to $520.00 and gave the company a “market perform” rating in a report on Wednesday, May 7th. Royal Bank Of Canada increased their price target on shares of Ameriprise Financial from $550.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Wall Street Zen raised shares of Ameriprise Financial from a “sell” rating to a “hold” rating in a research note on Friday, May 30th. Finally, Morgan Stanley raised their target price on shares of Ameriprise Financial from $507.00 to $542.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Ameriprise Financial has a consensus rating of “Hold” and an average price target of $517.13.

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.