Farther Finance Advisors LLC Has $685,000 Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Farther Finance Advisors LLC lifted its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 61.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,402 shares of the financial services provider’s stock after buying an additional 531 shares during the quarter. Farther Finance Advisors LLC’s holdings in Ameriprise Financial were worth $685,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC grew its position in shares of Ameriprise Financial by 49,248.9% during the 1st quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider’s stock worth $1,023,461,000 after buying an additional 2,109,824 shares during the period. Norges Bank acquired a new position in shares of Ameriprise Financial during the fourth quarter valued at about $689,272,000. JPMorgan Chase & Co. boosted its position in shares of Ameriprise Financial by 12.1% during the 4th quarter. JPMorgan Chase & Co. now owns 4,801,913 shares of the financial services provider’s stock worth $2,556,683,000 after purchasing an additional 516,437 shares in the last quarter. Proficio Capital Partners LLC grew its stake in shares of Ameriprise Financial by 79,679.4% in the 4th quarter. Proficio Capital Partners LLC now owns 371,772 shares of the financial services provider’s stock valued at $197,943,000 after buying an additional 371,306 shares during the period. Finally, Northern Trust Corp increased its position in Ameriprise Financial by 19.8% in the 4th quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider’s stock valued at $675,344,000 after buying an additional 209,549 shares in the last quarter. Institutional investors own 83.95% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Ameriprise Financial Trading Down 2.8%

NYSE:AMP opened at $501.27 on Friday. Ameriprise Financial, Inc. has a one year low of $385.74 and a one year high of $582.05. The company’s 50-day simple moving average is $491.95 and its 200 day simple moving average is $514.48. The firm has a market capitalization of $47.73 billion, a P/E ratio of 15.16, a PEG ratio of 1.15 and a beta of 1.24. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.59.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.08 by $0.42. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The firm had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.45 billion. During the same quarter in the prior year, the firm posted $8.39 earnings per share. The business’s revenue was up 3.6% on a year-over-year basis. As a group, analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 19th. Shareholders of record on Monday, May 5th were issued a dividend of $1.60 per share. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.48. This represents a $6.40 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date was Monday, May 5th. Ameriprise Financial’s dividend payout ratio (DPR) is 21.75%.

Ameriprise Financial announced that its Board of Directors has approved a stock repurchase program on Thursday, April 24th that authorizes the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 9.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Ameriprise Financial Company 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.