Westpac Banking Corp Lowers Stock Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Westpac Banking Corp reduced its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 60.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,874 shares of the financial services provider’s stock after selling 12,229 shares during the period. Westpac Banking Corp’s holdings in Ameriprise Financial were worth $2,615,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Fairfield Bush & CO. purchased a new stake in Ameriprise Financial in the 1st quarter worth $53,000. Synovus Financial Corp increased its stake in shares of Ameriprise Financial by 2.9% during the first quarter. Synovus Financial Corp now owns 1,961 shares of the financial services provider’s stock worth $588,000 after purchasing an additional 56 shares in the last quarter. Aviva PLC raised its position in shares of Ameriprise Financial by 23.7% during the 1st quarter. Aviva PLC now owns 45,024 shares of the financial services provider’s stock worth $13,523,000 after purchasing an additional 8,625 shares during the last quarter. Prudential PLC acquired a new position in shares of Ameriprise Financial during the 1st quarter worth about $724,000. Finally, Cetera Investment Advisers boosted its holdings in Ameriprise Financial by 62.5% in the 1st quarter. Cetera Investment Advisers now owns 2,900 shares of the financial services provider’s stock worth $871,000 after buying an additional 1,115 shares during the last quarter. 82.62% of the stock is currently owned by hedge funds and other institutional investors.

Ameriprise Financial Price Performance

Shares of Ameriprise Financial stock traded up $0.95 on Thursday, hitting $344.42. 51,887 shares of the company were exchanged, compared to its average volume of 532,527. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.51. The company has a 50-day moving average price of $330.05 and a 200 day moving average price of $327.16. The stock has a market capitalization of $34.86 billion, a price-to-earnings ratio of 13.98, a price-to-earnings-growth ratio of 0.72 and a beta of 1.45. Ameriprise Financial, Inc. has a 1-year low of $275.09 and a 1-year high of $358.02.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $7.68 EPS for the quarter, topping analysts’ consensus estimates of $7.58 by $0.10. The firm had revenue of $3.91 billion for the quarter, compared to the consensus estimate of $3.96 billion. Ameriprise Financial had a return on equity of 81.75% and a net margin of 17.63%. As a group, sell-side analysts predict that Ameriprise Financial, Inc. will post 29.39 earnings per share for the current fiscal year.

Ameriprise Financial announced that its board has initiated a stock buyback program on Wednesday, July 26th that permits the company to buyback $3.50 billion in shares. This buyback authorization permits the financial services provider to purchase up to 9.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Ameriprise Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 17th. Stockholders of record on Monday, November 6th will be given a dividend of $1.35 per share. The ex-dividend date is Friday, November 3rd. This represents a $5.40 annualized dividend and a dividend yield of 1.57%. Ameriprise Financial’s payout ratio is 21.98%.

Analysts Set New Price Targets

Several equities research analysts have commented on AMP shares. StockNews.com upgraded Ameriprise Financial from a “hold” rating to a “buy” rating in a research note on Tuesday, November 7th. Royal Bank of Canada reiterated an “outperform” rating and set a $410.00 price target on shares of Ameriprise Financial in a research report on Tuesday, October 31st. Finally, Morgan Stanley raised their price objective on Ameriprise Financial from $360.00 to $365.00 and gave the company an “equal weight” rating in a report on Wednesday. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $377.57.

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 four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.