Farther Finance Advisors LLC Raises Position in Ameriprise Financial, Inc. (NYSE:AMP)

Farther Finance Advisors LLC boosted its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 61.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,402 shares of the financial services provider’s stock after purchasing an additional 531 shares during the period. Farther Finance Advisors LLC’s holdings in Ameriprise Financial were worth $685,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. TCTC Holdings LLC bought a new position in Ameriprise Financial in the 4th quarter worth about $26,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Ameriprise Financial in the 4th quarter worth $26,000. Whipplewood Advisors LLC purchased a new position in Ameriprise Financial during the 4th quarter worth $28,000. Rialto Wealth Management LLC acquired a new position in Ameriprise Financial during the 4th quarter valued at about $28,000. Finally, Sunbeam Capital Management LLC acquired a new position in Ameriprise Financial during the 4th quarter valued at about $31,000. 83.95% of the stock is owned by institutional investors.

Ameriprise Financial Price Performance

Shares of AMP opened at $501.27 on Friday. Ameriprise Financial, Inc. has a 1-year low of $385.74 and a 1-year high of $582.05. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.59. The firm has a 50-day simple moving average of $491.95 and a two-hundred day simple moving average of $514.48. The stock has a market cap of $47.73 billion, a PE ratio of 15.16, a P/E/G ratio of 1.15 and a beta of 1.24.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Thursday, April 24th. The financial services provider reported $9.50 EPS for the quarter, topping the consensus estimate of $9.08 by $0.42. Ameriprise Financial had a return on equity of 69.35% and a net margin of 19.70%. The firm had revenue of $4.35 billion during the quarter, compared to analysts’ expectations of $4.45 billion. During the same period in the previous year, the firm posted $8.39 EPS. Ameriprise Financial’s revenue for the quarter 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 year.

Ameriprise Financial announced that its Board of Directors has authorized a stock buyback plan on Thursday, April 24th that permits the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 9.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 19th. Shareholders of record on Monday, May 5th were given a dividend of $1.60 per share. 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 annualized dividend and a yield of 1.28%. Ameriprise Financial’s payout ratio is 21.75%.

Wall Street Analysts Forecast Growth

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

About Ameriprise Financial

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.