Ameriprise Financial, Inc. (NYSE:AMP) Shares Purchased by National Bank of Canada FI

Key Points

• National Bank of Canada FI increased its stake in Ameriprise Financial by 46.7% during the first quarter, acquiring an additional 27,922 shares to reach a total of 87,739 shares valued at approximately $42.5 million.
• Shares of Ameriprise Financial are currently valued at around $504.51, up 1.2%, with a market capitalization of $47.56 billion.
• The company announced a quarterly dividend of $1.60 per share, representing a 1.3% yield, and approved a stock repurchase plan allowing for the buyback of $4.50 billion in shares.

National Bank of Canada FI boosted its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 46.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 87,739 shares of the financial services provider's stock after buying an additional 27,922 shares during the period. National Bank of Canada FI owned approximately 0.09% of Ameriprise Financial worth $42,485,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its holdings in Ameriprise Financial by 6.9% during the 4th quarter. Brighton Jones LLC now owns 777 shares of the financial services provider's stock worth $413,000 after purchasing an additional 50 shares during the period. Wellington Management Group LLP increased its holdings in Ameriprise Financial by 19.1% during the 4th quarter. Wellington Management Group LLP now owns 1,627 shares of the financial services provider's stock worth $866,000 after purchasing an additional 261 shares during the period. CenterBook Partners LP increased its holdings in Ameriprise Financial by 14.0% during the 4th quarter. CenterBook Partners LP now owns 1,143 shares of the financial services provider's stock worth $609,000 after purchasing an additional 140 shares during the period. Scotia Capital Inc. increased its holdings in Ameriprise Financial by 263.5% during the 4th quarter. Scotia Capital Inc. now owns 1,585 shares of the financial services provider's stock worth $844,000 after purchasing an additional 1,149 shares during the period. Finally, Rockefeller Capital Management L.P. increased its holdings in Ameriprise Financial by 14.9% during the 4th quarter. Rockefeller Capital Management L.P. now owns 74,654 shares of the financial services provider's stock worth $39,747,000 after purchasing an additional 9,662 shares during the period. 83.95% of the stock is owned by institutional investors.

Ameriprise Financial Price Performance

Shares of AMP stock traded up $10.00 during trading hours on Tuesday, reaching $516.65. The company had a trading volume of 371,172 shares, compared to its average volume of 436,064. The company has a market capitalization of $48.70 billion, a price-to-earnings ratio of 16.07, a PEG ratio of 1.08 and a beta of 1.24. Ameriprise Financial, Inc. has a 12-month low of $396.14 and a 12-month high of $582.05. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62. The stock has a fifty day moving average of $521.93 and a 200-day moving average of $508.46.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, topping the consensus estimate of $9.00 by $0.11. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%. The business had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same period last year, the business posted $8.72 earnings per share. The company's quarterly revenue was up 2.2% on a year-over-year basis. On average, equities analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial announced that its board has authorized a share buyback plan on Thursday, April 24th that allows the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 9.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its shares are undervalued.

Ameriprise Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Stockholders of record on Monday, August 4th will be paid a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Monday, August 4th. Ameriprise Financial's dividend payout ratio (DPR) is presently 19.91%.

Wall Street Analysts Forecast Growth

AMP has been the topic of several recent research reports. Royal Bank Of Canada increased their target price on Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Keefe, Bruyette & Woods increased their target price on Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research report on Wednesday, July 9th. Raymond James Financial increased their target price on Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a research report on Friday, July 25th. Wall Street Zen raised Ameriprise Financial from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Finally, Morgan Stanley cut Ameriprise Financial from an "equal weight" rating to an "underweight" rating and increased their target price for the company from $462.00 to $530.00 in a research report on Tuesday, July 15th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Ameriprise Financial currently has a consensus rating of "Hold" and an average price target of $534.71.

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.