Oppenheimer & Co. Inc. Cuts Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Oppenheimer & Co. Inc. reduced its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 54.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,011 shares of the financial services provider's stock after selling 3,540 shares during the period. Oppenheimer & Co. Inc.'s holdings in Ameriprise Financial were worth $1,458,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SRS Capital Advisors Inc. increased its position in shares of Ameriprise Financial by 40.0% in the 4th quarter. SRS Capital Advisors Inc. now owns 70 shares of the financial services provider's stock valued at $37,000 after acquiring an additional 20 shares during the period. HighPoint Advisor Group LLC increased its holdings in shares of Ameriprise Financial by 0.8% in the fourth quarter. HighPoint Advisor Group LLC now owns 2,683 shares of the financial services provider's stock valued at $1,419,000 after purchasing an additional 20 shares during the period. Forum Financial Management LP raised its stake in shares of Ameriprise Financial by 1.4% in the fourth quarter. Forum Financial Management LP now owns 1,484 shares of the financial services provider's stock worth $790,000 after purchasing an additional 21 shares during the last quarter. Horizon Investments LLC lifted its holdings in shares of Ameriprise Financial by 1.4% during the fourth quarter. Horizon Investments LLC now owns 1,602 shares of the financial services provider's stock worth $851,000 after purchasing an additional 22 shares during the period. Finally, Ritholtz Wealth Management boosted its position in Ameriprise Financial by 1.3% in the first quarter. Ritholtz Wealth Management now owns 1,761 shares of the financial services provider's stock valued at $852,000 after buying an additional 22 shares during the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on AMP shares. Royal Bank Of Canada raised their price target on shares of Ameriprise Financial from $550.00 to $565.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Wall Street Zen raised shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. 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 research report on Wednesday, May 7th. Raymond James Financial raised 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. Finally, Morgan Stanley lifted their price objective on 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 investment analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $519.00.

Ameriprise Financial Price Performance

Shares of Ameriprise Financial stock traded up $3.02 during trading hours on Friday, reaching $528.50. The stock had a trading volume of 654,277 shares, compared to its average volume of 495,995. The stock's 50 day moving average is $502.29 and its 200 day moving average is $511.32. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.10. Ameriprise Financial, Inc. has a twelve month low of $385.74 and a twelve month high of $582.05. The firm has a market capitalization of $50.32 billion, a PE ratio of 17.96, a PEG ratio of 1.97 and a beta of 1.24.

Ameriprise Financial (NYSE:AMP - Get Free Report) 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. The firm had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.45 billion. Ameriprise Financial had a return on equity of 68.93% and a net margin of 17.14%. Ameriprise Financial's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $8.39 EPS. Equities analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial announced that its board has initiated a share repurchase plan 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 buy up to 9.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 1.21%. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date was Monday, May 5th. Ameriprise Financial's dividend payout ratio is presently 21.75%.

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.