Webster Bank N. A. Cuts Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Webster Bank N. A. reduced its position in Ameriprise Financial, Inc. (NYSE:AMP) by 14.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 307 shares of the financial services provider’s stock after selling 52 shares during the quarter. Webster Bank N. A.’s holdings in Ameriprise Financial were worth $149,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in AMP. Norges Bank purchased a new position in shares of Ameriprise Financial in the 4th quarter worth $689,272,000. JPMorgan Chase & Co. raised its position in shares of Ameriprise Financial by 12.1% in 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 buying an additional 516,437 shares during the period. Proficio Capital Partners LLC raised its position 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 worth $197,943,000 after buying an additional 371,306 shares during the period. Northern Trust Corp raised its position in shares of 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 worth $675,344,000 after buying an additional 209,549 shares during the period. Finally, Amundi raised its position in shares of Ameriprise Financial by 48.0% in the 4th quarter. Amundi now owns 642,226 shares of the financial services provider’s stock worth $343,546,000 after buying an additional 208,195 shares during the period. 83.95% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Stock Performance

NYSE:AMP opened at $508.62 on Friday. 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 moving average of $483.11 and a two-hundred day moving average of $518.57. The stock has a market cap of $48.43 billion, a P/E ratio of 15.38, a PEG ratio of 1.15 and a beta of 1.28. Ameriprise Financial, Inc. has a 1-year low of $385.74 and a 1-year high of $582.05.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, beating analysts’ consensus estimates of $9.08 by $0.42. The company had revenue of $4.35 billion during the quarter, compared to analysts’ expectations of $4.45 billion. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $8.39 EPS. On average, research analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial declared that its Board of Directors has approved a stock repurchase program on Thursday, April 24th that authorizes the company to buyback $4.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 9.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 19th. Shareholders of record on Monday, May 5th were given a $1.60 dividend. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.48. This represents a $6.40 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date was Monday, May 5th. Ameriprise Financial’s dividend payout ratio is presently 21.75%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Royal Bank of Canada upped 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. Morgan Stanley upped their price target on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 4th. Keefe, Bruyette & Woods upped their price target on shares of Ameriprise Financial from $510.00 to $520.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 7th. Piper Sandler upped their price target on shares of Ameriprise Financial from $415.00 to $442.00 and gave the stock an “underweight” rating in a research report on Friday, January 31st. Finally, Wall Street Zen raised shares of Ameriprise Financial from a “sell” rating to a “hold” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $517.13.

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.