Westfield Capital Management Co. LP Sells 2,785 Shares of Ameriprise Financial, Inc. $AMP

Westfield Capital Management Co. LP reduced its position in Ameriprise Financial, Inc. (NYSE:AMP) by 15.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,691 shares of the financial services provider’s stock after selling 2,785 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Ameriprise Financial were worth $7,217,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Intech Investment Management LLC lifted its position in Ameriprise Financial by 92.8% in the 3rd quarter. Intech Investment Management LLC now owns 4,607 shares of the financial services provider’s stock worth $2,263,000 after buying an additional 2,217 shares during the last quarter. Fox Run Management L.L.C. bought a new position in Ameriprise Financial during the third quarter valued at approximately $2,078,000. MAI Capital Management raised its stake in shares of Ameriprise Financial by 27.0% during the third quarter. MAI Capital Management now owns 9,311 shares of the financial services provider’s stock worth $4,574,000 after acquiring an additional 1,977 shares in the last quarter. Zhang Financial LLC raised its stake in shares of Ameriprise Financial by 13.6% during the third quarter. Zhang Financial LLC now owns 4,653 shares of the financial services provider’s stock worth $2,286,000 after acquiring an additional 557 shares in the last quarter. Finally, Cozad Asset Management Inc. lifted its holdings in shares of Ameriprise Financial by 7.9% in the 3rd quarter. Cozad Asset Management Inc. now owns 411 shares of the financial services provider’s stock worth $202,000 after acquiring an additional 30 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Price Performance

AMP stock opened at $486.88 on Friday. The stock has a market capitalization of $44.39 billion, a price-to-earnings ratio of 13.39, a PEG ratio of 1.11 and a beta of 1.26. The firm’s 50-day moving average price is $499.40 and its two-hundred day moving average price is $488.88. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.86. Ameriprise Financial, Inc. has a 12-month low of $396.14 and a 12-month high of $550.18.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings results on Thursday, January 29th. The financial services provider reported $10.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.33 by $0.50. Ameriprise Financial had a return on equity of 63.04% and a net margin of 19.28%.The company had revenue of $4.92 billion for the quarter, compared to the consensus estimate of $4.75 billion. During the same quarter in the previous year, the business earned $9.54 EPS. Ameriprise Financial’s revenue was up 10.2% compared to the same quarter last year. As a group, equities analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Monday, February 9th will be paid a dividend of $1.60 per share. The ex-dividend date of this dividend is Monday, February 9th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.3%. Ameriprise Financial’s payout ratio is presently 17.60%.

Insider Activity

In other Ameriprise Financial news, insider Gumer Alvero sold 4,658 shares of the firm’s stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $542.88, for a total value of $2,528,735.04. Following the completion of the sale, the insider directly owned 4,621 shares in the company, valued at $2,508,648.48. This trade represents a 50.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Walter Stanley Berman sold 7,000 shares of the company’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $544.22, for a total value of $3,809,540.00. Following the transaction, the chief financial officer owned 5,609 shares in the company, valued at $3,052,529.98. This trade represents a 55.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 16,658 shares of company stock valued at $8,998,675. Corporate insiders own 0.73% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on AMP shares. Raymond James Financial set a $582.00 target price on shares of Ameriprise Financial and gave the company a “strong-buy” rating in a report on Wednesday, February 11th. Jefferies Financial Group upped their price target on shares of Ameriprise Financial from $600.00 to $620.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Piper Sandler raised Ameriprise Financial from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $434.00 to $530.00 in a research note on Friday, January 30th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $605.00 price objective (up from $580.00) on shares of Ameriprise Financial in a report on Monday, February 2nd. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Ameriprise Financial in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $555.67.

Ameriprise Financial Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.