Aristotle Capital Management LLC Reduces Stake in Ameriprise Financial, Inc. $AMP

Key Points

• Aristotle Capital cut its stake in Ameriprise by 4.6% in Q3 to 2,429,655 shares (about 2.62% ownership) valued at approximately $1.1936 billion, making AMP its 10th-largest holding.
• Ameriprise beat estimates for the quarter with EPS $10.83 vs. $10.33 and revenue of $4.92 billion vs. $4.75 billion, while analysts have an average rating of "Hold" and an average price target of $555.67.
• Company insiders have been selling: the CFO sold 7,000 shares at an average $544.22 and the CEO sold 5,000 at $532.08, with insiders disposing of 16,658 shares (~$9.0M) in the last 90 days; insiders now own 0.73% of the stock.

Aristotle Capital Management LLC cut its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 4.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,429,655 shares of the financial services provider's stock after selling 117,936 shares during the quarter. Ameriprise Financial comprises 2.3% of Aristotle Capital Management LLC's investment portfolio, making the stock its 10th largest holding. Aristotle Capital Management LLC owned approximately 2.62% of Ameriprise Financial worth $1,193,624,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Ameriprise Financial by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 12,432,261 shares of the financial services provider's stock valued at $6,635,471,000 after purchasing an additional 111,386 shares during the last quarter. JPMorgan Chase & Co. grew its position in Ameriprise Financial by 7.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,270,995 shares of the financial services provider's stock worth $3,347,019,000 after purchasing an additional 446,080 shares during the last quarter. Norges Bank acquired a new stake in Ameriprise Financial in the 2nd quarter worth $693,736,000. Boston Partners increased its holdings in shares of Ameriprise Financial by 1.1% during the 3rd quarter. Boston Partners now owns 1,193,048 shares of the financial services provider's stock worth $586,083,000 after purchasing an additional 13,172 shares during the period. Finally, Federated Hermes Inc. increased its holdings in shares of Ameriprise Financial by 29.3% during the 3rd quarter. Federated Hermes Inc. now owns 966,163 shares of the financial services provider's stock worth $474,628,000 after purchasing an additional 219,080 shares during the period. 83.95% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Royal Bank Of Canada reiterated an "outperform" rating and issued a $605.00 target price (up from $580.00) on shares of Ameriprise Financial in a research note on Monday, February 2nd. Morgan Stanley boosted their price target on Ameriprise Financial from $484.00 to $485.00 and gave the company an "underweight" rating in a research note on Monday, December 22nd. Raymond James Financial set a $582.00 price target on Ameriprise Financial and gave the company a "strong-buy" rating in a report on Wednesday, February 11th. Piper Sandler upgraded Ameriprise Financial from an "underweight" rating to a "neutral" rating and raised their price objective for the stock from $434.00 to $530.00 in a research report on Friday, January 30th. Finally, Jefferies Financial Group lifted their price objective on Ameriprise Financial from $600.00 to $620.00 and gave the stock a "buy" rating in a report on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $555.67.

Insider Transactions at Ameriprise Financial

In other news, CFO Walter Stanley Berman sold 7,000 shares of the 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 completion of the transaction, the chief financial officer directly owned 5,609 shares of the company's stock, valued at approximately $3,052,529.98. This represents a 55.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William F. Truscott sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $532.08, for a total value of $2,660,400.00. Following the transaction, the chief executive officer owned 12,149 shares of the company's stock, valued at $6,464,239.92. This trade represents a 29.16% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 16,658 shares of company stock valued at $8,998,675. Corporate insiders own 0.73% of the company's stock.

Ameriprise Financial Price Performance

Shares of Ameriprise Financial stock opened at $442.03 on Friday. The firm has a market cap of $40.30 billion, a P/E ratio of 12.16, a price-to-earnings-growth ratio of 1.03 and a beta of 1.27. The firm's 50-day simple moving average is $491.57 and its 200-day simple moving average is $484.96. Ameriprise Financial, Inc. has a twelve month low of $396.14 and a twelve month high of $550.18. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.68 and a current ratio of 0.68.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings results on Thursday, January 29th. The financial services provider reported $10.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.33 by $0.50. The firm had revenue of $4.92 billion during the quarter, compared to analyst estimates of $4.75 billion. Ameriprise Financial had a net margin of 19.28% and a return on equity of 63.04%. The company's quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $9.54 earnings per share. As a group, research analysts expect that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Monday, February 9th were paid a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Monday, February 9th. Ameriprise Financial's dividend payout ratio is currently 17.60%.

About Ameriprise Financial

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.

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