Westfield Capital Management Co. LP Decreases Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Key Points

• Westfield Capital Management Co. LP has reduced its stake in Ameriprise Financial by 4.3%, now holding $9.39 million worth of shares after selling 869 shares.
• Ameriprise Financial reported $9.11 EPS for the recent quarter, exceeding analysts' estimates, and saw a 2.2% year-over-year revenue increase to $4.49 billion.
• The company has initiated a stock buyback program allowing for the repurchase of up to $4.50 billion in shares, signaling confidence in its valuation.

Westfield Capital Management Co. LP lowered its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 4.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,397 shares of the financial services provider's stock after selling 869 shares during the quarter. Westfield Capital Management Co. LP's holdings in Ameriprise Financial were worth $9,390,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC lifted its position in Ameriprise Financial by 1.9% during the first quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock valued at $2,114,000 after purchasing an additional 83 shares during the last quarter. Spire Wealth Management lifted its holdings in shares of Ameriprise Financial by 91.6% in the 1st quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider's stock worth $692,000 after acquiring an additional 683 shares during the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of Ameriprise Financial by 488.5% in the 1st quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider's stock worth $470,000 after acquiring an additional 806 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Ameriprise Financial by 6.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 24,902 shares of the financial services provider's stock worth $12,055,000 after acquiring an additional 1,433 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Ameriprise Financial by 7.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 5,917 shares of the financial services provider's stock worth $2,864,000 after acquiring an additional 420 shares during the last quarter. Institutional investors own 83.95% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on AMP shares. William Blair lowered shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a report on Friday, July 25th. Keefe, Bruyette & Woods lifted their price objective on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a report on Wednesday, July 9th. Royal Bank Of Canada lifted their price objective on shares of Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Morgan Stanley lowered shares of Ameriprise Financial from an "equal weight" rating to an "underweight" rating and boosted their price target for the company from $462.00 to $530.00 in a report on Tuesday, July 15th. Finally, Piper Sandler boosted their price target on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a report on Thursday, July 3rd. Two investment analysts have 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's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $534.71.

Ameriprise Financial Stock Performance

Shares of NYSE:AMP traded down $10.30 during midday trading on Thursday, reaching $498.13. The company's stock had a trading volume of 399,588 shares, compared to its average volume of 437,777. The stock has a fifty day moving average of $522.26 and a 200 day moving average of $510.29. The firm has a market capitalization of $47.43 billion, a PE ratio of 15.50, a P/E/G ratio of 1.09 and a beta of 1.24. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.95. Ameriprise Financial, Inc. has a twelve month low of $392.69 and a twelve month high of $582.05.

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

Ameriprise Financial declared that its Board of Directors has initiated a share repurchase plan on Thursday, April 24th that allows the company to buyback $4.50 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 9.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Ameriprise Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Stockholders of record on Monday, August 4th will be given a $1.60 dividend. The ex-dividend date is Monday, August 4th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.3%. Ameriprise Financial's payout ratio is 19.91%.

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.