Vestcor Inc Sells 1,471 Shares of Ameriprise Financial, Inc. $AMP

Vestcor Inc lowered its position in Ameriprise Financial, Inc. (NYSE:AMP) by 30.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,402 shares of the financial services provider’s stock after selling 1,471 shares during the quarter. Vestcor Inc’s holdings in Ameriprise Financial were worth $1,671,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of AMP. Russell Investments Group Ltd. raised its holdings in shares of Ameriprise Financial by 10.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 107,199 shares of the financial services provider’s stock valued at $52,775,000 after purchasing an additional 9,859 shares during the period. Inceptionr LLC grew its holdings in Ameriprise Financial by 126.0% during the third quarter. Inceptionr LLC now owns 3,415 shares of the financial services provider’s stock worth $1,678,000 after purchasing an additional 1,904 shares during the period. Private Advisor Group LLC grew its holdings in Ameriprise Financial by 6.4% during the third quarter. Private Advisor Group LLC now owns 5,716 shares of the financial services provider’s stock worth $2,808,000 after purchasing an additional 344 shares during the period. Diversify Advisory Services LLC increased its position in Ameriprise Financial by 74.6% during the third quarter. Diversify Advisory Services LLC now owns 1,418 shares of the financial services provider’s stock worth $641,000 after buying an additional 606 shares during the last quarter. Finally, Pinnacle Associates Ltd. raised its stake in Ameriprise Financial by 5.5% in the third quarter. Pinnacle Associates Ltd. now owns 1,313 shares of the financial services provider’s stock valued at $645,000 after buying an additional 68 shares during the period. Institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Trading Down 1.3%

Shares of AMP stock opened at $450.42 on Thursday. Ameriprise Financial, Inc. has a 12-month low of $396.14 and a 12-month high of $550.18. The company has a market capitalization of $41.07 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 1.06 and a beta of 1.27. The firm has a 50 day moving average price of $493.63 and a two-hundred day moving average price of $485.98. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.86.

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

Ameriprise Financial Announces Dividend

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

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $605.00 price objective (up from $580.00) on shares of Ameriprise Financial in a research report on Monday, February 2nd. Morgan Stanley boosted their target price on Ameriprise Financial from $484.00 to $485.00 and gave the stock an “underweight” rating in a report on Monday, December 22nd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Ameriprise Financial in a report on Monday, December 29th. Piper Sandler raised shares of Ameriprise Financial from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $434.00 to $530.00 in a research report on Friday, January 30th. Finally, Jefferies Financial Group upped their price objective on shares of Ameriprise Financial from $600.00 to $620.00 and gave the company a “buy” rating in a report on Monday, February 2nd. One investment 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $555.67.

Insiders Place Their Bets

In related news, insider Gumer Alvero sold 4,658 shares of the company’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 transaction, the insider directly owned 4,621 shares in the company, valued at approximately $2,508,648.48. This represents a 50.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William F. Truscott sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $532.08, for a total transaction of $2,660,400.00. Following the transaction, the chief executive officer directly owned 12,149 shares in the company, valued at approximately $6,464,239.92. This represents a 29.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 16,658 shares of company stock worth $8,998,675 in the last 90 days. Company insiders own 0.73% of the company’s stock.

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.