Westfield Capital Management Reduces Stake in Ameriprise Financial

Westfield Capital Management Co. LP has decreased its stake in Ameriprise Financial, Inc. by 9.9% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the firm now holds 17,476 shares, having sold 1,921 shares in the process. The value of Westfield’s holdings in Ameriprise Financial is approximately $9,327,000 as of the end of the last quarter.

Several other investment firms have also made notable changes to their positions in Ameriprise Financial. For instance, Whipplewood Advisors LLC increased its holdings by an impressive 71.0% during the same quarter, acquiring 53 shares valued at around $28,000. TD Capital Management LLC significantly boosted its stake by 566.7% in the first quarter, bringing its total to 60 shares worth approximately $29,000 after purchasing an additional 51 shares. Other firms, including Wealth Preservation Advisors LLC and Salomon & Ludwin LLC, have also added to their positions, reflecting a growing interest in the financial services provider. Currently, institutional investors collectively own 83.95% of Ameriprise Financial’s stock.

Ameriprise Financial Performance and Dividend Announcement

As of the latest trading session, Ameriprise Financial shares declined by 1.7%, opening at $441.93. The company boasts a market capitalization of $41.06 billion and has a price-to-earnings ratio of 13.75. Its 50-day simple moving average stands at $476.20, while the 200-day average is $501.52. Over the past year, the stock has fluctuated between a low of $396.14 and a high of $582.05.

In addition to these developments, Ameriprise Financial has announced a quarterly dividend of $1.60 per share, which will be distributed on November 24, 2023. Shareholders of record as of November 10, 2023 will receive this dividend, translating to an annualized payout of $6.40 and a dividend yield of 1.4%. The company’s payout ratio currently stands at 17.55%.

Analyst Ratings and Insider Activity

Recent analyst reports indicate a mixed outlook for Ameriprise Financial. Keefe, Bruyette & Woods has revised its price objective from $550.00 to $530.00, maintaining a “market perform” rating. Meanwhile, Morgan Stanley has set a reduced price target of $484.00 with an “underweight” rating. Weiss Ratings has reaffirmed its “buy” rating, while Royal Bank of Canada has lowered its target price from $601.00 to $550.00 with an “outperform” rating. Overall, the stock has garnered a consensus rating of “Hold” from analysts, with an average target price of $533.22.

In related insider activity, Heather J. Melloh, the executive vice president of Ameriprise Financial, sold 1,500 shares at an average price of $512.34 on September 4, 2023, totaling $768,510.00. Following this transaction, Melloh’s ownership in the company is now 2,562 shares, valued at approximately $1,312,615.08. This sale represents a significant decrease in her position by 36.93%, and the transaction has been disclosed in a legal filing available on the SEC’s website.

As Ameriprise Financial continues to navigate the financial landscape, these developments illustrate the dynamic nature of institutional investment and market sentiment surrounding the company.