Highland Capital Management LLC Takes $1.29 Million Position in Ameriprise Financial, Inc. (NYSE:AMP)

Highland Capital Management LLC purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 2,416 shares of the financial services provider's stock, valued at approximately $1,286,000.

A number of other hedge funds have also bought and sold shares of the business. JPMorgan Chase & Co. lifted its holdings in Ameriprise Financial by 9.1% during the third quarter. JPMorgan Chase & Co. now owns 4,285,476 shares of the financial services provider's stock worth $2,013,359,000 after acquiring an additional 358,699 shares during the period. Geode Capital Management LLC lifted its holdings in Ameriprise Financial by 1.2% during the third quarter. Geode Capital Management LLC now owns 2,609,486 shares of the financial services provider's stock worth $1,222,943,000 after acquiring an additional 31,158 shares during the period. Robeco Institutional Asset Management B.V. lifted its holdings in Ameriprise Financial by 429.0% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 417,149 shares of the financial services provider's stock worth $222,103,000 after acquiring an additional 338,298 shares during the period. Maj Invest Holding A S lifted its holdings in Ameriprise Financial by 67.5% during the fourth quarter. Maj Invest Holding A S now owns 352,095 shares of the financial services provider's stock worth $187,466,000 after acquiring an additional 141,927 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in Ameriprise Financial by 3.8% during the third quarter. Victory Capital Management Inc. now owns 248,192 shares of the financial services provider's stock worth $116,603,000 after acquiring an additional 8,989 shares during the period. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Price Performance

Ameriprise Financial stock traded down $7.51 during midday trading on Friday, hitting $540.33. 121,279 shares of the company's stock were exchanged, compared to its average volume of 492,361. Ameriprise Financial, Inc. has a 52-week low of $378.05 and a 52-week high of $582.05. The stock has a 50-day moving average price of $548.14 and a two-hundred day moving average price of $496.86. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.65 and a current ratio of 0.65. The company has a market cap of $52.42 billion, a P/E ratio of 16.34, a PEG ratio of 0.87 and a beta of 1.36.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its earnings results on Wednesday, January 29th. The financial services provider reported $9.36 EPS for the quarter, topping the consensus estimate of $9.16 by $0.20. Ameriprise Financial had a return on equity of 69.46% and a net margin of 19.70%. On average, equities research analysts forecast that Ameriprise Financial, Inc. will post 39.04 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Monday, February 10th will be given a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend is Monday, February 10th. Ameriprise Financial's payout ratio is 17.91%.

Insider Buying and Selling

In other Ameriprise Financial news, CFO Walter Stanley Berman sold 8,655 shares of Ameriprise Financial stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $564.16, for a total transaction of $4,882,804.80. Following the completion of the sale, the chief financial officer now owns 6,409 shares of the company's stock, valued at $3,615,701.44. The trade was a 57.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Joseph Edward Sweeney sold 10,735 shares of Ameriprise Financial stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $549.68, for a total value of $5,900,814.80. Following the sale, the insider now directly owns 5,811 shares of the company's stock, valued at approximately $3,194,190.48. This trade represents a 64.88 % decrease in their position. The disclosure for this sale can be found here. 0.73% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on AMP. Royal Bank of Canada reiterated an "outperform" rating and set a $625.00 price target on shares of Ameriprise Financial in a report on Monday. Keefe, Bruyette & Woods lowered their target price on Ameriprise Financial from $565.00 to $560.00 and set a "market perform" rating on the stock in a research note on Friday, January 10th. Morgan Stanley boosted their target price on Ameriprise Financial from $440.00 to $502.00 and gave the company an "equal weight" rating in a research note on Thursday, October 17th. UBS Group lowered Ameriprise Financial from a "buy" rating to a "neutral" rating and lowered their target price for the company from $580.00 to $570.00 in a research note on Monday, January 6th. Finally, Piper Sandler boosted their target price on Ameriprise Financial from $415.00 to $442.00 and gave the company an "underweight" rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Ameriprise Financial has a consensus rating of "Hold" and an average target price of $509.33.

Ameriprise Financial 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.