Ameriprise Financial, Inc. $AMP Stock Bought by Montecito Bank & Trust

Montecito Bank & Trust grew its position in Ameriprise Financial, Inc. (NYSE:AMP) by 122.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,017 shares of the financial services provider’s stock after acquiring an additional 4,418 shares during the period. Montecito Bank & Trust’s holdings in Ameriprise Financial were worth $3,947,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of AMP. State Street Corp grew its position in shares of Ameriprise Financial by 1,279.7% during the 2nd quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock valued at $29,069,493,000 after acquiring an additional 58,772,775 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of Ameriprise Financial by 960.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock valued at $1,537,817,000 after purchasing an additional 3,036,128 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Ameriprise Financial by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider’s stock worth $455,387,000 after purchasing an additional 19,731 shares during the period. First Trust Advisors LP raised its holdings in Ameriprise Financial by 18.7% in the 1st quarter. First Trust Advisors LP now owns 983,096 shares of the financial services provider’s stock worth $436,888,000 after purchasing an additional 154,659 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Ameriprise Financial by 2.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 817,247 shares of the financial services provider’s stock worth $374,920,000 after purchasing an additional 22,819 shares in the last quarter. 83.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on AMP. Zacks Research lowered Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. Weiss Ratings raised Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. Jefferies Financial Group increased their target price on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods lifted their price target on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research note on Friday, July 24th. Finally, Morgan Stanley boosted their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Ameriprise Financial has an average rating of “Hold” and an average target price of $555.33.

Insider Transactions at Ameriprise Financial

In other Ameriprise Financial news, insider William Williams sold 8,210 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the transaction, the insider directly owned 6,780 shares in the company, valued at $3,656,793. This represents a 54.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Deirdre Mcgraw sold 2,400 shares of the firm’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total value of $1,339,872.00. Following the transaction, the executive vice president owned 3,373 shares of the company’s stock, valued at approximately $1,883,078.44. This represents a 41.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 29,988 shares of company stock worth $16,316,497 in the last ninety days. 0.60% of the stock is owned by company insiders.

Ameriprise Financial Trading Up 0.4%

NYSE AMP traded up $1.82 during trading hours on Thursday, reaching $494.17. The company had a trading volume of 579,916 shares, compared to its average volume of 647,920. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $44.43 billion, a P/E ratio of 11.92, a price-to-earnings-growth ratio of 0.89 and a beta of 1.14. The stock has a 50-day moving average of $545.45 and a 200 day moving average of $493.05. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.87 billion. During the same period in the previous year, the firm earned $9.11 EPS. The business’s revenue was up 11.6% on a year-over-year basis. As a group, research analysts anticipate that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 3rd were given a $1.70 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a yield of 1.4%. Ameriprise Financial’s payout ratio is presently 16.40%.

Ameriprise Financial declared that its board has approved a stock buyback program on Tuesday, September 29th that allows the company to repurchase $5.50 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

About Ameriprise Financial

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The company provides financial planning, investment advice, wealth management, retirement planning and insurance solutions to individuals, families, business owners and institutional clients.

Ameriprise serves clients primarily through a network of financial advisors and offers products and services that include brokerage and advisory accounts, mutual funds and other investments, retirement accounts, annuities, life and long-term-care insurance, banking products and personalized financial planning.