Montecito Bank & Trust Purchases 1,358 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Montecito Bank & Trust increased its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 35.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,241 shares of the financial services provider’s stock after buying an additional 1,358 shares during the quarter. Montecito Bank & Trust’s holdings in Ameriprise Financial were worth $2,462,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its stake in shares of Ameriprise Financial by 18.6% during the 1st quarter. JPMorgan Chase & Co. now owns 3,844,165 shares of the financial services provider’s stock worth $1,685,436,000 after buying an additional 603,267 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Ameriprise Financial by 10.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,129,632 shares of the financial services provider’s stock valued at $482,588,000 after purchasing an additional 110,319 shares during the last quarter. Legal & General Group Plc grew its stake in Ameriprise Financial by 1.4% in the second quarter. Legal & General Group Plc now owns 823,249 shares of the financial services provider’s stock valued at $351,685,000 after purchasing an additional 11,060 shares in the last quarter. TD Asset Management Inc increased its position in shares of Ameriprise Financial by 18.8% during the 1st quarter. TD Asset Management Inc now owns 707,617 shares of the financial services provider’s stock worth $310,248,000 after purchasing an additional 111,973 shares during the last quarter. Finally, AGF Management Ltd. raised its stake in shares of Ameriprise Financial by 35.4% during the 2nd quarter. AGF Management Ltd. now owns 504,657 shares of the financial services provider’s stock worth $215,584,000 after purchasing an additional 131,844 shares in the last quarter. Institutional investors own 83.95% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on AMP shares. The Goldman Sachs Group lowered shares of Ameriprise Financial from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $485.00 to $476.00 in a research report on Thursday, September 26th. UBS Group upped their target price on shares of Ameriprise Financial from $490.00 to $555.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Morgan Stanley boosted their price target on Ameriprise Financial from $440.00 to $502.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Royal Bank of Canada raised their price target on Ameriprise Financial from $535.00 to $550.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Ameriprise Financial from $475.00 to $510.00 and gave the company a “market perform” rating in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $487.67.

Ameriprise Financial Price Performance

NYSE:AMP opened at $567.43 on Thursday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.59 and a current ratio of 0.65. The firm has a market cap of $55.05 billion, a price-to-earnings ratio of 21.78, a P/E/G ratio of 0.88 and a beta of 1.34. Ameriprise Financial, Inc. has a 52 week low of $330.51 and a 52 week high of $569.47. The firm’s 50-day simple moving average is $480.29 and its 200 day simple moving average is $445.82.

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Monday, November 4th will be given a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date of this dividend is Monday, November 4th. Ameriprise Financial’s dividend payout ratio is currently 22.73%.

Insiders Place Their Bets

In other news, VP William Davies sold 8,700 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $442.07, for a total transaction of $3,846,009.00. Following the completion of the sale, the vice president now directly owns 13,199 shares in the company, valued at approximately $5,834,881.93. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Gumer Alvero sold 2,325 shares of Ameriprise Financial stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $516.05, for a total value of $1,199,816.25. Following the transaction, the insider now owns 4,669 shares in the company, valued at approximately $2,409,437.45. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP William Davies sold 8,700 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $442.07, for a total value of $3,846,009.00. Following the sale, the vice president now owns 13,199 shares of the company’s stock, valued at approximately $5,834,881.93. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.73% of the company’s stock.

About Ameriprise Financial

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.