Montecito Bank & Trust Has $2.46 Million Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Montecito Bank & Trust raised its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 35.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,241 shares of the financial services provider's stock after acquiring an additional 1,358 shares during the period. Montecito Bank & Trust's holdings in Ameriprise Financial were worth $2,462,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in AMP. Empirical Finance LLC grew its holdings in Ameriprise Financial by 3.0% in the 1st quarter. Empirical Finance LLC now owns 3,896 shares of the financial services provider's stock worth $1,708,000 after buying an additional 113 shares in the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of Ameriprise Financial by 7.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 118,211 shares of the financial services provider's stock worth $51,828,000 after purchasing an additional 8,693 shares in the last quarter. BDF Gestion acquired a new position in shares of Ameriprise Financial during the second quarter valued at $2,836,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Ameriprise Financial during the first quarter valued at about $570,000. Finally, Russell Investments Group Ltd. lifted its holdings in Ameriprise Financial by 18.4% in the first quarter. Russell Investments Group Ltd. now owns 110,926 shares of the financial services provider's stock worth $48,576,000 after purchasing an additional 17,276 shares during the period. Institutional investors own 83.95% of the company's stock.

Insider Buying and Selling

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

Analysts Set New Price Targets

AMP has been the topic of several research analyst reports. Morgan Stanley raised their target price on shares of Ameriprise Financial from $440.00 to $502.00 and gave the company an "equal weight" rating in a research note on Thursday, October 17th. Royal Bank of Canada raised their price objective on shares of Ameriprise Financial from $535.00 to $550.00 and gave the company an "outperform" rating in a research note on Friday, October 25th. Keefe, Bruyette & Woods upped their target price on Ameriprise Financial from $475.00 to $510.00 and gave the stock a "market perform" rating in a research report on Tuesday, October 29th. The Goldman Sachs Group cut Ameriprise Financial from a "buy" rating to a "neutral" rating and lowered their price target for the company from $485.00 to $476.00 in a research report on Thursday, September 26th. Finally, UBS Group upped their price objective on Ameriprise Financial from $490.00 to $555.00 and gave the company a "buy" rating in a report on Tuesday, October 8th. One 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. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $487.67.

Ameriprise Financial Stock Performance

Shares of NYSE AMP traded down $16.95 during trading hours on Thursday, reaching $550.48. The stock had a trading volume of 258,326 shares, compared to its average volume of 469,224. The company has a market cap of $53.40 billion, a price-to-earnings ratio of 21.78, a PEG ratio of 0.88 and a beta of 1.34. Ameriprise Financial, Inc. has a twelve month low of $330.51 and a twelve month high of $569.47. The business's fifty day moving average is $480.29 and its two-hundred day moving average is $445.82. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.65 and a quick ratio of 0.59.

Ameriprise Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Monday, November 4th will be paid a $1.48 dividend. The ex-dividend date is Monday, November 4th. This represents a $5.92 dividend on an annualized basis and a yield of 1.08%. Ameriprise Financial's payout ratio is currently 22.73%.

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.