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

Montecito Bank & Trust boosted its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 122.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. State Street Corp grew its stake in 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 worth $29,069,493,000 after buying an additional 58,772,775 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in Ameriprise Financial by 960.8% in the second 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 buying an additional 3,036,128 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Ameriprise Financial by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider’s stock valued at $455,387,000 after buying an additional 19,731 shares during the last quarter. First Trust Advisors LP boosted its holdings in Ameriprise Financial by 18.7% in the first quarter. First Trust Advisors LP now owns 983,096 shares of the financial services provider’s stock worth $436,888,000 after acquiring an additional 154,659 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Ameriprise Financial by 2.9% in 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 acquiring an additional 22,819 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Ameriprise Financial Stock Performance

AMP traded up $1.82 during trading on Thursday, reaching $494.17. 579,916 shares of the company’s stock were exchanged, compared to its average volume of 647,920. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $572.56. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. 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 company’s fifty day simple moving average is $545.45 and its 200-day simple moving average is $493.05.

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

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 3rd were given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Monday, August 3rd. Ameriprise Financial’s dividend payout ratio (DPR) is currently 16.40%.

Ameriprise Financial declared that its board has authorized a stock repurchase plan on Tuesday, September 29th that permits the company to buyback $5.50 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

AMP has been the subject of several research analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research report on Friday, July 24th. Piper Sandler raised their price target on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a report on Monday, July 13th. Jefferies Financial Group raised their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Weiss Ratings raised shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, September 3rd. Finally, Morgan Stanley upped their target price on Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $555.33.

Insider Buying and Selling

In other Ameriprise Financial news, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the completion of the transaction, the chief financial officer owned 5,609 shares in the company, valued at approximately $3,079,060.55. This trade represents a 66.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Deirdre Mcgraw sold 2,400 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $558.28, for a total value of $1,339,872.00. Following the completion of the transaction, the executive vice president directly owned 3,373 shares of the company’s stock, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 29,988 shares of company stock valued at $16,316,497 over the last quarter. 0.60% of the stock is currently owned by company insiders.

Ameriprise Financial Profile

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.