MAI Capital Management Trims Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

MAI Capital Management lessened its position in Ameriprise Financial, Inc. (NYSE:AMP) by 10.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,995 shares of the financial services provider’s stock after selling 565 shares during the period. MAI Capital Management’s holdings in Ameriprise Financial were worth $2,347,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of AMP. Swedbank AB acquired a new position in Ameriprise Financial in the first quarter valued at $108,938,000. Maj Invest Holding A S acquired a new stake in shares of Ameriprise Financial in the third quarter worth approximately $98,742,000. AGF Management Ltd. grew its holdings in Ameriprise Financial by 35.4% in the second quarter. AGF Management Ltd. now owns 504,657 shares of the financial services provider’s stock valued at $215,584,000 after purchasing an additional 131,844 shares during the period. Dimensional Fund Advisors LP increased 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 worth $482,588,000 after purchasing an additional 110,319 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new position in Ameriprise Financial during the third quarter worth approximately $456,890,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Trading Down 0.5 %

NYSE:AMP opened at $562.33 on Wednesday. Ameriprise Financial, Inc. has a 52 week low of $343.98 and a 52 week high of $569.47. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.99. The company has a market cap of $54.55 billion, a PE ratio of 21.59, a P/E/G ratio of 0.98 and a beta of 1.34. The business’s 50 day moving average is $501.69 and its two-hundred day moving average is $455.28.

Ameriprise Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Monday, November 4th were paid a dividend of $1.48 per share. The ex-dividend date was Monday, November 4th. This represents a $5.92 annualized dividend and a yield of 1.05%. Ameriprise Financial’s payout ratio is 22.73%.

Analyst Ratings Changes

A number of research firms have recently commented on AMP. Royal Bank of Canada upped their price objective on Ameriprise Financial from $535.00 to $550.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Morgan Stanley lifted their price objective 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. The Goldman Sachs Group downgraded shares of Ameriprise Financial from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $485.00 to $476.00 in a research report on Thursday, September 26th. UBS Group lifted their price target on shares of Ameriprise Financial from $490.00 to $555.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Ameriprise Financial from $475.00 to $510.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $487.67.

Insiders Place Their Bets

In other news, VP William Davies sold 8,700 shares of the stock in a transaction that occurred 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 sale, the vice president now directly owns 13,199 shares in the company, valued at approximately $5,834,881.93. This represents a 39.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joseph Edward Sweeney sold 10,735 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $549.68, for a total value of $5,900,814.80. Following the transaction, the insider now owns 5,811 shares of the company’s stock, valued at $3,194,190.48. This represents a 64.88 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,415 shares of company stock valued at $15,829,445. Company insiders own 0.96% 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.