The Manufacturers Life Insurance Company Acquires 143,648 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

The Manufacturers Life Insurance Company boosted its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 144.0% in the third quarter, Holdings Channel.com reports. The fund owned 243,385 shares of the financial services provider’s stock after buying an additional 143,648 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Ameriprise Financial were worth $114,345,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Swedbank AB bought a new stake in Ameriprise Financial in the first quarter valued at about $108,938,000. Maj Invest Holding A S acquired a new position in shares of Ameriprise Financial during the 3rd quarter worth about $98,742,000. AGF Management Ltd. increased its stake in shares of Ameriprise Financial by 35.4% in the 2nd quarter. AGF Management Ltd. now owns 504,657 shares of the financial services provider’s stock valued at $215,584,000 after acquiring an additional 131,844 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Ameriprise Financial by 10.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,129,632 shares of the financial services provider’s stock valued at $482,588,000 after acquiring an additional 110,319 shares during the period. Finally, International Assets Investment Management LLC bought a new position in Ameriprise Financial during the 3rd quarter worth approximately $456,890,000. Institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Stock Up 0.7 %

AMP stock opened at $574.12 on Wednesday. The company has a market cap of $55.70 billion, a price-to-earnings ratio of 22.04, a P/E/G ratio of 1.00 and a beta of 1.34. Ameriprise Financial, Inc. has a twelve month low of $345.43 and a twelve month high of $577.00. The business has a 50 day moving average price of $514.51 and a two-hundred day moving average price of $460.28. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.99.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Monday, November 4th were issued a dividend of $1.48 per share. The ex-dividend date was Monday, November 4th. This represents a $5.92 dividend on an annualized basis and a yield of 1.03%. Ameriprise Financial’s payout ratio is 22.73%.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other Ameriprise Financial news, insider Gumer Alvero sold 2,325 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 4,669 shares in the company, valued at $2,409,437.45. The trade was a 33.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP William Davies sold 8,700 shares of the firm’s stock in a transaction dated 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 owns 13,199 shares of the company’s stock, valued at approximately $5,834,881.93. This represents a 39.73 % 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. 0.96% of the stock is currently owned by corporate insiders.

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.