Pinnacle Associates Ltd. Has $537,000 Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Pinnacle Associates Ltd. cut its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 17.7% during the 3rd quarter, Holdings Channel reports. The firm owned 1,144 shares of the financial services provider’s stock after selling 246 shares during the period. Pinnacle Associates Ltd.’s holdings in Ameriprise Financial were worth $537,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. DiNuzzo Private Wealth Inc. raised its holdings in Ameriprise Financial by 268.8% in the 2nd quarter. DiNuzzo Private Wealth Inc. now owns 59 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 43 shares in the last quarter. Accordant Advisory Group Inc bought a new position in shares of Ameriprise Financial in the second quarter worth $26,000. Mascoma Wealth Management LLC raised its stake in Ameriprise Financial by 153.8% in the second quarter. Mascoma Wealth Management LLC now owns 66 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. Bank & Trust Co bought a new stake in Ameriprise Financial during the second quarter worth about $29,000. Finally, Oakworth Capital Inc. acquired a new stake in Ameriprise Financial during the third quarter worth about $31,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Ameriprise Financial

In related news, VP William Davies sold 8,700 shares of the firm’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 transaction, the vice president now directly owns 13,199 shares of the company’s stock, valued at $5,834,881.93. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.73% of the stock is owned by company insiders.

Ameriprise Financial Stock Down 0.6 %

Shares of NYSE AMP opened at $507.18 on Friday. The company has a 50 day simple moving average of $474.94 and a 200 day simple moving average of $443.39. 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, Inc. has a 1 year low of $321.28 and a 1 year high of $524.89. The firm has a market cap of $49.80 billion, a PE ratio of 19.47, a price-to-earnings-growth ratio of 0.89 and a beta of 1.34.

Ameriprise Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Monday, November 4th will be issued a dividend of $1.48 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.17%. Ameriprise Financial’s dividend payout ratio (DPR) is presently 22.73%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on AMP. UBS Group upped their price target on shares of Ameriprise Financial from $490.00 to $555.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. The Goldman Sachs Group downgraded Ameriprise Financial from a “buy” rating to a “neutral” rating and reduced their target price for the company from $485.00 to $476.00 in a report on Thursday, September 26th. Keefe, Bruyette & Woods boosted 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. Royal Bank of Canada raised their price objective on Ameriprise Financial from $535.00 to $550.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Finally, Morgan Stanley boosted their target price on Ameriprise Financial from $440.00 to $502.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Ameriprise Financial presently has an average rating of “Hold” and a consensus price target of $487.67.

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.