Connor Clark & Lunn Investment Management Ltd. Acquires 64,494 Shares of Ameriprise Financial, Inc. $AMP

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 280.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 87,482 shares of the financial services provider’s stock after purchasing an additional 64,494 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.09% of Ameriprise Financial worth $42,976,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Winnow Wealth LLC bought a new stake in Ameriprise Financial in the second quarter worth $32,000. Heartwood Wealth Advisors LLC acquired a new position in Ameriprise Financial during the third quarter worth $32,000. Redmont Wealth Advisors LLC bought a new position in Ameriprise Financial during the third quarter valued at about $32,000. WFA of San Diego LLC acquired a new stake in shares of Ameriprise Financial in the second quarter worth about $36,000. Finally, Salomon & Ludwin LLC lifted its position in shares of Ameriprise Financial by 76.8% in the third quarter. Salomon & Ludwin LLC now owns 99 shares of the financial services provider’s stock worth $49,000 after buying an additional 43 shares during the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Piper Sandler upgraded Ameriprise Financial from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $434.00 to $530.00 in a research note on Friday, January 30th. Argus reduced their target price on Ameriprise Financial from $568.00 to $554.00 and set a “buy” rating for the company in a report on Thursday, November 13th. Jefferies Financial Group upped their target price on Ameriprise Financial from $600.00 to $620.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. Morgan Stanley increased their price target on Ameriprise Financial from $484.00 to $485.00 and gave the company an “underweight” rating in a report on Monday, December 22nd. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Ameriprise Financial in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Ameriprise Financial presently has an average rating of “Hold” and an average target price of $555.67.

Ameriprise Financial Trading Down 2.5%

Shares of NYSE:AMP opened at $439.51 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.68 and a current ratio of 0.68. The stock’s 50-day moving average is $492.60 and its 200-day moving average is $485.65. The company has a market cap of $40.07 billion, a P/E ratio of 12.09, a P/E/G ratio of 1.05 and a beta of 1.27. Ameriprise Financial, Inc. has a 52-week low of $396.14 and a 52-week high of $550.18.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Thursday, January 29th. The financial services provider reported $10.83 earnings per share for the quarter, topping the consensus estimate of $10.33 by $0.50. Ameriprise Financial had a return on equity of 63.04% and a net margin of 19.28%.The business had revenue of $4.92 billion during the quarter, compared to analysts’ expectations of $4.75 billion. During the same quarter in the previous year, the firm earned $9.54 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year. Equities research analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Monday, February 9th were given a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, February 9th. Ameriprise Financial’s dividend payout ratio is currently 17.60%.

Insider Activity

In related news, insider Gumer Alvero sold 4,658 shares of the company’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $542.88, for a total transaction of $2,528,735.04. Following the completion of the transaction, the insider directly owned 4,621 shares in the company, valued at $2,508,648.48. This represents a 50.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William F. Truscott sold 5,000 shares of the stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $532.08, for a total transaction of $2,660,400.00. Following the completion of the sale, the chief executive officer directly owned 12,149 shares of the company’s stock, valued at approximately $6,464,239.92. This trade represents a 29.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 16,658 shares of company stock valued at $8,998,675. 0.73% of the stock is owned by company insiders.

About Ameriprise Financial

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.