Cibc World Market Inc. Takes $566,000 Position in Ameriprise Financial, Inc. $AMP

Cibc World Market Inc. bought a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,234 shares of the financial services provider’s stock, valued at approximately $566,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Norges Bank purchased a new stake in Ameriprise Financial during the 4th quarter valued at approximately $742,438,000. AQR Capital Management LLC lifted its position in Ameriprise Financial by 84.2% during the 4th quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider’s stock worth $532,455,000 after acquiring an additional 496,319 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Ameriprise Financial in the 2nd quarter valued at approximately $203,510,000. First Trust Advisors LP grew its stake in shares of Ameriprise Financial by 85.5% in the 4th quarter. First Trust Advisors LP now owns 828,437 shares of the financial services provider’s stock valued at $406,216,000 after purchasing an additional 381,754 shares during the last quarter. Finally, Qube Research & Technologies Ltd increased its holdings in shares of Ameriprise Financial by 140.5% in the third quarter. Qube Research & Technologies Ltd now owns 471,867 shares of the financial services provider’s stock valued at $231,805,000 after purchasing an additional 275,659 shares during the period. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Morgan Stanley upped their price target on Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a research note on Friday, July 10th. Jefferies Financial Group lifted their price objective on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Piper Sandler boosted their price objective on shares of Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a research note on Monday, July 13th. Weiss Ratings upgraded shares of Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 17th. Finally, Zacks Research upgraded shares of Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $555.33.

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $559.79 on Friday. The company has a market cap of $50.33 billion, a price-to-earnings ratio of 13.50, a price-to-earnings-growth ratio of 0.75 and a beta of 1.14. The stock has a 50 day simple moving average of $526.87 and a 200-day simple moving average of $482.80. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating analysts’ consensus estimates of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The firm had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.87 billion. During the same period in the previous year, the business earned $9.11 earnings per share. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities analysts forecast that Ameriprise Financial, Inc. will post 46.27 EPS for the current year.

Ameriprise Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 3rd were issued a $1.70 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a yield of 1.2%. Ameriprise Financial’s dividend payout ratio (DPR) is 16.40%.

Insiders Place Their Bets

In other Ameriprise Financial news, SVP Dawn M. Brockman sold 472 shares of the business’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the sale, the senior vice president directly owned 713 shares in the company, valued at approximately $398,517.09. The trade was a 39.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Deirdre Davey Mcgraw sold 2,400 shares of the company’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the transaction, the executive vice president directly owned 3,373 shares in the company, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 29,988 shares of company stock worth $16,316,497 in the last ninety days. 0.60% of the stock is owned by insiders.

Ameriprise Financial Company Profile

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.