CIBC Asset Management Inc increased its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP – Free Report) by 61.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,992 shares of the financial services provider’s stock after purchasing an additional 8,341 shares during the quarter. CIBC Asset Management Inc’s holdings in Ameriprise Financial were worth $10,784,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of AMP. Norges Bank bought a new position in Ameriprise Financial in the fourth quarter valued at approximately $742,438,000. M&T Bank Corp boosted its stake in Ameriprise Financial by 1,440.2% in the fourth quarter. M&T Bank Corp now owns 466,151 shares of the financial services provider’s stock valued at $228,572,000 after acquiring an additional 435,885 shares during the last quarter. Qube Research & Technologies Ltd boosted its stake in 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 acquiring an additional 275,659 shares during the last quarter. Man Group plc boosted its stake in Ameriprise Financial by 687.4% in the third quarter. Man Group plc now owns 276,822 shares of the financial services provider’s stock valued at $135,989,000 after acquiring an additional 241,665 shares during the last quarter. Finally, Close Asset Management Ltd boosted its stake in Ameriprise Financial by 78.2% in the third quarter. Close Asset Management Ltd now owns 463,149 shares of the financial services provider’s stock valued at $227,652,000 after acquiring an additional 203,252 shares during the last quarter. 83.95% of the stock is owned by institutional investors.
Ameriprise Financial Price Performance
AMP stock opened at $455.89 on Friday. The company has a 50 day simple moving average of $455.93 and a 200 day simple moving average of $472.49. The stock has a market cap of $40.98 billion, a price-to-earnings ratio of 11.34, a P/E/G ratio of 1.07 and a beta of 1.16. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $550.18. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.66 and a quick ratio of 0.66.
Ameriprise Financial Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were given a $1.70 dividend. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.60. The ex-dividend date was Monday, May 4th. This represents a $6.80 annualized dividend and a yield of 1.5%. Ameriprise Financial’s dividend payout ratio is currently 16.91%.
Insider Activity at Ameriprise Financial
In other Ameriprise Financial news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $465.83, for a total value of $558,996.00. Following the completion of the transaction, the director directly owned 6,300 shares in the company, valued at approximately $2,934,729. This represents a 16.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Gerard P. Smyth sold 6,255 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the completion of the transaction, the executive vice president owned 6,103 shares of the company’s stock, valued at approximately $2,883,789.56. This trade represents a 50.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.60% of the company’s stock.
Analyst Upgrades and Downgrades
AMP has been the topic of a number of recent research reports. Morgan Stanley raised their price objective on shares of Ameriprise Financial from $452.00 to $467.00 and gave the company an “underweight” rating in a research note on Thursday, April 30th. Piper Sandler raised their price objective on shares of Ameriprise Financial from $460.00 to $471.00 and gave the company a “neutral” rating in a research note on Monday, May 4th. Keefe, Bruyette & Woods started coverage on shares of Ameriprise Financial in a research note on Friday, April 10th. They issued a “hold” rating on the stock. BMO Capital Markets lifted their price target on shares of Ameriprise Financial from $470.00 to $490.00 and gave the stock a “market perform” rating in a research report on Friday, April 24th. Finally, Weiss Ratings lowered shares of Ameriprise Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $543.22.
Check Out Our Latest Stock Report on Ameriprise Financial
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.
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