Connor Clark & Lunn Investment Management Ltd. Buys 16,960 Shares of Ameriprise Financial, Inc. $AMP

Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 281.4% in the second quarter, Holdings Channel reports. The fund owned 22,988 shares of the financial services provider’s stock after purchasing an additional 16,960 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Ameriprise Financial were worth $12,269,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of AMP. Whipplewood Advisors LLC grew its holdings in Ameriprise Financial by 71.0% during the second quarter. Whipplewood Advisors LLC now owns 53 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 22 shares during the period. TD Capital Management LLC grew its position in shares of Ameriprise Financial by 566.7% during the first quarter. TD Capital Management LLC now owns 60 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 51 shares in the last quarter. Wealth Preservation Advisors LLC bought a new stake in Ameriprise Financial during the 1st quarter valued at approximately $29,000. Salomon & Ludwin LLC lifted its holdings in Ameriprise Financial by 115.4% in the 2nd quarter. Salomon & Ludwin LLC now owns 56 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 30 shares in the last quarter. Finally, WPG Advisers LLC bought a new position in Ameriprise Financial in the 1st quarter worth approximately $33,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Insider Transactions at Ameriprise Financial

In related news, CEO William F. Truscott sold 9,929 shares of the company’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $506.89, for a total transaction of $5,032,910.81. Following the transaction, the chief executive officer directly owned 11,047 shares in the company, valued at approximately $5,599,613.83. This represents a 47.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Heather J. Melloh sold 1,500 shares of the stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $512.34, for a total transaction of $768,510.00. Following the completion of the sale, the executive vice president directly owned 2,562 shares in the company, valued at $1,312,615.08. This trade represents a 36.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.73% of the stock is currently owned by insiders.

Ameriprise Financial Price Performance

NYSE:AMP opened at $464.78 on Wednesday. The firm has a market capitalization of $43.18 billion, a price-to-earnings ratio of 14.46, a PEG ratio of 1.07 and a beta of 1.28. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.62. The business has a 50 day simple moving average of $482.70 and a 200-day simple moving average of $502.97. Ameriprise Financial, Inc. has a 1 year low of $396.14 and a 1 year high of $582.05.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Thursday, October 30th. The financial services provider reported $9.92 earnings per share for the quarter, beating the consensus estimate of $9.76 by $0.16. The firm had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.51 billion. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%.The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $9.02 EPS. Equities analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 24th. Stockholders of record on Monday, November 10th will be issued a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Monday, November 10th. Ameriprise Financial’s dividend payout ratio (DPR) is 17.55%.

Analyst Ratings Changes

Several research firms have recently issued reports on AMP. Royal Bank Of Canada reduced their price objective on shares of Ameriprise Financial from $601.00 to $550.00 and set an “outperform” rating on the stock in a research report on Monday, November 3rd. William Blair cut shares of Ameriprise Financial from an “outperform” rating to a “market perform” rating in a research note on Friday, July 25th. Morgan Stanley cut their price objective on Ameriprise Financial from $530.00 to $484.00 and set an “underweight” rating for the company in a research report on Wednesday, October 1st. Keefe, Bruyette & Woods decreased their target price on Ameriprise Financial from $550.00 to $530.00 and set a “market perform” rating on the stock in a research report on Monday, November 3rd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Ameriprise Financial in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $530.63.

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.