7,345 Shares of Ameriprise Financial, Inc. $AMP Bought by Cim Investment Management Inc.

Cim Investment Management Inc. purchased a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 7,345 shares of the financial services provider’s stock, valued at approximately $3,370,000. Ameriprise Financial comprises approximately 0.8% of Cim Investment Management Inc.’s portfolio, making the stock its 23rd biggest position.

Several other hedge funds and other institutional investors also recently modified their holdings of AMP. QRG Capital Management Inc. lifted its position in Ameriprise Financial by 2,253.5% during the second quarter. QRG Capital Management Inc. now owns 172,603 shares of the financial services provider’s stock valued at $79,183,000 after purchasing an additional 165,269 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Ameriprise Financial by 1,634.0% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 48,378 shares of the financial services provider’s stock worth $22,194,000 after buying an additional 45,588 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Ameriprise Financial by 960.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock valued at $1,537,817,000 after buying an additional 3,036,128 shares in the last quarter. Andra AP fonden lifted its holdings in shares of Ameriprise Financial by 804.1% during the 2nd quarter. Andra AP fonden now owns 70,518 shares of the financial services provider’s stock worth $32,351,000 after acquiring an additional 62,718 shares during the last quarter. Finally, State Street Corp grew its position in Ameriprise Financial by 1,279.7% in the second quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock worth $29,069,493,000 after acquiring an additional 58,772,775 shares in the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on AMP. Morgan Stanley lifted 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. Zacks Research cut Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. Jefferies Financial Group boosted their target price on Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods upped their target price on Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research note on Friday, July 24th. Finally, Weiss Ratings upgraded shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 3rd. One 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 assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $555.33.

Insider Activity

In other news, EVP Deirdre Mcgraw sold 2,400 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the completion of the transaction, the executive vice president directly owned 3,373 shares of the company’s stock, valued at approximately $1,883,078.44. This represents a 41.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Walter Berman sold 11,012 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the sale, the chief financial officer owned 5,609 shares of the company’s stock, valued at approximately $3,079,060.55. This represents a 66.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 29,988 shares of company stock worth $16,316,497 over the last ninety days. 0.60% of the stock is owned by insiders.

Ameriprise Financial Trading Up 0.1%

Ameriprise Financial stock traded up $0.69 during trading hours on Tuesday, reaching $496.85. The company had a trading volume of 496,581 shares, compared to its average volume of 647,631. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56. The company has a 50-day moving average price of $546.76 and a 200 day moving average price of $492.35. The firm has a market cap of $44.67 billion, a price-to-earnings ratio of 11.98, a P/E/G ratio of 0.88 and a beta of 1.14.

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

Ameriprise Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 3rd were given a $1.70 dividend. The ex-dividend date was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.4%. Ameriprise Financial’s payout ratio is presently 16.40%.

Ameriprise Financial Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The company provides financial planning, investment advice, wealth management, retirement planning and insurance solutions to individuals, families, business owners and institutional clients.

Ameriprise serves clients primarily through a network of financial advisors and offers products and services that include brokerage and advisory accounts, mutual funds and other investments, retirement accounts, annuities, life and long-term-care insurance, banking products and personalized financial planning.