Ameriprise Financial Services, Inc. (NYSE:AMP) Stake Raised by CIBC Asset Management Inc

CIBC Asset Management Inc increased its stake in Ameriprise Financial Services, Inc. (NYSE:AMP) by 1.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,239 shares of the financial services provider’s stock after buying an additional 179 shares during the period. CIBC Asset Management Inc’s holdings in Ameriprise Financial Services were worth $1,940,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AMP. Rothschild Asset Management Inc. raised its position in shares of Ameriprise Financial Services by 1.5% in the second quarter. Rothschild Asset Management Inc. now owns 267,575 shares of the financial services provider’s stock valued at $34,059,000 after buying an additional 3,958 shares during the period. Great West Life Assurance Co. Can raised its position in shares of Ameriprise Financial Services by 32.5% in the second quarter. Great West Life Assurance Co. Can now owns 163,887 shares of the financial services provider’s stock valued at $20,829,000 after buying an additional 40,203 shares during the period. Janney Montgomery Scott LLC raised its position in shares of Ameriprise Financial Services by 10.2% in the second quarter. Janney Montgomery Scott LLC now owns 5,837 shares of the financial services provider’s stock valued at $743,000 after buying an additional 540 shares during the period. First Merchants Corp raised its position in shares of Ameriprise Financial Services by 4.1% in the second quarter. First Merchants Corp now owns 25,049 shares of the financial services provider’s stock valued at $3,188,000 after buying an additional 981 shares during the period. Finally, IBM Retirement Fund raised its position in shares of Ameriprise Financial Services by 128.8% in the second quarter. IBM Retirement Fund now owns 3,729 shares of the financial services provider’s stock valued at $530,000 after buying an additional 2,099 shares during the period. Institutional investors own 82.01% of the company’s stock.

Ameriprise Financial Services, Inc. (NYSE:AMP) traded up 0.04% during trading on Friday, reaching $138.80. 1,793,810 shares of the company were exchanged. Ameriprise Financial Services, Inc. has a 1-year low of $86.25 and a 1-year high of $149.99. The company’s 50-day moving average price is $139.27 and its 200-day moving average price is $130.37. The stock has a market capitalization of $20.81 billion, a P/E ratio of 15.90 and a beta of 1.86.

Ameriprise Financial Services (NYSE:AMP) last released its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.18. The company had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $2.90 billion. Ameriprise Financial Services had a net margin of 11.81% and a return on equity of 26.54%. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.23 EPS. On average, equities analysts forecast that Ameriprise Financial Services, Inc. will post $11.30 EPS for the current year.

Ameriprise Financial Services announced that its board has approved a stock repurchase plan on Monday, April 24th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 18th. Shareholders of record on Monday, August 7th were given a $0.83 dividend. The ex-dividend date was Thursday, August 3rd. This represents a $3.32 annualized dividend and a yield of 2.39%. Ameriprise Financial Services’s dividend payout ratio (DPR) is 37.81%.

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Several research firms have issued reports on AMP. Barclays PLC upped their price target on shares of Ameriprise Financial Services from $130.00 to $142.00 and gave the company an “equal weight” rating in a research report on Friday, August 11th. BidaskClub upgraded shares of Ameriprise Financial Services from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 4th. Citigroup Inc. set a $166.00 price target on shares of Ameriprise Financial Services and gave the company a “buy” rating in a research report on Wednesday, August 2nd. Zacks Investment Research upgraded shares of Ameriprise Financial Services from a “hold” rating to a “buy” rating and set a $156.00 price target for the company in a research report on Thursday, July 27th. Finally, Royal Bank Of Canada set a $149.00 price target on shares of Ameriprise Financial Services and gave the company a “sector perform” rating in a research report on Wednesday, July 26th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $146.98.

In other news, EVP Randy Kupper sold 2,987 shares of the business’s stock in a transaction dated Thursday, June 29th. The shares were sold at an average price of $130.24, for a total value of $389,026.88. Following the completion of the sale, the executive vice president now owns 30,969 shares in the company, valued at approximately $4,033,402.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman James M. Cracchiolo sold 97,545 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $144.67, for a total transaction of $14,111,835.15. Following the completion of the sale, the chairman now owns 474,139 shares of the company’s stock, valued at approximately $68,593,689.13. The disclosure for this sale can be found here. Over the last three months, insiders sold 185,966 shares of company stock valued at $26,868,153. 1.50% of the stock is owned by corporate insiders.

Ameriprise Financial Services Company Profile

Ameriprise Financial, Inc is a financial services company that offers financial solutions to individual and institutional clients. The Company operates in five segments: Advice & Wealth Management; Asset Management; Annuities; Protection, and Corporate & Other. The Company uses Ameriprise Financial as its enterprise brand, as well as the name of its advisor network and certain of its retail products and services.

Institutional Ownership by Quarter for Ameriprise Financial Services (NYSE:AMP)

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