CIBC Asset Management Inc Has $10.78 Million Position in Ameriprise Financial, Inc. $AMP

Key Points

• CIBC Asset Management increased its stake in Ameriprise Financial by 61.1% in the fourth quarter, ending with 21,992 shares valued at about $10.78 million.
• Ameriprise reported strong quarterly earnings, posting $11.26 EPS versus the $10.21 estimate, while revenue rose 9.7% year over year to $4.77 billion.
• The company also raised its quarterly dividend to $1.70 per share from $1.60, bringing the annualized payout to $6.80 and a yield of about 1.5%.

CIBC Asset Management Inc raised its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 61.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm 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 large investors also recently added to or reduced their stakes in AMP. Holos Integrated Wealth LLC bought a new stake in Ameriprise Financial in the fourth quarter worth $30,000. Redmont Wealth Advisors LLC bought a new stake in Ameriprise Financial in the third quarter worth $32,000. Ares Financial Consulting LLC bought a new stake in Ameriprise Financial in the fourth quarter worth $32,000. WFA of San Diego LLC bought a new stake in Ameriprise Financial in the second quarter worth $36,000. Finally, Activest Wealth Management boosted its holdings in Ameriprise Financial by 777.8% in the fourth quarter. Activest Wealth Management now owns 79 shares of the financial services provider's stock worth $39,000 after purchasing an additional 70 shares in the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Ameriprise Financial

In other news, EVP Gerard P. Smyth sold 6,255 shares of the firm'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 sale, 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $465.83, for a total transaction of $558,996.00. Following the sale, the director directly owned 6,300 shares of the company's stock, valued at approximately $2,934,729. The trade was a 16.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.60% of the company's stock.

Ameriprise Financial Stock Performance

NYSE AMP opened at $455.89 on Friday. The firm has a market cap of $40.98 billion, a price-to-earnings ratio of 11.34, a PEG ratio of 1.07 and a beta of 1.16. The company has a 50 day moving average of $455.93 and a 200-day moving average of $472.49. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.90. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $550.18.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, topping the consensus estimate of $10.21 by $1.05. The company had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.82 billion. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The company's revenue was up 9.7% on a year-over-year basis. During the same quarter last year, the business posted $9.50 earnings per share. On average, equities analysts forecast that Ameriprise Financial, Inc. will post 42.63 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 4th were issued a dividend of $1.70 per share. The ex-dividend date of this dividend was Monday, May 4th. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a dividend yield of 1.5%. Ameriprise Financial's dividend payout ratio (DPR) is 16.91%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AMP. Weiss Ratings cut shares of Ameriprise Financial from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, May 27th. Morgan Stanley upped their price objective on shares of Ameriprise Financial from $452.00 to $467.00 and gave the stock an "underweight" rating in a report on Thursday, April 30th. Keefe, Bruyette & Woods began coverage on shares of Ameriprise Financial in a report on Friday, April 10th. They issued a "hold" rating for the company. Piper Sandler upped their price objective on shares of Ameriprise Financial from $460.00 to $471.00 and gave the stock a "neutral" rating in a report on Monday, May 4th. Finally, Raymond James Financial set a $582.00 price objective on shares of Ameriprise Financial and gave the stock a "strong-buy" rating in a report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $543.22.

About Ameriprise Financial

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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