Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 6,028 Ameriprise Financial, Inc. $AMP

Key Points

• Connor Clark & Lunn Investment Management Ltd. invested approximately $2.92 million in Ameriprise Financial, purchasing 6,028 shares in the first quarter.
• Ameriprise Financial's dividend yield is currently 1.3%, with a quarterly dividend of $1.60 to be paid on August 18th.
• Wall Street analysts have mixed ratings on Ameriprise Financial, with the stock receiving a consensus rating of "Hold" and an average target price of $534.71.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 6,028 shares of the financial services provider's stock, valued at approximately $2,918,000.

A number of other large investors also recently modified their holdings of the company. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Ameriprise Financial in the 4th quarter worth about $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Ameriprise Financial in the 4th quarter worth about $31,000. Opal Wealth Advisors LLC bought a new stake in shares of Ameriprise Financial in the 1st quarter worth about $36,000. Quarry LP increased its holdings in shares of Ameriprise Financial by 148.6% in the 4th quarter. Quarry LP now owns 87 shares of the financial services provider's stock worth $46,000 after buying an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC increased its holdings in shares of Ameriprise Financial by 100.0% in the 1st quarter. TCTC Holdings LLC now owns 98 shares of the financial services provider's stock worth $47,000 after buying an additional 49 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company's stock.

Ameriprise Financial Trading Up 0.5%

Ameriprise Financial stock traded up $2.6150 during trading hours on Tuesday, hitting $508.2450. The company had a trading volume of 63,385 shares, compared to its average volume of 504,848. The company has a 50-day moving average price of $521.49 and a two-hundred day moving average price of $506.64. Ameriprise Financial, Inc. has a 1 year low of $396.14 and a 1 year high of $582.05. The firm has a market cap of $47.91 billion, a P/E ratio of 15.81, a P/E/G ratio of 1.07 and a beta of 1.24. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its earnings results on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, beating analysts' consensus estimates of $9.00 by $0.11. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The company had revenue of $4.49 billion during the quarter, compared to analysts' expectations of $4.33 billion. During the same quarter in the prior year, the company posted $8.72 earnings per share. Ameriprise Financial's revenue for the quarter was up 2.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 4th were given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 1.3%. The ex-dividend date was Monday, August 4th. Ameriprise Financial's dividend payout ratio (DPR) is currently 19.91%.

Ameriprise Financial declared that its board has initiated a stock buyback plan on Thursday, April 24th that authorizes the company to buyback $4.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 9.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

AMP has been the topic of several analyst reports. Keefe, Bruyette & Woods upped their price target on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a report on Wednesday, July 9th. William Blair downgraded shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a report on Friday, July 25th. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Royal Bank Of Canada upped their price target on shares of Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Finally, Raymond James Financial upped their price target on shares of Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $534.71.

Ameriprise Financial Profile

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.