Cim Investment Management Inc. Makes New $3.37 Million Investment in Ameriprise Financial, Inc. $AMP

Cim Investment Management Inc. acquired a new position in Ameriprise Financial, Inc. (NYSE:AMP) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 7,345 shares of the financial services provider’s stock, valued at approximately $3,370,000. Ameriprise Financial makes up 0.8% of Cim Investment Management Inc.’s investment portfolio, making the stock its 23rd biggest position.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. QRG Capital Management Inc. lifted its holdings in Ameriprise Financial by 2,253.5% in the second quarter. QRG Capital Management Inc. now owns 172,603 shares of the financial services provider’s stock worth $79,183,000 after buying an additional 165,269 shares during the period. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Ameriprise Financial by 1,634.0% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 48,378 shares of the financial services provider’s stock worth $22,194,000 after acquiring an additional 45,588 shares during the period. Envestnet Asset Management Inc. grew its holdings 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 worth $1,537,817,000 after acquiring an additional 3,036,128 shares during the period. Andra AP fonden raised its position in shares of Ameriprise Financial by 804.1% in 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 in the last quarter. Finally, State Street Corp raised its position in shares of Ameriprise Financial by 1,279.7% in the 2nd 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. 83.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Zacks Research cut Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. Jefferies Financial Group boosted their target price on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a report on Friday, July 10th. Morgan Stanley increased their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a research note on Friday, July 10th. Keefe, Bruyette & Woods boosted their price objective on shares of 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 report on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Ameriprise Financial has an average rating of “Hold” and an average price target of $555.33.

Ameriprise Financial Stock Up 0.1%

Ameriprise Financial stock traded up $0.69 during mid-day trading on Tuesday, reaching $496.85. The stock had a trading volume of 496,581 shares, compared to its average volume of 647,631. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56. The company has a 50-day moving average price of $546.76 and a two-hundred day moving average price of $492.35. The company has a market capitalization of $44.67 billion, a price-to-earnings ratio of 11.98, a PEG ratio of 0.88 and a beta of 1.14. 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 (NYSE:AMP) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping the consensus estimate of $10.81 by $0.26. The firm had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The company’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $9.11 earnings per share. On average, analysts expect that Ameriprise Financial, Inc. will post 46.27 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The firm also recently announced 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 of this dividend was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a yield of 1.4%. Ameriprise Financial’s payout ratio is 16.40%.

Insider Activity at Ameriprise Financial

In other news, SVP Dawn M. Brockman sold 472 shares of Ameriprise Financial stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the completion of the sale, the senior vice president directly owned 713 shares in the company, valued at $398,517.09. The trade was a 39.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider William Williams sold 8,210 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the transaction, the insider directly owned 6,780 shares of the company’s stock, valued at $3,656,793. The trade was a 54.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 29,988 shares of company stock worth $16,316,497 over the last quarter. 0.60% of the stock is currently owned by insiders.

Ameriprise Financial Company 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.