Connor Clark & Lunn Investment Management Ltd. Cuts Stock Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Connor Clark & Lunn Investment Management Ltd. reduced its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 65.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,142 shares of the financial services provider’s stock after selling 19,155 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Ameriprise Financial were worth $4,765,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Dimensional Fund Advisors LP raised its position in shares of Ameriprise Financial by 10.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,129,632 shares of the financial services provider’s stock valued at $482,588,000 after buying an additional 110,319 shares in the last quarter. Legal & General Group Plc increased its stake in Ameriprise Financial by 1.4% in the second quarter. Legal & General Group Plc now owns 823,249 shares of the financial services provider’s stock valued at $351,685,000 after acquiring an additional 11,060 shares during the last quarter. AGF Management Ltd. raised its position in Ameriprise Financial by 35.4% during the second quarter. AGF Management Ltd. now owns 504,657 shares of the financial services provider’s stock valued at $215,584,000 after purchasing an additional 131,844 shares in the last quarter. Epoch Investment Partners Inc. lifted its stake in Ameriprise Financial by 3.9% during the second quarter. Epoch Investment Partners Inc. now owns 458,565 shares of the financial services provider’s stock worth $195,894,000 after purchasing an additional 17,312 shares during the last quarter. Finally, Federated Hermes Inc. boosted its holdings in shares of Ameriprise Financial by 25.3% in the 2nd quarter. Federated Hermes Inc. now owns 427,986 shares of the financial services provider’s stock worth $182,831,000 after purchasing an additional 86,315 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Ameriprise Financial

In related news, insider Joseph Edward Sweeney sold 10,735 shares of Ameriprise Financial stock in a transaction on Friday, November 8th. The shares were sold at an average price of $549.68, for a total value of $5,900,814.80. Following the sale, the insider now owns 5,811 shares in the company, valued at $3,194,190.48. The trade was a 64.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Walter Stanley Berman sold 8,655 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $564.16, for a total transaction of $4,882,804.80. Following the transaction, the chief financial officer now directly owns 6,409 shares in the company, valued at approximately $3,615,701.44. The trade was a 57.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,415 shares of company stock valued at $15,829,445 in the last 90 days. Insiders own 0.73% of the company’s stock.

Ameriprise Financial Price Performance

Shares of Ameriprise Financial stock opened at $572.07 on Friday. The firm has a market cap of $55.50 billion, a PE ratio of 21.96, a price-to-earnings-growth ratio of 0.99 and a beta of 1.34. The company’s fifty day simple moving average is $509.57 and its two-hundred day simple moving average is $458.07. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.99. Ameriprise Financial, Inc. has a 12-month low of $345.43 and a 12-month high of $575.37.

Ameriprise Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Monday, November 4th were issued a dividend of $1.48 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $5.92 dividend on an annualized basis and a yield of 1.03%. Ameriprise Financial’s dividend payout ratio is presently 22.73%.

Analyst Ratings Changes

A number of brokerages recently weighed in on AMP. UBS Group raised their price objective on Ameriprise Financial from $490.00 to $555.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Royal Bank of Canada lifted their price target on shares of Ameriprise Financial from $535.00 to $550.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Morgan Stanley increased their target price on shares of Ameriprise Financial from $440.00 to $502.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. The Goldman Sachs Group downgraded shares of Ameriprise Financial from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $485.00 to $476.00 in a research note on Thursday, September 26th. Finally, Keefe, Bruyette & Woods raised their price objective on Ameriprise Financial from $475.00 to $510.00 and gave the company a “market perform” rating in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $487.67.

About Ameriprise Financial

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.