Ameriprise Financial, Inc. Announces Quarterly Dividend of $1.70 (NYSE:AMP)

Ameriprise Financial, Inc. (NYSE:AMP) declared a quarterly dividend on Thursday, July 23rd. Shareholders of record on Monday, August 3rd will be given a dividend of 1.70 per share by the financial services provider on Friday, August 21st. This represents a c) dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Monday, August 3rd.

Ameriprise Financial has increased its dividend by an average of 0.1%per year over the last three years and has increased its dividend every year for the last 21 years. Ameriprise Financial has a dividend payout ratio of 17.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Ameriprise Financial to earn $47.96 per share next year, which means the company should continue to be able to cover its $6.80 annual dividend with an expected future payout ratio of 14.2%.

Ameriprise Financial Price Performance

Shares of AMP traded down $4.68 during mid-day trading on Thursday, reaching $522.14. The company had a trading volume of 929,194 shares, compared to its average volume of 690,509. The company’s 50 day simple moving average is $474.03 and its 200 day simple moving average is $474.45. Ameriprise Financial has a 1-year low of $422.37 and a 1-year high of $550.18. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market capitalization of $46.94 billion, a price-to-earnings ratio of 12.99, a P/E/G ratio of 0.94 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.81 by $0.26. The business had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the company earned $9.11 EPS. Analysts expect that Ameriprise Financial will post 43.74 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AMP. Piper Sandler boosted their target price on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research note on Monday, July 13th. Jefferies Financial Group increased their price target on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Keefe, Bruyette & Woods started coverage on Ameriprise Financial in a report on Friday, April 10th. They set a “hold” rating on the stock. Weiss Ratings upgraded Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 17th. Finally, BMO Capital Markets upped their target price on Ameriprise Financial from $470.00 to $490.00 and gave the stock a “market perform” rating in a report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $553.67.

Ameriprise Financial Company Profile

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.