Ameriprise Financial, Inc. to Issue Quarterly Dividend of $1.60 (NYSE:AMP)

Ameriprise Financial, Inc. (NYSE:AMP - Get Free Report) declared a quarterly dividend on Thursday, July 24th, RTT News reports. Shareholders of record on Monday, August 4th will be given a dividend of 1.60 per share by the financial services provider on Monday, August 18th. This represents a $6.40 dividend on an annualized basis and a yield of 1.25%.

Ameriprise Financial has a dividend payout ratio of 16.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Ameriprise Financial to earn $42.42 per share next year, which means the company should continue to be able to cover its $6.40 annual dividend with an expected future payout ratio of 15.1%.

Ameriprise Financial Trading Down 5.0%

NYSE:AMP traded down $26.87 on Thursday, reaching $510.09. The company's stock had a trading volume of 198,250 shares, compared to its average volume of 513,504. Ameriprise Financial has a 1-year low of $385.74 and a 1-year high of $582.05. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.60 and a current ratio of 0.60. The firm has a market cap of $48.57 billion, a PE ratio of 17.33, a PEG ratio of 1.15 and a beta of 1.23. The business's 50-day moving average price is $522.32 and its two-hundred day moving average price is $511.58.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly 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 return on equity of 68.93% and a net margin of 17.14%. During the same period last year, the business earned $8.72 EPS. The company's quarterly revenue was up 2.2% on a year-over-year basis. Equities research analysts anticipate that Ameriprise Financial will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial announced that its board has initiated a stock repurchase program 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 buy up to 9.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have issued reports on AMP shares. Piper Sandler upped their price objective on Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research note on Thursday, July 3rd. Wall Street Zen upgraded Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Raymond James Financial upgraded Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price objective on the stock in a research note on Monday, April 7th. Morgan Stanley lowered Ameriprise Financial from an "equal weight" rating to an "underweight" rating and upped their price objective for the company from $462.00 to $530.00 in a research note on Tuesday, July 15th. Finally, Keefe, Bruyette & Woods increased their target price on Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 9th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $524.71.

Institutional Investors Weigh In On Ameriprise Financial

A hedge fund recently raised its stake in Ameriprise Financial stock. Empowered Funds LLC increased its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 11.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,022 shares of the financial services provider's stock after buying an additional 634 shares during the quarter. Empowered Funds LLC's holdings in Ameriprise Financial were worth $2,915,000 at the end of the most recent reporting period. 83.95% of the stock is owned by hedge funds and other institutional investors.

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.

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