Ameriprise Financial, Inc. to Issue Quarterly Dividend of $1.48 (NYSE:AMP)

Ameriprise Financial, Inc. (NYSE:AMP) announced a quarterly dividend on Wednesday, October 23rd, RTT News reports. Investors of record on Monday, November 4th will be paid a dividend of 1.48 per share by the financial services provider on Friday, November 15th. This represents a $5.92 annualized dividend and a yield of 1.14%.

Ameriprise Financial has increased its dividend payment by an average of 9.0% annually over the last three years and has increased its dividend annually for the last 20 consecutive years. Ameriprise Financial has a payout ratio of 15.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Ameriprise Financial to earn $38.52 per share next year, which means the company should continue to be able to cover its $5.92 annual dividend with an expected future payout ratio of 15.4%.

Ameriprise Financial Stock Up 0.2 %

AMP stock traded up $0.91 during midday trading on Wednesday, hitting $520.47. The company’s stock had a trading volume of 387,826 shares, compared to its average volume of 470,326. The firm has a 50-day simple moving average of $462.17 and a 200-day simple moving average of $438.49. The firm has a market capitalization of $51.70 billion, a P/E ratio of 17.70, a PEG ratio of 0.81 and a beta of 1.35. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.16. Ameriprise Financial has a 52-week low of $306.63 and a 52-week high of $524.89.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Wednesday, July 24th. The financial services provider reported $8.72 EPS for the quarter, topping the consensus estimate of $8.53 by $0.19. The firm had revenue of $4.39 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Ameriprise Financial had a return on equity of 73.83% and a net margin of 18.64%. Ameriprise Financial’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same period in the previous year, the firm posted $7.44 EPS. As a group, equities analysts forecast that Ameriprise Financial will post 34.92 EPS for the current year.

Wall Street Analysts Forecast Growth

AMP has been the topic of several analyst reports. Piper Sandler reduced their target price on shares of Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a report on Friday, June 28th. Morgan Stanley lifted their price objective on shares of Ameriprise Financial from $440.00 to $502.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. UBS Group increased their target price on Ameriprise Financial from $490.00 to $555.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Keefe, Bruyette & Woods raised Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 10th. Finally, Royal Bank of Canada increased their price target on shares of Ameriprise Financial from $500.00 to $535.00 and gave the company an “outperform” rating in a research note on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $480.44.

Insider Activity

In other Ameriprise Financial news, VP William Davies sold 8,700 shares of Ameriprise Financial stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $442.07, for a total value of $3,846,009.00. Following the transaction, the vice president now directly owns 13,199 shares in the company, valued at approximately $5,834,881.93. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.73% of the company’s stock.

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.