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

Ameriprise Financial, Inc. (NYSE:AMP) announced a quarterly dividend on Thursday, October 29th. Shareholders of record on Monday, November 9th will be given a dividend of $1.70 per share by the financial services provider on Friday, November 27th. This represents a $6.80 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Monday, November 9th.

Ameriprise Financial has increased its dividend by an average of 0.1% per year over the last three years and has raised its dividend annually for the last 21 consecutive years. Ameriprise Financial has a dividend payout ratio of 17.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Ameriprise Financial to earn $50.85 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 13.4%.

Ameriprise Financial Price Performance

Shares of NYSE:AMP opened at $498.61 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. The business’s 50 day moving average is $520.69 and its 200-day moving average is $493.07. The firm has a market capitalization of $44.82 billion, a PE ratio of 12.03, a PEG ratio of 1.05 and a beta of 1.16. Ameriprise Financial has a 1-year low of $422.37 and a 1-year high of $572.56.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Thursday, October 29th. The financial services provider reported $11.26 EPS for the quarter, missing analysts’ consensus estimates of $11.77 by ($0.51). Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%. The business had revenue of $5.08 billion during the quarter, compared to analyst estimates of $5.10 billion. During the same period in the prior year, the firm posted $9.92 EPS. Ameriprise Financial’s revenue for the quarter was up 6.8% compared to the same quarter last year. Sell-side analysts predict that Ameriprise Financial will post 46.13 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Evercore cut their target price on shares of Ameriprise Financial from $625.00 to $623.00 in a research note on Friday, July 24th. Piper Sandler increased their target price on shares of Ameriprise Financial from $518.00 to $561.00 in a report on Thursday, July 23rd. Bank of America downgraded shares of Ameriprise Financial from a “buy” rating to an “underperform” rating and lowered their price target for the stock from $570.00 to $445.00 in a report on Monday, October 19th. The Goldman Sachs Group cut their target price on shares of Ameriprise Financial from $562.00 to $524.00 and set a “neutral” rating on the stock in a report on Friday, October 2nd. Finally, Argus upped their price target on shares of Ameriprise Financial from $534.00 to $590.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $557.00.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc (NYSE:AMP) is a diversified financial services company that provides advice, wealth management, asset management, insurance and retirement solutions. Through its network of financial advisors and digital platforms, the company serves individuals, families, businesses and institutions with financial planning, investment management and related services.

Its products and services include brokerage and advisory accounts, mutual funds and exchange-traded funds, retirement plans, annuities, life and long-term care insurance, banking services and financial planning.