Ameriprise Financial (AMP) will raise its quarterly dividend by 7.2 percent to $1.04 per share in 2020. This follows last year's dividend hike of 7.8 percent to 97 cents per share quarterly, marking 13 consecutive years of dividend increases at the time.

The new dividend is payable on May 29, 2020 to shareholders of record at the close of business on May 18, 2020. A new annualized rate of $4.16 per share yields 3.9% at a stock price of $107.28.

Ameriprise Financial, Inc. is a financial services company that offers financial solutions to individual and institutional clients. The company provides financial planning, products and services that are designed to be utilized as solutions for its clients' cash and liquidity, asset accumulation, income, protection, and estate and wealth transfer needs. Ameriprise utilizes two go-to-market approaches in carrying out this strategy: Wealth Management and Asset Management. The company has operations worldwide with assets in The United States, the United Kingdom, Continental Europe, Asia, Australia, the Middle East, South America and Africa. Ameriprise Financial has paid a dividend to shareholders every year since 2005.