Ameriprise Financial (AMP) will raise its quarterly dividend by 8.7 percent to $1.13 per share in 2021. This follows a dividend hike of 7.2 percent to $1.04 per share in 2020 and also marks 14 consecutive years of dividend increases by the financial services company.

The new dividend is payable on May 21, 2021 to shareholders of record at the close of business on May 10, 2021. A new annualized rate of $4.52 per share yields 1.8% at a stock price of $247. Ameriprise Financial now pays an estimated $533 million annually in dividends to shareholders.

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.