Ameriprise announces additional $3.5B share repurchase authorization

The Board of Directors of Ameriprise Financial has authorized an additional $3.5 billion for the repurchase of shares of its common stock through September 30, 2025. As of July 25, 2023, the company had approximately $0.5 billion available from its January 2022 authorization, which is available through March 31, 2024. The company intends to fund share repurchases through existing excess capital, future free cash flow generation and other customary financing methods. The share repurchase program does not require the purchase of any minimum number of shares, and depending on market conditions and other factors, these purchases may be commenced or suspended at any time without prior notice. Acquisitions under the share repurchase program may be made in the open market, through privately negotiated transactions or block trades or other means. In addition, the Board of Directors has declared a quarterly cash dividend of $1.35 per common share payable on August 18, 2023 to shareholders of record at the close of business on August 7, 2023.