Ameriprise Financial said on Thursday it plans to buy back as much as $1 billion in stock and increased its quarterly dividend to 15 cents from 11 cents per share.
The repurchase program, which runs through March 15, 2009, is in addition to a January 2006 authorization to buy back 2 million shares and a March 2006 authorization for as much as $750 million in stock, Ameriprise said.
The dividend of 15 cents per share is payable on May 18 to shareholders of record on May 4.