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Based in Minneapolis, Minnesota, Ameriprise Financial, Inc. (AMP) provides financial products and services to individual and institutional clients. Valued at a market cap of $48.4 billion, the company primarily engages in advice and wealth management, asset management, and retirement and protection solutions. AMP is expected to announce its fiscal Q3 earnings results on Wednesday, Oct. 23.
Ahead of this event, analysts project the financial services company to report a profit of $8.87 per share, an increase of 15.5% from $7.68 per share in the year-ago quarter. Moreover, the company has consistently surpassed Wall Street's bottom-line estimates in the last four quarters.
In Q2, the company reported an EPS of $8.53, marginally topping the consensus estimates. AMP’s Q2 EPS surprise was supported by robust revenue growth across all its segments and 12% growth in its assets under management and administration, fueled by solid client net inflows and market appreciation.
For fiscal 2024, analysts expect AMP to report an EPS of $34.92, up 14.6% from $30.46 in fiscal 2023.
Shares of Ameriprise Financial have rallied 28.1% on a YTD basis, outperforming the S&P 500 Index's ($SPX) 20% surge and the Financial Select Sector SPDR Fund’s (XLF) 21% returns over the same period.
Shares of AMP closed up more than 4% after its Q2 earnings release on Jul. 24, despite its adjusted revenue of $4.17 billion missing the Wall Street estimates of $4.19 billion. However, the top line increased by 9% year-over-year, and its adjusted earnings grew by 15%.
Analysts' consensus view on Ameriprise Financials’ stock is moderately optimistic, with a "Moderate Buy" rating overall. Among 13 analysts covering the stock, five recommend a "Strong Buy," one suggests a "Moderate Buy," six indicate “Hold,” and one recommends a “Strong Sell.”
This configuration is slightly less bullish than three months ago, with six analysts suggesting a "Strong Buy." As of writing, the stock is trading above its mean price target of $475.50.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
