/Ameriprise%20Financial%20Inc%20HQ%20sign-%20by%20Wolterk%20via%20iStock.jpg)
Headquartered in Minnesota, Ameriprise Financial, Inc. (AMP), along with its subsidiaries, offers a range of financial products and services to both individual and institutional clients in the United States and internationally. Boasting a market cap of $43.7 billion, it operates independently of American Express Company and is organized into Advice & Wealth Management; Asset Management; Retirement & Protection Solutions; and Corporate & Other segments. The company is expected to announce its fiscal second-quarter earnings for 2024 after the market closes on Wednesday, July 24.
Ahead of the event, analysts expect Ameriprise Financial to report a profit of $8.49 per share, up 14.1% from $7.44 per share in the year-ago quarter. The company successfully beat the bottom-line estimates in each of the last four quarters.
In the previous quarter, Ameriprise Financial’s EPS grew 15.7% year over year to $8.39, beating the consensus estimate by 3.6%, driven by strong growth across the company.
For the full year, analysts expect Ameriprise Financial to report EPS of $34.92, up 14.6% from $30.46 in fiscal 2023. Looking ahead, its EPS is expected to rise 9.3% annually to $38.16 in fiscal 2025.
AMP stock has rallied 15.8% on a YTD basis, slightly underperforming the S&P 500 Index’s ($SPX) 17.1% gains but outperforming the S&P 500 Financials Sector SPDR’s (XLF) 12.3% gains over the same time frame.
AMP stock rose 1.1% following the release of its Q1 earnings report on Apr. 22. While its bottom line surpassed the market’s estimates, revenue matched forecasts at $4.15 billion. The company drove its assets under management and administration to a new high of $1.4 trillion. The company managed expenses well, maintained a strong capital position, and increased its quarterly dividend payouts by 8% to $1.35 per share, which is impressive.
Analysts’ consensus opinion on AMP stock is moderately bullish, with a “Moderate Buy” rating overall. Out of 12 analysts covering the stock, six advise a “Strong Buy” rating, one suggests a “Moderate Buy,” four recommend a “Hold” rating, and the remaining one analyst says a “Strong Sell.” Over the past three months, one new “Strong Buy” recommendation has been added.
The average analyst price target for AMP is $458.22, indicating a potential upswing of 4.2% from the current price levels.
On the date of publication, Kritika Sarmah 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.
