Ameriprise Financial has put up strong profit growth numbers this year. The Relative Strength (RS) Rating for Ameriprise stock is following suit, and jumped into a new percentile Wednesday, with a rise from 79 to 82.
The upgraded RS Rating shows that Ameriprise stock tops 82% of all other stocks for price performance this past year. It's kind of a big deal because market history reveals that the best stocks tend to have an RS Rating north of 80 as they launch their biggest climbs.
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Ameriprise Stock Rising Amid Strong Fundamentals
Minneapolis-based Ameriprise Financial provides personalized financial planning, along with advisory and broker services to individuals and businesses.
Earnings grew 16% last quarter to a hefty $8.39 per share. That was up from 10% growth in the prior report and a strong reversal from a 5% year-over-year drop in EPS in the final quarter of 2023.
The company's revenue growth has held steady over the past year, mostly in low double digits. Last quarter it rose 11% to $4.15 billion. The prior three periods it posted sales growth of 11%, 13% and 9%.
Ameriprise says on its website it will hold a news conference to discuss Q2 financial results the morning of July 25. Analyst consensus is for a 15% hike in EPS on a 6% rise in revenue.
Ameriprise stock on Nov. 24 hit a buy point from a classic double-bottom base with a 350.94 buy point. More recently it completed a cup base pattern on June 24. It traded around 437.80 Wednesday afternoon, up about 25% from the November breakout and up 1% for the day.
Hit All-Time High June 24; Ready To Run Higher?
Ameriprise hit an all-time intraday high at 446.32 on June 24 and then consolidated. It's been rising again and trades just below the all-time high. It hasn't yet formed a fresh base with a defined buy point, though it's a good stock to watch.
Ameriprise stock holds the No. 4 rank among its peers in the 33-stock Finance-Investment Banking/Brokers industry group. Jefferies Financial Group is the top-ranked stock in the group. The group itself ranks a lofty no. 25 out of the 197 industry groups IBD tracks.
IBD's unique Relative Strength Rating measures market leadership by using a 1 (worst) to 99 (best) score that shows how a stock's price action over the trailing 52 weeks matches up against other publicly traded companies.
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