Shares of Ameriprise Financial Services (AMP) have been strong performers lately, with the stock up 13.2% over the past month. The stock hit a new 52-week high of $490.24 in the previous session. Ameriprise Financial Services has gained 28.2% since the start of the year compared to the 18.1% move for the Zacks Finance sector and the 26% return for the Zacks Financial - Investment Management industry.What's Driving the Outperformance?The stock has a great record of positive earnings surprises, as it hasn't ...

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Investors interested in Financial - Investment Management stocks are likely familiar with Ameriprise Financial Services (AMP) and Ares Management (ARES) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while o ...

Financial Performance - For the six months ended June 30, 2024, adjusted operating earnings were $1.76 billion, representing a growth from $1.61 billion in the same period of 2023[284]. - The adjusted operating earnings per diluted share for the six months ended June 30, 2024, was $16.92, compared to $14.70 for the same period in 2023, reflecting a growth of 15%[284]. - Total revenues for the six months ended June 30, 2024, increased by $865 million, or 11%, to $8,717 million compared to $7,852 million in the prior year[323]. - Total revenues for the three months ended June 30, 2024, were $4,392 million, an increase of $385 million, or 10%, compared to $4,007 million in the prior year[294]. - Total revenues for the three months ended June 30, 2024, increased by $342 million, or 14%, to $2,816 million compared to $2,474 million in the prior year[302]. - Total revenues for the six months ended June 30, 2024, were $5,555 million, an increase of $713 million, or 15%, compared to the prior year period[333]. Assets Under Management - As of June 30, 2024, Ameriprise Financial has $1.4 trillion in assets under management and administration[281]. - Total Assets Under Management (AUM) increased by $100.7 billion, or 10%, to $1.1 trillion as of June 30, 2024, compared to $1.0 trillion a year earlier[292]. - Advice & Wealth Management AUM rose by $80.0 billion, or 18%, driven by equity market appreciation and net inflows into wrap accounts[292]. - Total Assets Under Administration (AUA) increased by $50.4 billion, or 20%, to $298.4 billion, primarily due to equity market appreciation and growth in third-party money market funds[292]. - Total managed assets increased by $25.3 billion, or 4%, to $641.9 billion as of June 30, 2024, compared to $616.6 billion in the prior year[335]. Shareholder Equity and Capital Adequacy - Total Ameriprise Financial, Inc. shareholders' equity as of June 30, 2024, was $4.50 billion, up from $3.94 billion as of June 30, 2023[286]. - Available Capital for Capital Adequacy as of June 30, 2024, was $5.25 billion, down from $5.42 billion as of December 31, 2023[287]. - The company maintained $7.5 billion in cash and cash equivalents as of June 30, 2024, excluding CIEs and other restricted cash[352]. - The estimated borrowing capacity from the Federal Reserve was $12.3 billion as of June 30, 2024, with no outstanding obligations[352]. Earnings and Expenses - Adjusted operating earnings for the Advice & Wealth Management segment increased to $1,584 million for the six months ended June 30, 2024, from $1,424 million in the prior year[330]. - Total expenses increased by $420 million, or 15%, to $3,169 million, driven by higher distribution expenses and interest credited to fixed accounts[294]. - Distribution expenses for the six months ended June 30, 2024, increased by $395 million, or 16%, primarily due to higher advisor compensation[327]. - General and administrative expenses decreased by $24 million, or 3%, for the six months ended June 30, 2024, reflecting operational efficiency initiatives[340]. - The effective tax rate for the six months ended June 30, 2024, was 19.9%, compared to 19.5% for the prior year period[328]. Investment Performance - Net investment income rose by $110 million, or 14%, primarily due to growth in customer deposits and rising interest rates[298]. - Net investment income for the six months ended June 30, 2024, increased by $313 million, or 21%, primarily due to growth in customer deposits and higher average balances[326]. - Net investment income increased by $77 million, or 16%, for the three months ended June 30, 2024, driven by higher average invested assets and increasing short-term interest rates[303]. - Net investment income for the three months ended June 30, 2024, decreased by $29 million, or 38%, primarily due to a $12 million benefit in affordable housing partnerships in the prior year[319]. Market Conditions and Strategic Focus - The company continues to focus on strategic objectives amidst macroeconomic uncertainties, including interest rate fluctuations and market volatility[281]. - The daily average of the S&P 500 index increased by 25% from 4,207 in June 30, 2023, to 5,253 in June 30, 2024[290]. - The average yield for investment purchases during the six months ended June 30, 2024, was approximately 5.7%[368]. Corporate Actions and Future Outlook - As of June 30, 2024, the company had $2.1 billion remaining under its share repurchase authorization of $3.5 billion, which is valid through September 30, 2025[357]. - The company intends to fund share repurchases through existing excess capital and future free cash flow generation[357]. - The company has not recorded any Pillar Two tax liabilities based on current estimates and continues to monitor the adoption of related rules[353]. - The Federal Reserve Board's new consolidated capital framework for savings and loan holding companies will take effect on January 1, 2024, with reporting beginning in 2025[355].

Ameriprise Financial Second Quarter 2024 Conference Call July 25, 2024 © 2024 Ameriprise Financial, Inc. All rights reserved. Forward-looking statements Some of the statements made in our July 24, 2024 earnings release and/or in this July 25, 2024 presentation constitute forwardlooking statements. These statements reflect management's estimates, plans, beliefs and expectations, and speak only as of July 25, 2024. These forward-looking statements involve a number of risks and uncertainties. A list of certain ...

J. Michael Jones Minneapolis-headquartered Ameriprise Financial, Inc (NYSE:AMP) - itself spun out of American Express which then went on to acquire the long-term asset management business of Bank of America, among others - specializes in long-term financial planning services for affluent clients. Its earnings release for Q2 made on the 25th of July beat the Zack's Consensus Estimate of $8.51 per share by $0.02. However, revenue missed estimates by 0.35, posting revenues of $4.17 billion for the quarter. It ...

Financial Data and Key Metrics Changes - Revenues increased by 9% year-over-year, reaching a record of $4.2 billion, driven by positive business results in markets [7][14] - Earnings per share (EPS), excluding severance costs, rose by 17% to $8.72, marking a new high [7][14] - Free cash flow generation was strong at 90%, with $693 million returned to shareholders [7][15] - Return on equity (ROE) was nearly 50%, maintaining a best-in-class status [7][15] - Assets under management and administration grew by 12% year-over-year to $1.4 trillion [7][14] Business Line Data and Key Metrics Changes Wealth Management - Total client assets in wealth management increased by 17% to $972 billion [8][16] - Total client wrap assets rose by 18% to $535 billion, with wrap flows growing by 34% year-over-year to $7.5 billion [8][16] - Revenue per advisor reached a new high of $968,000, up 11% from the previous year [16] - Cash balances were reported at $81.9 billion, with a shift back to wrap and other products expected as markets normalize [16][17] Asset Management - Total assets under management increased by 4% to $642 billion, primarily due to market appreciation [10][19] - Operating earnings in asset management rose by 35% to $218 million, with a margin of 38% [19] - Net outflows improved by $1.3 billion from the previous year, with retail gross sales up by $1 billion [11][19] Retirement & Protection Solutions - Pre-tax adjusted operating earnings increased by 4% to $196 million, with protection sales up 21% [20] - Variable annuity sales grew by 45% to $1.4 billion, driven by strong momentum in structured products [20] Market Data and Key Metrics Changes - The company noted ongoing geopolitical instability and inflation concerns affecting client sentiment [6] - The advisor force grew to nearly 10,400, with 52 experienced advisors added in the quarter [9] Company Strategy and Development Direction - The company continues to focus on leveraging technology, digital capabilities, and analytics to enhance client engagement and operational efficiency [13][19] - Strategic investments are being made in wealth management and asset management to drive future growth [14][19] - The company aims to maintain expense discipline while selectively investing in growth areas [15][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate market cycles and deliver strong results [6][13] - The expectation of a soft landing in the economy was noted, with inflation anticipated to decrease over time [6] - Management highlighted the importance of client engagement and the need to adapt to changing market conditions, especially with the upcoming U.S. election [6][66] Other Important Information - The company has a strong balance sheet with excess capital of $1.7 billion, supporting ongoing capital returns to shareholders [21] - The diversified business model contributes to stable free cash flow across all segments [15] Q&A Session Summary Question: Cash sweep commentary and competitive environment - Management indicated that cash sweep practices are aligned with regulatory standards and competitive rates are monitored, but no significant changes are planned [24][26] Question: Bank net interest income (NII) growth expectations - Management expects bank NII to be higher in 2024 compared to 2023, driven by investment strategies [27][29] Question: Client cash in wrap advisory accounts - Approximately $12 billion of client cash is held in wrap advisory accounts [30] Question: Advisor recruitment environment - A slight slowdown in recruiting experienced advisors was noted, with expectations for improvement in the pipeline [31][32] Question: Client capital deployment trends - Management observed clients beginning to put capital to work, with expectations for continued shifts from cash balances to investment products [33][37] Question: Asset Management margins and fee pressures - Management expressed confidence in maintaining operating margins above long-term targets through disciplined expense management and strategic investments [50][51] Question: Insurance business growth potential - Management highlighted strong growth in insurance and annuity products, with expectations for continued contributions to earnings [54][55] Question: Impact of the upcoming election on operations - Management noted that client concerns regarding the election may influence investment behaviors but does not foresee major operational impacts [64][66]

Ameriprise Financial, Inc. Minneapolis, MN NYSE: AMP July 24, 2024 | --- | --- | --- | --- | |-------------------------------------------------|-----------|---------------------------|---------------| | Earnings Per Diluted Share | \nQ2 2024 | Return on Equity, ex AOCI | (1) \nQ2 2024 | | GAAP | $8.02 | GAAP | 45.9% | | Adjusted Operating | $8.53 | Adjusted Operating | 48.9% | | Adjusted Operating, excluding severance expense | $8.72 | | | | --- | --- | |----------------------------------------------------- ...

Ameriprise Financial, Inc. (AMP) is scheduled to report second-quarter 2024 results on Jul 24, after market close. Its revenues and earnings in the to-be-reported quarter are anticipated to have increased on a year-over-year basis.In the last reported quarter, the company’s earnings surpassed the Zacks Consensus Estimate. Results were aided by growth in revenues, along with higher assets under management (AUM) and assets under administration (AUA) balances. However, increased expenses acted as a negative.Am ...