Analyst Note
| Michael Wong, CFA, CPA |Ameriprise reported net income of $756 million, or $6.61 per diluted share, on $3.5 billion of net revenue for the second quarter of 2022. On a company-provided, adjusted operating basis (that excludes the effect of changes in interest rates on some of its products), the company reported pro forma operating earnings per share of $5.81, up 10% from the previous year but down 3% sequentially. Adjusted operating return on equity excluding accumulated other comprehensive income was a strong 48.8% for the quarter. We don't anticipate making a material change to our $338 per share fair value estimate for narrow-moat rated Ameriprise and assess the shares as being moderately undervalued right now.