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Ameriprise Financial Inc AMP Stock Quote

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Morningstar‘s Stock Analysis AMP

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As Expected, Some Pressure on Ameriprise’s Revenue; Shares Moderately Undervalued

Michael Wong, CFA, CPA Sector Director

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.

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Business Description

Spun off from American Express in 2005, Ameriprise Financial has emerged as a major player in the U.S. market for asset and wealth management, with around $1.4 trillion in total assets under management and advisement at the end of 2021. Ameriprise has one of the largest branded advisor networks in the industry, and about 80% of the company's revenue comes from its asset and wealth management segments. Ameriprise has reduced its exposure to insurance with the sale of its auto and home insurance business in 2019 and discontinuing the sale of its proprietary fixed annuities in 2020. Around 90% of the company's pretax earnings are from the United States.

1099 Ameriprise Financial Center
Minneapolis, MN, 55474
T +1 612 671-3131
Industry Asset Management
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 12,000

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