On Sep 17, 2014, we issued an updated research report on Ameriprise Financial, Inc. (AMP). This Minneapolis, MN-based investment management firm remains focused on improving its top line.
Ameriprise reported second-quarter 2014 operating earnings per share of $2.08 on Jul 29, beating the Zacks Consensus Estimate by 4.5%. Also, the reported figure compared favorably with $1.69 earned in the prior-year quarter.
Results were aided by higher top-line growth, driven primarily by impressive performance across all segments. This was, however, partly offset by higher expenses. Further, the company boasted strong asset under management (AUM) and assets under administration during the quarter.
Ameriprise’s net revenue grew 6.5% year over year to $2.9 billion. With a well-diversified portfolio, the company has the capability to mold its product and service offering according to the dynamic market needs. This, along with introduction of new products, is likely to sustain Ameriprise’s revenue growth momentum in the coming days.
The Zacks Consensus Estimate for 2014 climbed 1.8% to $8.44 per share over the past 60 days. For 2015, the Zacks Consensus Estimate moved up 1.2% to $9.58 per share during the same time frame.
Ameriprise currently carries a Zacks Rank #2 (Buy).
Other investment managers worth considering include AllianceBernstein Holding L.P. (AB), Monroe Capital Corporation (MRCC) and BlackRock, Inc. (BLK). While AllianceBernstein Holding and Monroe Capital sport a Zacks Rank #1 (Strong Buy), BlackRock holds a Zacks Rank #2 (Buy).
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