Ameriprise Financial, Inc
) hit a new 52-week high, touching $78.25 almost at the end of
the trading session on May 10, 2013. The closing price of this
financial holding company represents a solid year-to-date return
of 21.5%. The average trading volume over the last 3 months was
1.5 million shares.
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Despite hitting its 52-week high, this Zacks Rank #2 (Buy) stock
has plenty of upside left given its strong estimate revisions
over the last 60 days and expected year-over-year earnings growth
of 18.0% for 2013.
Impressive first-quarter 2013 results - including an earnings
surprise of 1.27% - and a 16% hike in its quarterly cash dividend
have been the primary growth drivers.
On Apr 22, 2013, Ameriprise reported first-quarter operating
earnings of $1.59 per share, marginally surpassing the Zacks
Consensus Estimate of $1.57. This also rose 9.7% from the
year-ago earnings of $1.45. Better-than-expected results were
primarily driven by top-line improvement, partially offset by a
rise in operating expenses.
Moreover, the company has delivered positive earnings surprises
in the 3 of the last 4 quarters with an average beat of 1.0%.
Estimate Revisions Show Potency
Over the last 60 days, 6 out of 9 estimates for 2013 have been
revised upward, lifting the Zacks Consensus Estimate by 0.9% to
$6.60 per share. For 2014, 5 out of 9 estimates moved higher over
the same time frame, helping the Zacks Consensus Estimate advance
0.5% to $7.65 per share.
Other stocks that are also worth considering include
AllianceBernstein Holding L.P.
Waddell & Reed Financial Inc.
). All these carry a Zacks Rank #1 (Strong Buy).