Ameriprise Financial, Inc.
) hit a new 52-week high, touching $103.22 almost at the end of
the trading session on Nov 8. However, the stock closed the
session at $103.12, which reflects a solid year-to-date return of
61.9%. The trading volume for the session was 1.7 million shares
compared to the 3-month average of 1.0 million.
Despite the strong price appreciation, this Zacks Rank #3 (Hold)
investment manager has plenty of upside left, given its positive
estimate revisions over the last 30 days and expected
year-over-year earnings growth of 16.4% for 2013.
Ameriprise's impressive price performance reflects solid
third-quarter 2013 results which include a positive earnings
surprise of 10.40%.
On Oct 29, Ameriprise declared third-quarter operating earnings
of $1.91 per share, beating the Zacks Consensus Estimate of
$1.73. On an operating basis, net revenue climbed 7% year over
year to $2.7 billion. Moreover, total assets under management
(AUM) and assets under administration were $735 million, rising
8% year over year.
Ameriprise's efficient capital deployment activities in the form
of share buybacks and regular dividend payouts continue to
attract investors. The company's cost-control measures and
increased client activity are expected to drive growth, going
Moreover, Ameriprise has delivered positive earnings surprises in
the trailing 4 quarters with an average beat of 7.88%.
Estimate Revisions Show Potency
In the last 30 days, the Zacks Consensus Estimate for 2013
increased 2.6% to $6.99 per share. For 2014, the Zacks Consensus
Estimate advanced 1.3% to $7.92 per share over the same time
Better performing financial organizations include
Artisan Partners Asset Management Inc.
Brookfield Asset Management Inc.
GAMCO Investors, Inc.
). All these stocks carry a Zacks Rank #1 (Strong Buy).
AMERIPRISE FINL (AMP): Free Stock Analysis
ARTISAN PTNR AM (APAM): Free Stock Analysis
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GAMCO INVESTORS (GBL): Free Stock Analysis
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