Financial services company Ameriprise Financial (NYSE:AMP) will be announcing earnings results this Thursday before market hours. Here’s what investors should know.
Ameriprise Financial met analysts’ revenue expectations last quarter, reporting revenues of $4.34 billion, up 3.9% year on year. It was a mixed quarter for the company, with a narrow beat of analysts’ EPS estimates but .
Is Ameriprise Financial a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting Ameriprise Financial’s revenue to grow 4.9% year on year to $4.56 billion, slowing from the 11% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $9.76 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Ameriprise Financial has missed Wall Street’s revenue estimates four times over the last two years.
Looking at Ameriprise Financial’s peers in the custody bank segment, some have already reported their Q3 results, giving us a hint as to what we can expect. BNY delivered year-on-year revenue growth of 9.1%, beating analysts’ expectations by 2.1%, and State Street reported revenues up 8.8%, topping estimates by 2.3%. BNY traded down 2.8% following the results while State Street was up 2%.
Read our full analysis of BNY’s results here and State Street’s results here.
Investors in the custody bank segment have had steady hands going into earnings, with share prices flat over the last month. Ameriprise Financial is down 3.2% during the same time and is heading into earnings with an average analyst price target of $550.27 (compared to the current share price of $483.60).
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