Ameriprise Financial (AMP) Reports Q2: Everything You Need To Know Ahead Of Earnings

Financial services company Ameriprise Financial (NYSE:AMP) will be announcing earnings results this Thursday before the bell. Here’s what you need to know.

Ameriprise Financial beat analysts’ revenue expectations last quarter, reporting revenues of $4.77 billion, up 10.8% year on year. It was a strong quarter for the company, with a beat of analysts’ EPS estimates.

Is Ameriprise Financial a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, the market is expecting Ameriprise Financial’s revenue to grow 10.9% year on year, improving from the 3.9% increase it recorded in the same quarter last year.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Ameriprise Financial has missed Wall Street’s revenue estimates multiple times over the last two years.

Looking at Ameriprise Financial’s peers in the custody bank segment, some have already reported their Q2 results, giving us a hint as to what we can expect. BNY delivered year-on-year revenue growth of 13.3%, beating analysts’ expectations by 5.4%, and State Street reported revenues up 16.7%, topping estimates by 3.8%. BNY traded up 4.1% following the results while State Street was down 2.2%.

Read our full analysis of BNY’s results here and State Street’s results here.

There has been positive sentiment among investors in the custody bank segment, with share prices up 5.8% on average over the last month. Ameriprise Financial is up 12% during the same time and is heading into earnings with an average analyst price target of $551.27 (compared to the current share price of $528.12).

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