AMERIPRISE FINANCIAL INC (AMP)

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AI: Undervalued

Price checkAt $570.06, Ameriprise looks modestly undervalued if recent earnings remain broadly durable.

The last regular-session quote before the research time was $570.06 on August 14. That equals 13.8 times the last four quarters’ $41.46 per-share profit, or $13.80 paid for each $1 of annual earnings. It is 15.7 times 2025’s $36.28. Applying 14 times trailing profit gives roughly $580, while 15 times the $46.12 current-year consensus gives about $692. The lower case barely clears the price, so this is modest undervaluation, conditional on annual profit staying near $41 or better.

Big pictureRevenue and profit have grown strongly, but market-linked income can move sharply.

Revenue rose from $12.0 billion in 2020 to $18.9 billion in 2025, while net income increased from $1.53 billion to $3.56 billion. However, profit fell from $3.15 billion in 2022 to $2.56 billion in 2023 before recovering, demonstrating cyclicality. Second-quarter 2026 net income reached $1.11 billion. Management says about 90% of earnings becomes free cash flow, meaning cash available after running and investing in the business. Still, financial-company cash flows include deposit, investment and insurance movements, making the supplied $8.32 billion 2025 operating cash figure less straightforward.

Business strengthStrong surplus capital and a shrinking share count support resilient per-share value.

At June 30, assets were $197.87 billion, liabilities $191.51 billion, equity $6.37 billion and cash $11.16 billion. Those liabilities largely reflect client and insurance obligations, and not all cash is freely usable. More decisive safeguards were $2.1 billion of excess capital, $2.8 billion of holding-company liquidity and a 497% estimated insurance capital ratio. First-half capital returns were $1.87 billion; Ameriprise repurchased 3.3 million shares, reducing common shares 6% year over year to 88.4 million. Stock compensation was only $89 million, keeping dilution contained.

What could change the storyHuntington’s asset transfer offers upside, while sustained fund outflows threaten fee growth.

Wealth-management client assets grew 15% to $1.25 trillion, and managed-account inflows were $6.9 billion. Huntington should transfer $28 billion of assets, more than offsetting Comerica-related departures. The bear case is second-quarter asset-management outflows of $6.5 billion, including $5.1 billion from institutions, while rising markets supplied part of asset growth. Falling markets reduce assets that generate fees, and outflows amplify the damage. The valuation needs annual per-share profit near $41–$46 and continued capital returns; successful Huntington retention would strengthen it, while sustained outflows and profit below $40 would weaken it.

$570.06 price considered

AI: News

Second-quarter earnings beatProfit and fee revenue beat expectations, confirming strong momentum despite a muted share reaction.

On July 23, Ameriprise reported adjusted operating profit of $11.07 per share, 22% above the prior year and $0.26 above the cited market consensus. Adjusted net revenue rose 13% to $4.9 billion, while total managed, administered and advised assets reached $1.8 trillion, up 14%. Shares gained about 2% before trading opened but closed 1.27% below the previous session at $520.11. That mixed movement cannot be attributed solely to the report and suggests some strength was already expected.

Huntington platform winA large bank partnership should replace lost Comerica assets and expand Ameriprise’s distribution.

Ameriprise and Huntington announced the relationship on February 4; Ameriprise’s July 23 update said $28 billion of Huntington assets should move onto its platform and more than offset Comerica-related departures. Management’s call indicated about 260 advisors could transition around late 2026 or early 2027, versus roughly $19 billion leaving with Comerica. More advised assets can produce recurring fees, but implementation and client retention remain uncertain. No reliable immediate share-price reaction was identified.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$18.91B	$17.93B	$16.10B	$14.33B	$13.39B	$11.96B	$13.10B	$12.92B	$12.18B	$11.84B	$12.20B	$12.30B	$11.23B	$10.26B	$10.24B	$9.58B	$7.54B	$7.10B	$8.76B
Net income	$3.56B	$3.40B	$2.56B	$3.15B	$3.42B	$1.53B	$1.89B	$2.10B	$1.48B	$1.31B	$1.56B	$1.62B	$1.33B	$1.03B	$1.01B	$1.10B	$722.0M	−$36.0M	$814.0M
Basic EPSper diluted share	$36.85	$33.67	$24.18	$28.29	$29.13	$12.39	$14.12	$14.41	$9.60	$7.90	$8.60	$8.45	$6.56	$4.70	$4.62	$3.84	$2.98	-$0.16	$3.45
Diluted EPSper diluted share	$36.28	$33.05	$23.71	$27.70	$28.48	$12.20	$13.92	$14.20	$9.44	$7.81	$8.48	$8.30	$6.44	$4.62	$4.53	$3.77	$2.95	-$0.16	$3.39

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)34$89.70M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 14, 2026Form 4	Smyth Gerard P.EVP & Hd. of Tech. & Serv. Del	SellCommon Stock	6.3K	$472.52	$2.96M	6.1K
May 8, 2026Form 4	Sharpe Robert Francis JRDirector	SellCommon Stock · indirect	1.2K	$465.83	$559.0K	6.3K
Feb 10, 2026Form 4	TRUSCOTT WILLIAM FCEO, GLOBAL ASSET MANAGEMENT	SellCommon Stock · indirect	5.0K	$532.08	$2.66M	12.1K
Feb 9, 2026Form 4	Alvero GumerPRESIDENT-INSURANCE&ANNUITIES	SellCommon Stock	4.7K	$542.88	$2.53M	4.6K
Feb 5, 2026Form 4	Berman Walter StanleyEXECUTIVE VP AND CFO	SellCommon Stock	7.0K	$544.22	$3.81M	5.6K

Review ownership filings at SEC.gov ↗

AMERIPRISE FINANCIAL INC (AMP)

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Financial statements

Insider buys & sells