Benzinga | Jul 29, 2020 05:40PM EDT

Recap: Ameriprise Financial Q2 Earnings

Shares of Ameriprise Financial (NYSE:AMP) were unchanged in after-market trading after the company reported Q2 results.

Quarterly Results

Earnings per share fell 34.98% year over year to $2.64, which missed the estimate of $2.85.

Revenue of $2,712,000,000 decreased by 16.43% year over year, which missed the estimate of $2,820,000,000.

Outlook

Ameriprise Financial hasn't issued any earnings guidance for the time being.

Ameriprise Financial hasn't issued any revenue guidance for the time being.

Technicals

Company's 52-week high was at $180.85

Company's 52-week low was at $80.01

Price action over last quarter: Up 28.90%

Company Profile

Spun off from American Express in 2005, Ameriprise Financial has emerged as a major player in the U.S. market for asset and wealth management, with around $970 billion in total assets under management and advisement at the end of 2019. While the company maintains a meaningful presence in annuities and life insurance, it has become an increasingly smaller contributor to earnings as the company's asset and wealth management divisions have grown to over 70% of revenue. Ameriprise has one of the largest branded advisor networks in the industry.