Benzinga | Jul 26, 2021 04:46PM EDT

Recap: Ameriprise Financial Q2 Earnings

Shares of Ameriprise Financial (NYSE:AMP) moved lower after the company reported Q2 results.

Quarterly Results

Earnings per share rose 99.62% year over year to $5.27, which beat the estimate of $5.20.

Revenue of $3,418,000,000 rose by 26.03% from the same period last year, which beat the estimate of $3,360,000,000.

Outlook

Earnings guidance hasn't been issued by the company for now.

Revenue guidance hasn't been issued by the company for now.

Price Action

Company's 52-week high was at $269.29

52-week low: $141.82

Price action over last quarter: down 2.29%

Company Description

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 $1.1 trillion in total assets under management and advisement at the end of 2020. Ameriprise has one of the largest branded advisor networks in the industry, and over 70% of the company's revenue comes from its asset and wealth management segments. Ameriprise has reduced its exposure to insurance with the sale of its auto and home insurance business in 2019 and discontinuing the sale of its proprietary fixed annuities in 2020. Around 90% of the company's pretax earnings are from the United States.