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Ameriprise (AMP) Dips Despite Q4 Earnings Beat, Costs Rise Y/Y
Ameriprise FinancialAmeriprise Financial(US:AMP) Zacks Investment Researchยท2024-01-25 17:26

Core Insights - Ameriprise Financial's fourth-quarter 2023 adjusted operating earnings were $7.75 per share, exceeding the Zacks Consensus Estimate of $7.67, reflecting a 14% increase year-over-year [1] - For the full year 2023, adjusted operating earnings were $30.46 per share, surpassing the Zacks Consensus Estimate of $29.36, marking a 24% rise from the previous year [2] Financial Performance - Total net revenues for the fourth quarter were $3.99 billion, up 9% year-over-year, beating the Zacks Consensus Estimate of $3.87 billion [3] - Adjusted operating total net revenues were $3.95 billion, growing 8% year-over-year [3] - Adjusted operating expenses totaled $2.91 billion, increasing 8% year-over-year, which was higher than the projected $2.83 billion [3] - Total assets under management (AUM) and assets under administration (AUA) rose 15% year-over-year to $1.36 trillion, surpassing the estimate of $1.22 trillion [3] Shareholder Actions - In the reported quarter, Ameriprise repurchased 1.2 million shares for $445 million [4] Industry Comparisons - BlackRock's fourth-quarter 2023 adjusted earnings were $9.66 per share, exceeding the Zacks Consensus Estimate of $8.84, reflecting an 8.2% increase year-over-year [6] - Invesco's fourth-quarter 2023 adjusted earnings were 47 cents per share, surpassing the Zacks Consensus Estimate of 38 cents, with a 20.5% growth from the prior-year quarter [6][7]