Ameriprise Financial Inc

AMP: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$222.00	Mppccj	Lbfftftn

Net Investment Income and Client Cash Revenue Buoy Ameriprise's Results; Shares Fairly Valued

Michael Wong

Jan 27, 2023

Ameriprise reported net income of $494 million, or $4.43 per diluted share, on $3.6 billion of net revenue for the fourth quarter. On a company-provided adjusted operating basis that excludes the effect of changes in interest rates on some of its products, Ameriprise reported pro forma operating earnings per share of $6.94, up 13% from the previous year. Adjusted operating return on equity excluding accumulated other comprehensive income was a strong 48.1% in the quarter. We don’t anticipate making a material change to our $333 fair value estimate for narrow-moat-rated Ameriprise. We assess the shares as fairly valued.

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