# Ameriprise Financial, Inc. (AMP)

> Source: Nexqual · https://nexqual.com/AMP · data as of 2026-10-22 20:01 UTC · cite as "Nexqual, Ameriprise Financial, Inc. (AMP), nexqual.com/AMP" · informational, not investment advice.

**Price:** USD 496.83 (+1.29% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 490.51 · day 488.69–498.17 · 52w 422.37–572.56 · market cap $43.9B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $19.8B, net income $3.95B (19.9% margin), free cash flow $8.06B (SEC filings).
- Valuation: P/E 11.1x (avg 15.2x at the last 3 fiscal year-ends).
- 3 of 80 tracked superinvestors hold AMP (13F, Q2 2026): 1 new, 1 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $29.7M; 7 not under a Rule 10b5-1 plan ($29.7M); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.86 on a 1–5 scale) (14 analysts), mean target USD 554.64 (range 445–638).
- Total return with dividends: 1Y +5.3% vs S&P 500 +14.9%; 5Y +79.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 11.77, revenue estimate $5.08B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $13.4B | $14.3B | $16.1B | $17.9B | $18.9B | $19.8B |
| Net income | $3.42B | $3.15B | $2.56B | $3.40B | $3.56B | $3.95B |
| EPS (diluted) | $28.48 | $27.70 | $23.71 | $33.05 | $36.28 | — |
| Free cash flow | $3.21B | $4.22B | $4.50B | $6.42B | $8.16B | $8.06B |
| Net margin | 25.5% | 22.0% | 15.9% | 19.0% | 18.8% | 19.9% |
| Revenue growth | +12.0% | +7.1% | +12.3% | +11.4% | +5.5% | — |
| Cash + short-term investments | $9.57B | $8.76B | $8.62B | $9.49B | $11.2B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.1x · P/S 2.2x · P/FCF 5.4x · P/B 6.9x · FCF yield 18.37% · Earnings yield 9.00% · Dividend yield (paid, TTM) 1.37% · Buyback yield (TTM) 7.40%
P/E at fiscal year-ends: Dec 2025 13.5x, Dec 2024 16.1x, Dec 2023 16.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold AMP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 0.90% | $98.2M | Added +8.6% |
| Bill Miller | Miller Value Partners | 0.48% | $2.0M | New position |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $688K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-10 | Brockman Dawn M. | SVP AND CONTROLLER | 472 | $264K | 35.4% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-06 | McGraw Deirdre Davey | EVP Mktg, Strat. & Comms. | 2,400 | $1.3M | 37.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-28 | Cracchiolo James M | CHAIRMAN AND CEO | 18,020 | $9.8M | 14.1% | No | Too little history (no open-market trades in 2025) |
| 2026-07-28 | Berman Walter Stanley | EXECUTIVE VP AND CFO | 11,012 | $6.0M | 64.8% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-07-27…2026-07-28 | Williams William Jerryl | Pres, Wealth Mgmt Advisor Grp | 16,104 | $8.7M | 70.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Smyth Gerard P. | EVP & Hd. of Tech. & Serv. Del | 6,255 | $3.0M | 50.6% | No | Too little history (no open-market trades in 2025) |
| 2026-05-08 | Sharpe Robert Francis Jr | Director | 1,200 | $559K | 9.2% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.86 on a 1–5 scale), 14 analysts; mean target USD 554.64 (low 445, high 638).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | B of A Securities | Downgrade | Buy → Underperform | $570 → $445 |
| 2026-10-09 | Morgan Stanley | Target lowered | Underweight | $489 → $483 |
| 2026-10-07 | Evercore ISI Group | Target raised | In-Line | $623 → $632 |
| 2026-10-06 | BMO Capital | Target lowered | Market Perform | $560 → $520 |
| 2026-07-31 | Argus Research | Target raised | Buy | $534 → $590 |
| 2026-07-24 | Keefe, Bruyette & Woods | Target raised | Market Perform | $515 → $545 |
| 2026-07-24 | RBC Capital | Target raised | Outperform | $560 → $595 |
| 2026-07-13 | Evercore ISI Group | Target raised | In-Line | $589 → $625 |
| 2026-07-13 | Piper Sandler | Target raised | Neutral | $471 → $518 |
| 2026-07-10 | Morgan Stanley | Target raised | Underweight | $467 → $489 |
| 2026-07-10 | Jefferies | Target raised | Buy | $636 → $645 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +5.3% | +79.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +5.3% | +12.3% |
| Volatility (annualized) | 26.3% | 27.8% |
| Max drawdown | -20.9% (Feb 2026→Apr 2026) | -29.3% (Jan 2022→Jul 2022) |

## Peers (Asset Management)
STT (State Street Corporation) USD 167.84 -0.66% · ARES (Ares Management Corporation) USD 123.7 +5.72% · RJF (Raymond James Financial, Inc.) USD 159.19 +2.25% · NTRS (Northern Trust Corporation) USD 165.82 -0.65% · APO (Apollo Global Management, Inc. ) USD 114.83 +2.81% · BAM (Brookfield Asset Management Inc) USD 47.64 +3.45%

## More
Full page: https://nexqual.com/AMP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Advice&#160;& Wealth Management | $2.85B | 73.3% | +18.2% |
| Asset Management | $936.0M | 24.1% | +15.1% |
| Retirement & Protection Solutions | $102.0M | 2.6% | +9.7% |
| Total revenue | $3.89B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Management and financial advice fees | $3.07B | 78.8% | +17.9% |
| — Advisory fees (part of Management and financial advice fees) | $1.86B | 47.8% | +22.5% |
| — Distribution fees (part of Management and financial advice fees) | $573.0M | 14.7% | +14.1% |
| — Insurance and annuity (part of Management and financial advice fees) | $281.0M | 7.2% | +8.9% |
| — Mutual funds (part of Management and financial advice fees) | $244.0M | 6.3% | +15.1% |
| — Transaction and other fees (part of Management and financial advice fees) | $105.0M | 2.7% | +5.0% |
| Other products | $138.0M | 3.5% | +27.8% |
| Financial planning fees | $126.0M | 3.2% | +5.0% |
| Other revenues | $77.0M | 2.0% | +8.5% |
| Off-balance sheet brokerage cash | $21.0M | 0.5% | -16.0% |
| Total revenue | $3.89B | 100% | — |
The lines above cover 88.1% of total revenue.

## Company outlook (8-K filed 2026-07-23)

- "Fixed Annuities pretax adjusted operating loss was in line with expectations at $8 million."
- "The operating effective tax rate is expected to be 20 to 22 percent for the full year 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $11.77 | $11.37 | +3.5% | $5.08B | 12 |
| Next quarter (ends 2026-12-31) | $12.35 | $11.84 | +4.3% | $5.21B | 11 |
| Current fiscal year (ends 2026-12-31) | $46.44 | $45.40 | +2.3% | $20.00B | 13 |
| Next fiscal year (ends 2027-12-31) | $51.50 | $49.85 | +3.3% | $21.21B | 13 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±7.3%; last 8 reports averaged ±3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 32.2% | ±7.3% |
| 2026-12-18 | 56 | 29.8% | ±9.4% |
| 2027-03-19 | 147 | 29.7% | ±15.0% |
| 2027-06-17 | 237 | 29.3% | ±18.8% |