NEW YORK (TheStreet) -- Shares of Ameriprise Financial (AMP) - Get Report are declining 1% to $95.63 in afternoon trading today after the financial services company reported mixed fiscal 2016 second quarter results after yesterday's closing bell.
Ameriprise Financial posted earnings of $2.23 per share, missing analysts projected earnings of $2.26 per share. The company reported revenue in line with analysts estimates of $2.87 billion.
"In this environment, clients remain cautious, which is reflected in slower activity and high cash balances," said Ameriprise Financial CEO Jim Cracchiolo in a statement. "However, retail client assets increased to an all-time high and we had another strong quarter for experienced advisor recruiting during a time of change for the industry."
Last year, the company reported earnings of $2.33 per share on revenue of $3.13 billion for the second quarter.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate AMERIPRISE FINANCIAL INC as a Buy with a ratings score of B-. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its notable return on equity, growth in earnings per share and expanding profit margins. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: AMP