Ameriprise Financial, Inc. (AMP) recently rebounded from a key trend line to jump back within striking distance of the 52-week high at $42.98. Shares of AMP have been trending higher for most of the last month on the heels of the company’s better than expected Q4 results from early February.

Company Description

Ameriprise Financial, Inc., through its subsidiaries, provides financial planning, products and services primarily in the United States. The company was founded in 1894 and has a market cap of $10.36 billion.

Fourth-Quarter Results

When excluding one-time items from 2008, net revenue was up 28% to $2.3 billion. Earnings also came in strong at 91 cents per share, 21% better than the Zacks Consensus Estimate. The company has beat in each of the last three quarters by an average of 29%.

Ameriprise’s results were driven by a number of factors related to a general economic rebound, including increased asset fees and higher income from spreads. The company also did itself a favor by cutting $120 million in expenses during the quarter and $400 million on the year.

Ameriprise also noted that it had $2 billion in capital, with $1 billion set aside for the company’s pending acquisition of Columbia Management, where “all financial and operational expectations are on track.”

Estimates Climbing

Estimates nudged higher on the good quarter, with the current year adding 13 cents in the last month to $3.63. The next-year estimate is up 11 cents in the same period to $4.63, a bullish 27% growth projection.

Valuation

In spite of recent gains, AMP still has some value, trading with a forward P/E multiple of 11X, a nice discount to the overall market.

The Chart

Shares of AMP recently rebounded from a key trend line to jump back near the 52-week high at $42.98, take a look below.

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Michael Vodicka is the Momentum Stock Strategist for Zacks.com. He is also the Editor in charge of the market-beating Zacks Surprise Trader Service. Zacks Investment Research