Ameriprise falls on lower Q2 net flows in advice and wealth management unit

Shares of asset and wealth manager Ameriprise AMP.N fall 5% to $510.05

Co reports 35% YoY fall in quarterly net flows in its advice and wealth management business

Unit primarily targets high net-worth households with $500,000 to $5 million in investable assets

Co's assets under management, administration and advisement rise 9% to a record $1.58 trillion in the quarter

Including session moves, AMP shares are down 4.1% YTD vs 8.1% gain in the benchmark S&P 500 index .SPX

Eight of 15 brokerages rate the stock "buy" or higher, 5 'hold', and 2 'sell'; median PT is $550 - data compiled by LSEG