It has been about a month since the last earnings report for Ameriprise Financial Services (AMP). Shares have added about 20.2% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Ameriprise due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Ameriprise Q3 Earnings Beat, Revenues Decline Y/YAmeriprise’s third-quarter 2020 adjusted operating earnings per share of $1.47 surpassed the Zacks Consensus Estimate of $1.35. However, the bottom line was 64.3% lower than the year-ago quarter.In the quarter, the company recorded a decline in revenues along with higher expenses, which were the undermining factors. However, an improvement in AUM and assets under administration (AUA) balance were tailwinds.After taking into consideration significant items, net loss (GAAP basis) was $140 million or $1.14 per share against net income of $543 million or $4.04 per share in the prior-year quarter.Revenues Decline, Expenses RiseOn an operating basis, total adjusted net revenues were $2.98 billion, down 9.8% year over year. The figure marginally lagged the Zacks Consensus Estimate of $2.99 billion. On a GAAP basis, net revenues were $3 billion, down 9.5% year over year.Adjusted operating expenses were $2.75 billion, increasing 4% from the prior-year quarter. Excluding unlocking and AAH, adjusted operating expenses declined marginally year over year to $2.31 billion.AUM & AUA ImproveAs of Sep 30, 2020, total AUM and AUA was $998.61 billion, up 8.4% year over year.Share Repurchase UpdateIn the reported quarter, Ameriprise repurchased 2.1 million shares.OutlookG&A expenses in the AWM segment are expected to be down $125 million year over year in 2020.The company remains on track to return 90% of adjusted operating earnings to shareholders in 2020.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in estimates revision.VGM ScoresAt this time, Ameriprise has an average Growth Score of C, a grade with the same score on the momentum front. However, the stock was allocated a grade of A on the value side, putting it in the top quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Ameriprise has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ameriprise Financial, Inc. (AMP): Free Stock Analysis Report To read this article on Zacks.com click here.