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The Motley Fool Australia »Stock Market News» Why AMP’s (ASX: AMP) Stock Price Is Down 9% Today

Gretchen Kennedy | 11 February 2021 11:34 | More on: AMP

Shares of AMP Ltd (ASX: AMP) opened significantly lower this morning following the release of the company’s FY20 results at the time of writing, AMP’s share price is trading at USD140, down 9 so far 09% for the day / p>

AMP share price is down again after the company pointed out in its investor report that coronavirus had a significant impact on annual results across all of its businesses

In fiscal year 20, the company had total assets under management of 255 billion USD (AUM), 6% less than fiscal 19 AUM sales declined around 105% to approximately $ 1.5 billion

AMP reported underlying net income after tax (NPAT) of 295 million USD, a decrease of 33% from the 439 million USD in fiscal year 19 equals

The price of AMP stock is coming under pressure amid news that the company has not decided on a final dividend for fiscal year 20 that decision was based on the board currently evaluating AMP’s portfolio, current market conditions and general business performance

According to AMP, the board of directors intends to pay dividends, run a share buyback program, and run additional capital initiatives in 2021

The volatility in the markets and the economic downturn had an impact on the investments and financial security of many Australians and New Zealanders. True to our long-term goal, AMP has helped our customers overcome the uncertainty and give them early access to their super, breaks in the repayment of mortgages, facilitation of the rent as well as advice and guidance if necessary allows

We have underpinned our strategy, accelerated our cultural change and are determined to drive a culture of inclusion, accountability and high performance

The cultural transformation initiative follows AMP’s August 2020 scandal in which two former CEOs, Bob Pahari and Alex Wade, resigned on charges of sexual harassment

AMP is a financial services company operating in Australia and New Zealand It offers a range of services including retirement planning, life insurance, investment and advisory services It also provides retail business, partnerships in China and Japan, and investing around the world

The AMP share price has fallen by more than 70% in the last five years and by almost 10% since the beginning of the year alone

Based on the current AMP share price, the company has a market capitalization of approximately $ 5.29 billion with 344 billion shares outstanding

If investment expert Scott Phillips has a stock tip, it may be worth listening to. After all, the Motley Fool Share Advisor’s flagship newsletter, which it has operated for more than eight years, has offered thousands of paying members stock choices that have doubled, tripled or even more has *

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Motley Fool employee Gretchen Kennedy has no position in any of the stocks mentioned The Motley Fool Australia has no position in any of the stocks mentioned The Motley Fool has a disclosure policy This article provides general investment advice only (under AFSL 400691) Authorized by Bruce Jackson

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World News – AU – Why AMP Share Price (ASX: AMP) is down 9% today