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Tag: AMP

Broker News

AMP – Citi rates the stock as Neutral

January 8, 2021January 8, 2021 - by Broker News

Citi analysts remain of the view that the optimum strategy for the AMP board to release value for shareholders is through spinning off some of the divisions. Neutral/High risk rating remains in place while the price target has improved to $1.60 from $1.55.

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Shares

American Suitor Details Bid Price For AMP

November 3, 2020November 2, 2020 - by Glenn Dyer

If US private equity group, Ares follows through with a complete bid for all of AMP’s shares at $1.85 each, then the bid is done and dusted.

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Shares

Private Equity Kickstarts Bidding War For Battered AMP

October 30, 2020 - by Glenn Dyer

Struggling wealth giant AMP has confirmed that it has received a takeover proposal from an American private equity firm to acquire 100%, a move that will put the group into play.

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Shares

AMP Remains Under Pressure – Shares Slide

October 23, 2020October 23, 2020 - by Glenn Dyer

Shares in AMP fell more than 5% on Thursday after the wealth manager revealed another weak quarter with more than two billion dollars in investor outflows in the three months to September.

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Shares

Ongoing Challenges: Moody’s Downbeat On AMP

October 2, 2020October 1, 2020 - by Glenn Dyer

AMP shares rose 3% yesterday in the wake of Moody’s cutting the company’s rating and pushing from the A level (high grade) into the top tier of the B level (more speculative).

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Shares

Under-Pressure AMP Eyes Breakup

September 3, 2020September 3, 2020 - by Glenn Dyer

The struggling AMP has admitted that its businesses are not performing under their current ownership and has responded to pressure from unsolicited buyers and will look at possible spin-offs, sales, or demergers.

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Shares

High Profile Trio To Exit Embattled AMP

August 25, 2020August 25, 2020 - by Glenn Dyer

AMP shares edged up yesterday in the wake of the shock exit of chairman David Murray and board room supporter, John Fraser, the former head of Federal Treasury.

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Shares

Capital Return Covers Over Messy AMP Result

August 14, 2020August 13, 2020 - by Glenn Dyer

Woohoo, investors loved the AMP’s loss-strewn June half-year report yesterday. The reason? The decision to return of capital to shareholders by way of a special dividend from the sale of AMP Life and a $200 million share buyback (subject to stability in the market).

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Shares

AMP Australia CEO Exit Raises More Questions Than Answers

August 7, 2020 - by Glenn Dyer

Leaving more questions unanswered, the AMP has undergone another major change in senior management. The embattled financial services group yesterday revealed in a short statement that AMP Australia chief executive Alex Wade has stepped down effective immediately.

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Markets / Shares

Local Reporting Picks Up Pace As AMP Warns, Super Retail Delivers

August 3, 2020August 2, 2020 - by Glenn Dyer

The pace of the Australian June 30 reporting season accelerates slightly this week. Among the handful of companies due to report including Resmed (Thursday), Insurance Australia Group (loss), News Corp (loss) and REA (Friday, a smaller profit).

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Broker News

AMP – Macquarie rates the stock as Neutral

June 24, 2020 - by Broker News

AMP has received final regulatory approval for the sale of the life business. Macquarie estimates this leaves AMP with around $950m in excess capital.

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Shares

AMP Life Sale Clears RBNZ Hurdle On Second Attempt

June 24, 2020June 23, 2020 - by Glenn Dyer

The sale of AMP Life is expected to be done after the market closes next Tuesday, June 30 after the deal was ticked off by the Reserve Bank of New Zealand on Tuesday.

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Broker News

AMP – Macquarie rates the stock as Neutral

March 27, 2020 - by Broker News

AMP has withdrawn 2020 guidance, but the sale of Life and NZ is progressing. The broker has marked to market for funds under management but also adjusted remediation assumptions (80% already paid) to remove some duplication of earlier numbers.

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Shares

Uncertainty Reigns As AMP, Northern Star Withdraw Guidance

March 27, 2020March 26, 2020 - by Glenn Dyer

AMP shares bounced and those of gold miner, North Star resources slid yesterday after both withdrew their 2020 guidance.

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Broker News

AMP – Citi rates the stock as Sell

February 14, 2020 - by Broker News

Citi analysts have been of the view that, at best, AMP is looking forward to a long road to recovery, and that view hasn’t changed. Hence why the rating remains Sell/High Risk. Estimates have been lowered post the release of FY19 financials.

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Shares

AMP “Reset” Not Enough To Stem Investor Exodus

February 14, 2020February 14, 2020 - by Glenn Dyer

The fallen wealth management giant has posted a $2.5 billion full-year loss and scrapped its final dividend after a rough year that saw clients abandon its troubled wealth management arm.

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Shares

AMP Shares Rise Despite Record Outflows In Q3

October 25, 2019October 24, 2019 - by Glenn Dyer

A surprisingly upbeat reaction from investors to the news that embattled wealth manager AMP continued to see retail investors move cash out of its funds in the three months to September 30.

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Shares

Investors Sceptical On AMP Plan To Merge Banking, Wealth

October 11, 2019October 11, 2019 - by Glenn Dyer

AMP will merge its bank and Australian wealth unit as part of another shake-up of its structure ahead of the deal to spin off its life insurance arm. The market, however, appears unconvinced.

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Shares

AFIC Sale Pressures AMP Shares To New All-Time Low

October 10, 2019October 10, 2019 - by Glenn Dyer

Shares in wealth manager AMP fell to new lows yesterday for the embattled wealth manager. The latest selling came on news that one of Australia’s largest investment houses, the Australian Foundation Investment Company (AFIC), has sold its stake in the company.

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Shares

Is It Time To Wade Into AMP?

September 20, 2019September 20, 2019 - by Greg Tolpigin

Early signs show AMP has promise. One of the best in the past two years. It’s possibly time to nibble but not gobble – just yet.

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Broker News

AMP – Macquarie rates the stock as Neutral

August 12, 2019 - by Broker News

The broker calls AMP’s earnings result “fairly sound” with strong performances in other businesses offsetting pressures in wealth management. The focus was on the probable sale of Life at a rebased price, a $650m equity raise that will be some -15% dilutive and $300m of targeted cost-cuts by FY22.

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Shares

AMP Launches New Capital Raising, Resuscitates Life Sale

August 8, 2019 - by Glenn Dyer

The once-mighty but now very troubled wealth manager AMP has gone on bended knee to the investment community to ask for $650 million to help it remain afloat.

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Broker News

AMP – Credit Suisse rates the stock as Neutral

July 19, 2019 - by Broker News

The sale of the company’s life business is unlikely to proceed on current terms because of the challenges in meeting the Reserve Bank of New Zealand’s criteria. Credit Suisse notes this allows the buyer the opportunity to review its offer and potentially lower the purchase price by over -$1bn.

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Shares

“Terrible Sign”: Analysts Take Axe To AMP

July 17, 2019July 17, 2019 - by Glenn Dyer

AMP shares are at a new all-time low as several analysts mull a big capital raising to offset the losses incurred by the company in being forced to keep its underperforming life insurance business.

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Shares

AMP Drops Dividend As Life Sale Falls Over

July 16, 2019July 15, 2019 - by Glenn Dyer

Wealth management group AMP’s future has taken a major hit with the news yesterday that it is “highly unlikely” to finalise a $3.3 billion deal to sell off its life insurance business because of opposition from New Zealand’s central bank, and it will not pay an interim dividend for the June 30 half year.

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Broker News

AMP – Morgans rates the stock as Hold

May 3, 2019May 3, 2019 - by Broker News

First quarter update revealed Australian wealth net outflows of -$1.8bn. While AMP had indicated weak flows were likely to continue in 2019 the numbers were softer than Morgans expected.

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Shares

AMP Readies For May Reckoning Scrapping Bonuses, Director Pay

March 20, 2019March 20, 2019 - by Glenn Dyer

Not before time: embattled wealth manager, AMP has scrapped short-term cash bonuses and cut directors’ fees for a second time in less than a year in an effort to avoid a second shareholder strike on remuneration and possible board spill at the annual meeting in May.

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Shares

S&P Downgrades AMP Again

March 5, 2019March 5, 2019 - by Glenn Dyer

AMP shares hardly moved yesterday in the wake of Standard & Poor’s cutting the credit rating of the wealth manager for the second time since last August and warned there is a further cut to come that will see the embattled giant lose its A rating.

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Broker News

AMP – Macquarie rates the stock as Neutral

February 18, 2019 - by Broker News

AMP pre-reported so the focus of the 2018 results was on the composition of earnings and what the business might look like going forward.

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Shares

AMP Dividend Slashed Following Horror Year

February 14, 2019February 14, 2019 - by Glenn Dyer

AMP has slashed its final dividend to 4 cents a share in the wake of the worst year in its financial history for more than a decade as the toll of the disclosures from the Hayne Royal Commission hit home.

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Shares

Royal Commission Triggers Relief Rally In Financials

February 6, 2019February 6, 2019 - by Glenn Dyer

More than $20 billion was added to the value of listed financials – lead by the big four banks yesterday after investors concluded the outcome from the Hayne banking and finance royal commission would not damage their business models our futures.

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Shares

Banks, Regulators Brace For Royal Commission Fallout

February 4, 2019 - by Glenn Dyer

The long-awaited final report from the finance and banking Royal Commission will be released this afternoon at 4.10 pm (there is a media lock up this afternoon ahead of the release) and while there will be a lot of heat and light and promises from the Morrison government, there will be nothing concrete.

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Broker News

AMP – Macquarie rates the stock as Neutral

January 29, 2019 - by Broker News

The company’s dividend has been cut to $0.04 per share following additional provisions for advice remediation and a $100m top up to reserves.

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Shares

AMP’s Annus Horribilis: Earnings -96%, Dividend Slashed

January 27, 2019January 27, 2019 - by Glenn Dyer

More pain for suffering AMP shareholders with the company confirming a 96% slide in earnings in 2018 and as a result, the board has slashed the final dividend.

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Shares

Macquarie Bid Speculation Lifts AMP

November 2, 2018November 1, 2018 - by Glenn Dyer

Macquarie Group management will come under pressure this morning to confirm whether or not it is interested in bidding for the struggling AMP.

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Shares

AMP Defends “Preposterous” Sale Of Life Insurance Arm

November 1, 2018October 31, 2018 - by Glenn Dyer

AMP has been forced to strongly defend the valuation and $3.3 billion sale of its life insurance arm to UK group Resolution Life after a Sydney-based fund manager was revealed as leading a group of shareholders critical of the deal and threatening to push for a special shareholder meeting to get rid of the board.

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Shares

Convoluted Breakup Sparks AMP Selloff

October 26, 2018October 26, 2018 - by Glenn Dyer

AMP shares have lost more than $2.3 billion in value after investors abandoned the company in the wake of news that it was to split itself up.

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Shares

‘Elevated’ Outflows Add To AMP Pain

October 26, 2018October 25, 2018 - by Glenn Dyer

In a separate announcement, yesterday AMP warned its latest quarter had been challenging, thanks to a surge in the outflow of cash from its Australian wealth management arm, in part due to the royal commission disclosures

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Shares

More Royal Commission Pain For AMP

September 18, 2018September 17, 2018 - by Glenn Dyer

The AMP has provided another reminder that there appears to be a long list of problems in financial services just waiting to be uncovered by the royal commission.

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Shares

More Pain As S&P Downgrades AMP Life Credit Rating

August 31, 2018September 6, 2018 - by Glenn Dyer

More weakness for AMP shares yesterday after ratings group, S&P Global downgraded its rating on AMP Life, one notch to A+, in the latest fallout from the banking royal commission.

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