Why this beaten-down ASX financial stock is still finding buyers today

AMP Ltd (ASX: AMP) shares are showing some resilience on Friday, holding modest gains despite market sentiment remaining fragile.

At the time of writing, the AMP share price is up 0.53% to $1.317.

AMP shares are still down almost 30% in 2026, making today’s gain stand out. The broader market is under fresh geopolitical pressure following developments in the Middle East.

Against that backdrop, AMP’s latest update appears to be giving investors enough reason to stay put.

Here’s what the market is focusing on.

New CEO sets out the next phase

Today’s catalyst was AMP’s annual general meeting (AGM) update, which included addresses from Chair Mike Hirst and new CEO Blair Vernon.

The update gave shareholders their first chance to hear directly from Vernon since taking over from Alexis George at the end of March.

His message focused on AMP’s progress across wealth, banking, and platforms, while reinforcing the company’s existing priorities around growth, productivity, and capital discipline.

That broadly lines up with what The Australian had flagged ahead of the meeting. Investor focus was expected to centre on capital returns, executive pay, and whether the simpler business structure can keep supporting earnings momentum.

In addition, the internal appointment may also be helping settle investors.

Vernon has been with AMP since 2009 and most recently served as Chief Financial Officer before stepping into the top job.

Capital returns still in focus

Capital management was also part of Friday’s AGM discussion.

AMP reiterated that its previously announced $150 million on-market share buyback is expected to begin in the coming weeks.

The company also maintained its 4 cents per share full-year dividend guidance, subject to business performance and board approval.

At a share price of $1.317, that still points to a yield a little above 3%, which may be helping the stock hold up on a weaker market day.

The AGM materials also noted that AMP’s limited franking balance makes buybacks the preferred way to return excess capital.

Why the shares may be holding up

Friday’s modest gain may simply reflect how low expectations had already become.

After falling nearly 30% in 2026, AMP went into the AGM with sentiment already subdued, which means even a small update can be enough to support the share price.

There was no major surprise in the release, but the steady AGM update and capital return focus may be enough to support the shares.

The stock is also still trading below AMP’s reported net tangible assets backing of roughly $1.48 per share. This could be helping attract value buyers at current levels.

The post Why this beaten-down ASX financial stock is still finding buyers today appeared first on The Motley Fool Australia.

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• AMP jumps on $150 million buyback and CEO handover. Is this beaten-down ASX stock turning a corner?
• Why AMP, Greatland Resources, Minerals 260, and Woodside shares are pushing higher today
• AMP shares charge higher on Monday despite market selloff: What’s going on?
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.