The AMP Ltd (ASX: AMP) share price backtracked on Monday following the release of the company's half-year results last week.
Shares in the embattled financial services company closed the day 2.65% lower at $1.10.
This means AMP shares have lost 5.58% in the past week.
image source: Getty Images
What is going on with AMP shares?
While the S&P/ASX 200 Index (ASX: XJO) finished 0.45% higher on Monday, the AMP share price headed the other way.
This can be attributed to the S&P/ASX 200 Financials Index (ASX: XFJ), which shed 0.21% today.
The sector, which contains 28 companies in the ASX 200, was dragged down by the Bendigo and Adelaide Bank Ltd (ASX: BEN) share price.
The regional bank's shares closed Monday's trading at $9.88 apiece, down 8.35% after the company delivered disappointing FY22 results.
It's worth noting that shares in Westpac Banking Corp (ASX: WBC) and National Australia Bank Ltd (ASX: NAB) were also in negative territory for most of the day.
Westpac finished Monday down 1% at $22.43, though NAB managed to pop into the green in the last 10 minutes of trade, closing up 0.1% at $30.81.
What does this broker think?
According to ANZ Share Investing, analysts at JP Morgan cut its price target for AMP shares by 12% to $1.10 per share.
The broker believes that the share is fairly valued for the time being, which the market seems to agree with based on the price.
AMP share price snapshot
The last 12 months have been yet another disappointing result for AMP shares, moving in circles to register a loss of 4.76%.
Market volatility mixed with a decline in investment markets is creating a difficult environment for the company.
AMP has a price-to-earnings (P/E) ratio of 39.79 and commands a market capitalisation of roughly $3.69 billion.
