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The AMP Limited share price fell to a 52-week low today

Unfortunately for its shareholders, the AMP Limited (ASX: AMP) share price has continued its poor run on Wednesday.

At the time of writing the wealth management company’s shares are down almost 2% to a 52-week low of $4.73.

Why are AMP’s shares at a 52-week low?

AMP’s shares have been on a downward trajectory over the last few weeks after the company announced that its Chief Executive Officer Craig Meller would be retiring at the end of 2018.

According to the AFR, Mr Meller has stated that his retirement was to keep a promise to his family.

Perhaps Mr Meller is also aiming to leave on a high. After a series of disappointing results, AMP delivered a strong recovery in profits in February when it released its FY 2017 results.

The company reported a full-year net profit of $848 million compared to a loss of $344 million a year earlier.

One broker that thinks investors ought to take advantage of this recent share price decline is Credit Suisse. Last week its analysts slapped an outperform rating and $5.45 price target on the company’s shares.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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