Affiliated Managers Group (NYSE:AMG) Price Target Cut to $198.00

Affiliated Managers Group (NYSE:AMG) had its price target dropped by research analysts at TD Cowen from $218.00 to $198.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the asset manager’s stock. TD Cowen’s target price points to a potential upside of 26.21% from the stock’s current price.

Separately, Barrington Research reaffirmed an “outperform” rating and issued a $190.00 price objective on shares of Affiliated Managers Group in a research note on Tuesday.

Affiliated Managers Group Price Performance

Shares of AMG opened at $156.88 on Tuesday. The firm’s 50 day moving average is $161.51 and its 200-day moving average is $150.05. The stock has a market capitalization of $5.09 billion, a P/E ratio of 9.04, a P/E/G ratio of 0.56 and a beta of 1.31. Affiliated Managers Group has a 12-month low of $120.22 and a 12-month high of $169.65.

Affiliated Managers Group (NYSE:AMG) last announced its quarterly earnings data on Monday, May 6th. The asset manager reported $5.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $0.16. The company had revenue of $499.90 million for the quarter, compared to analysts’ expectations of $524.53 million. Affiliated Managers Group had a net margin of 32.71% and a return on equity of 16.29%. During the same quarter in the previous year, the company posted $4.18 EPS. As a group, equities research analysts forecast that Affiliated Managers Group will post 22.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in AMG. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Affiliated Managers Group by 13.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,840 shares of the asset manager’s stock worth $892,000 after acquiring an additional 816 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Affiliated Managers Group by 18.2% in the third quarter. Mackenzie Financial Corp now owns 6,510 shares of the asset manager’s stock worth $827,000 after acquiring an additional 1,003 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Affiliated Managers Group by 379.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 27,058 shares of the asset manager’s stock worth $3,527,000 after acquiring an additional 21,414 shares in the last quarter. Citadel Investment Advisory Inc. purchased a new position in shares of Affiliated Managers Group in the third quarter worth approximately $787,000. Finally, Genus Capital Management Inc. purchased a new position in shares of Affiliated Managers Group in the third quarter worth approximately $1,747,000. 95.30% of the stock is owned by hedge funds and other institutional investors.

About Affiliated Managers Group

Affiliated Managers Group, Inc, through its affiliates, operates as an investment management company providing investment management services to mutual funds, institutional clients,retails and high net worth individuals in the United States. It provides advisory or sub-advisory services to mutual funds.