Cornercap Investment Counsel Inc. Cuts Position in Affiliated Managers Group, Inc. (NYSE:AMG)

Cornercap Investment Counsel Inc. decreased its holdings in Affiliated Managers Group, Inc. (NYSE:AMG) by 53.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 3,229 shares of the asset manager’s stock after selling 3,690 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Affiliated Managers Group were worth $574,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Lazard Asset Management LLC raised its holdings in Affiliated Managers Group by 87.1% in the first quarter. Lazard Asset Management LLC now owns 18,536 shares of the asset manager’s stock valued at $3,103,000 after buying an additional 8,628 shares during the period. Diversified Trust Co purchased a new position in Affiliated Managers Group in the second quarter valued at approximately $1,293,000. Sei Investments Co. grew its position in Affiliated Managers Group by 40.8% in the first quarter. Sei Investments Co. now owns 48,185 shares of the asset manager’s stock valued at $8,069,000 after acquiring an additional 13,968 shares in the last quarter. Foundry Partners LLC acquired a new stake in Affiliated Managers Group in the second quarter valued at approximately $574,000. Finally, Asset Management One Co. Ltd. grew its position in Affiliated Managers Group by 94.3% in the third quarter. Asset Management One Co. Ltd. now owns 10,594 shares of the asset manager’s stock valued at $1,884,000 after acquiring an additional 5,142 shares in the last quarter. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Affiliated Managers Group Trading Down 0.4 %

AMG stock opened at $186.42 on Friday. The company has a market capitalization of $5.56 billion, a P/E ratio of 12.16, a PEG ratio of 0.68 and a beta of 1.18. The firm has a 50 day simple moving average of $182.85 and a 200-day simple moving average of $170.09. Affiliated Managers Group, Inc. has a twelve month low of $131.34 and a twelve month high of $199.52.

Affiliated Managers Group (NYSE:AMG) last released its quarterly earnings data on Monday, November 4th. The asset manager reported $4.82 EPS for the quarter, missing analysts’ consensus estimates of $4.84 by ($0.02). The business had revenue of $525.20 million during the quarter, compared to analyst estimates of $521.87 million. Affiliated Managers Group had a return on equity of 16.76% and a net margin of 27.02%. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.08 EPS. On average, research analysts predict that Affiliated Managers Group, Inc. will post 21.01 EPS for the current year.

Affiliated Managers Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Thursday, November 14th will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.02%. The ex-dividend date is Thursday, November 14th. Affiliated Managers Group’s dividend payout ratio is presently 0.26%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on AMG shares. TD Cowen downgraded shares of Affiliated Managers Group from a “buy” rating to a “hold” rating and lowered their price objective for the company from $226.00 to $177.00 in a research report on Tuesday, November 5th. StockNews.com downgraded shares of Affiliated Managers Group from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Affiliated Managers Group from $204.00 to $208.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Bank of America raised their price target on shares of Affiliated Managers Group from $200.00 to $201.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Finally, Barrington Research decreased their price target on shares of Affiliated Managers Group from $210.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $196.50.

Insiders Place Their Bets

In other Affiliated Managers Group news, CEO Jay C. Horgen sold 9,000 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $171.98, for a total value of $1,547,820.00. Following the sale, the chief executive officer now directly owns 377,276 shares in the company, valued at approximately $64,883,926.48. This trade represents a 2.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.90% of the stock is currently owned by corporate insiders.

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.