Affiliated Managers Group (NYSE:AMG) Hits New 1-Year High – Here’s What Happened

Affiliated Managers Group, Inc. (NYSE:AMG)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $248.60 and last traded at $249.67, with a volume of 15079 shares trading hands. The stock had previously closed at $244.01.

Analysts Set New Price Targets

AMG has been the subject of several recent research reports. Bank of America raised Affiliated Managers Group from a “neutral” rating to a “buy” rating and upped their target price for the company from $236.00 to $331.00 in a report on Tuesday, September 2nd. Wall Street Zen lowered Affiliated Managers Group from a “buy” rating to a “hold” rating in a report on Saturday, September 13th. Zacks Research raised Affiliated Managers Group from a “hold” rating to a “strong-buy” rating in a report on Friday, August 22nd. Cowen upgraded Affiliated Managers Group from a “hold” rating to a “buy” rating in a research report on Monday, August 4th. Finally, TD Cowen upgraded Affiliated Managers Group from a “hold” rating to a “buy” rating and upped their target price for the stock from $214.00 to $255.00 in a research report on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $250.40.

Affiliated Managers Group Stock Down 1.0%

The firm has a market capitalization of $6.86 billion, a price-to-earnings ratio of 17.63, a P/E/G ratio of 0.64 and a beta of 1.19. The stock’s 50 day moving average price is $221.40 and its two-hundred day moving average price is $191.15.

Affiliated Managers Group (NYSE:AMG) last released its quarterly earnings results on Thursday, July 31st. The asset manager reported $5.39 earnings per share for the quarter, beating analysts’ consensus estimates of $5.26 by $0.13. Affiliated Managers Group had a net margin of 21.79% and a return on equity of 16.11%. The business had revenue of $493.20 million for the quarter, compared to the consensus estimate of $506.46 million. During the same quarter last year, the firm earned $4.67 EPS. Affiliated Managers Group’s revenue for the quarter was down 1.4% on a year-over-year basis. On average, equities analysts expect that Affiliated Managers Group, Inc. will post 22.86 EPS for the current fiscal year.

Affiliated Managers Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were issued a $0.01 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. Affiliated Managers Group’s dividend payout ratio (DPR) is 0.29%.

Insider Activity

In related news, COO Thomas M. Wojcik sold 16,000 shares of the stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $231.03, for a total value of $3,696,480.00. Following the completion of the sale, the chief operating officer owned 158,710 shares in the company, valued at approximately $36,666,771.30. This trade represents a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of AMG. Advisory Services Network LLC raised its stake in Affiliated Managers Group by 93.9% during the second quarter. Advisory Services Network LLC now owns 3,547 shares of the asset manager’s stock worth $744,000 after acquiring an additional 1,718 shares in the last quarter. State of Wyoming acquired a new stake in shares of Affiliated Managers Group in the 2nd quarter valued at $73,000. SkyView Investment Advisors LLC grew its holdings in shares of Affiliated Managers Group by 3.3% in the 2nd quarter. SkyView Investment Advisors LLC now owns 6,997 shares of the asset manager’s stock worth $1,383,000 after purchasing an additional 226 shares during the last quarter. Tidal Investments LLC acquired a new stake in shares of Affiliated Managers Group during the 2nd quarter worth about $305,000. Finally, Man Group plc lifted its holdings in Affiliated Managers Group by 8.6% during the 2nd quarter. Man Group plc now owns 74,077 shares of the asset manager’s stock valued at $14,576,000 after purchasing an additional 5,855 shares during the last quarter. 95.30% of the stock is owned by institutional investors.

Affiliated Managers Group Company Profile

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.