Affiliated Managers Group (NYSE:AMG) Reaches New 52-Week High – Here’s Why

Affiliated Managers Group, Inc. (NYSE:AMG)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $384.11 and last traded at $381.16, with a volume of 197899 shares. The stock had previously closed at $366.73.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on AMG. Barrington Research set a $425.00 target price on Affiliated Managers Group in a research note on Friday. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $400.00 target price on shares of Affiliated Managers Group in a report on Monday, May 4th. TD Cowen reiterated a “buy” rating and issued a $454.00 price objective on shares of Affiliated Managers Group in a report on Wednesday, May 13th. Weiss Ratings reiterated a “buy (b)” rating on shares of Affiliated Managers Group in a report on Friday, June 26th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $405.00 price objective on shares of Affiliated Managers Group in a research report on Monday, May 4th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $370.86.

Affiliated Managers Group Trading Up 3.9%

The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.79 and a current ratio of 1.24. The business has a fifty day simple moving average of $345.89 and a 200 day simple moving average of $315.00. The stock has a market capitalization of $10.07 billion, a price-to-earnings ratio of 13.20, a price-to-earnings-growth ratio of 0.56 and a beta of 1.11.

Affiliated Managers Group (NYSE:AMG) last posted its quarterly earnings data on Wednesday, July 29th. The asset manager reported $8.29 earnings per share for the quarter, topping the consensus estimate of $7.90 by $0.39. Affiliated Managers Group had a return on equity of 21.94% and a net margin of 37.72%.The firm had revenue of $640.70 million for the quarter, compared to analysts’ expectations of $590.94 million. During the same quarter last year, the business earned $5.39 EPS. The company’s quarterly revenue was up .0% compared to the same quarter last year. As a group, research analysts expect that Affiliated Managers Group, Inc. will post 35.64 EPS for the current year.

Affiliated Managers Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 10th will be given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. The ex-dividend date of this dividend is Monday, August 10th. Affiliated Managers Group’s dividend payout ratio (DPR) is currently 0.14%.

Insiders Place Their Bets

In other Affiliated Managers Group news, Director David Christopher Ryan sold 3,402 shares of Affiliated Managers Group stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $305.06, for a total value of $1,037,814.12. Following the completion of the sale, the director owned 1,092 shares in the company, valued at $333,125.52. The trade was a 75.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jay C. Horgen sold 17,500 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $338.27, for a total transaction of $5,919,725.00. Following the completion of the sale, the chief executive officer directly owned 204,706 shares of the company’s stock, valued at $69,245,898.62. This represents a 7.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 21,902 shares of company stock worth $7,257,719. 2.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Affiliated Managers Group

Large investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. raised its holdings in Affiliated Managers Group by 1.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 113,353 shares of the asset manager’s stock valued at $19,047,000 after acquiring an additional 1,428 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Affiliated Managers Group by 4.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 141,733 shares of the asset manager’s stock worth $23,815,000 after purchasing an additional 6,262 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of Affiliated Managers Group during the 1st quarter worth $1,947,000. American Century Companies Inc. increased its position in shares of Affiliated Managers Group by 1.2% in the second quarter. American Century Companies Inc. now owns 8,552 shares of the asset manager’s stock worth $1,683,000 after purchasing an additional 104 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in Affiliated Managers Group by 89.9% in the second quarter. EverSource Wealth Advisors LLC now owns 281 shares of the asset manager’s stock valued at $55,000 after purchasing an additional 133 shares in the last quarter. Institutional investors and hedge funds own 95.30% of the company’s stock.

Affiliated Managers Group Company Profile

Affiliated Managers Group, Inc (NYSE: AMG) is a global asset management holding company that partners with boutique investment firms. Founded in 1993 and headquartered in West Palm Beach, Florida, AMG invests in and collaborates with independent investment managers to foster growth while preserving their entrepreneurial culture. Through equity stakes and strategic support, the company aims to enhance its affiliates’ distribution capabilities, operational infrastructure and access to capital.

The company’s core business activities include providing capital solutions, distribution services and operational support to affiliated investment firms.