Oliver Luxxe Assets LLC Makes New $2.67 Million Investment in Affiliated Managers Group, Inc. $AMG

Oliver Luxxe Assets LLC bought a new stake in Affiliated Managers Group, Inc. (NYSE:AMG) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 11,210 shares of the asset manager’s stock, valued at approximately $2,673,000.

Other large investors also recently modified their holdings of the company. Voya Investment Management LLC raised its holdings in shares of Affiliated Managers Group by 52.2% in the 1st quarter. Voya Investment Management LLC now owns 28,703 shares of the asset manager’s stock worth $4,823,000 after purchasing an additional 9,845 shares during the period. Cullen Frost Bankers Inc. increased its position in Affiliated Managers Group by 79.4% in the second quarter. Cullen Frost Bankers Inc. now owns 601 shares of the asset manager’s stock worth $118,000 after buying an additional 266 shares during the last quarter. Atlanta Consulting Group Advisors LLC bought a new stake in shares of Affiliated Managers Group in the second quarter valued at $226,000. First Trust Advisors LP raised its stake in shares of Affiliated Managers Group by 18.1% in the second quarter. First Trust Advisors LP now owns 234,679 shares of the asset manager’s stock valued at $46,178,000 after buying an additional 36,045 shares during the period. Finally, AlphaCore Capital LLC purchased a new position in shares of Affiliated Managers Group during the 2nd quarter valued at $49,000. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Affiliated Managers Group Stock Up 0.2%

AMG stock opened at $307.93 on Friday. The stock has a 50-day simple moving average of $274.46 and a two-hundred day simple moving average of $241.35. Affiliated Managers Group, Inc. has a twelve month low of $139.22 and a twelve month high of $311.51. The firm has a market capitalization of $8.66 billion, a PE ratio of 18.34, a PEG ratio of 0.57 and a beta of 1.19. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.56.

Affiliated Managers Group (NYSE:AMG) last announced its quarterly earnings results on Monday, November 3rd. The asset manager reported $6.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.88 by $0.22. Affiliated Managers Group had a net margin of 26.01% and a return on equity of 16.75%. The firm had revenue of $528.00 million for the quarter, compared to the consensus estimate of $543.39 million. During the same period in the prior year, the firm posted $4.82 earnings per share. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, equities analysts predict that Affiliated Managers Group, Inc. will post 22.86 EPS for the current fiscal year.

Affiliated Managers Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Thursday, November 13th were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.0%. The ex-dividend date of this dividend was Thursday, November 13th. Affiliated Managers Group’s dividend payout ratio (DPR) is presently 0.24%.

Analysts Set New Price Targets

Several brokerages recently weighed in on AMG. Bank of America lifted their price objective on Affiliated Managers Group to $335.00 and gave the stock a “buy” rating in a report on Thursday, October 2nd. TD Cowen increased their target price on shares of Affiliated Managers Group to $485.00 and gave the stock a “buy” rating in a research report on Monday, December 15th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Affiliated Managers Group in a research note on Wednesday, October 8th. The Goldman Sachs Group upped their price target on shares of Affiliated Managers Group from $300.00 to $341.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Barrington Research raised their price objective on shares of Affiliated Managers Group from $285.00 to $295.00 and gave the stock an “outperform” rating in a report on Tuesday, November 4th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $338.83.

Affiliated Managers Group 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.