Affiliated Managers Group (NYSE:AMG) Hits New 12-Month High – Here’s Why

Affiliated Managers Group, Inc. (NYSE:AMG) shares reached a new 52-week high on Wednesday . The stock traded as high as $374.94 and last traded at $381.5150, with a volume of 2083 shares trading hands. The stock had previously closed at $359.78.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AMG. Wall Street Zen upgraded shares of Affiliated Managers Group from a “hold” rating to a “buy” rating in a report on Sunday, June 28th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $400.00 price objective on shares of Affiliated Managers Group in a report on Monday, May 4th. TD Cowen restated a “buy” rating and set a $454.00 price objective on shares of Affiliated Managers Group in a research report on Wednesday, May 13th. Barrington Research reaffirmed an “outperform” rating and issued a $365.00 target price on shares of Affiliated Managers Group in a report on Monday, April 27th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Affiliated Managers Group in a research report on Friday, June 26th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $362.29.

Affiliated Managers Group Price Performance

The firm’s 50-day moving average is $329.73 and its two-hundred day moving average is $309.14. The company has a market cap of $10.07 billion, a P/E ratio of 15.43, a PEG ratio of 0.58 and a beta of 1.12. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.79 and a quick ratio of 1.79.

Affiliated Managers Group (NYSE:AMG) last released its quarterly earnings data on Friday, May 1st. The asset manager reported $8.23 EPS for the quarter, beating the consensus estimate of $8.10 by $0.13. Affiliated Managers Group had a net margin of 35.55% and a return on equity of 20.17%. The business had revenue of $544.90 million during the quarter, compared to analyst estimates of $544.01 million. During the same quarter last year, the business earned $5.37 earnings per share. Affiliated Managers Group’s quarterly revenue was up 9.7% compared to the same quarter last year. Analysts anticipate that Affiliated Managers Group, Inc. will post 35.37 earnings per share for the current year.

Affiliated Managers Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 11th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. The ex-dividend date was Monday, May 11th. Affiliated Managers Group’s dividend payout ratio is currently 0.16%.

Insider Transactions at Affiliated Managers Group

In other Affiliated Managers Group news, Director David Christopher Ryan sold 3,402 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $305.06, for a total transaction of $1,037,814.12. Following the sale, the director directly owned 1,092 shares in the company, valued at $333,125.52. This represents a 75.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Annette Franqui acquired 750 shares of the stock in a transaction dated Monday, June 1st. The stock was bought at an average cost of $304.88 per share, with a total value of $228,660.00. Following the completion of the purchase, the director directly owned 1,962 shares in the company, valued at approximately $598,174.56. The trade was a 61.88% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 21,902 shares of company stock worth $7,257,719 in the last quarter. Company insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Affiliated Managers Group

Several large investors have recently modified their holdings of AMG. Leonteq Securities AG bought a new stake in Affiliated Managers Group in the fourth quarter worth $30,000. Caitong International Asset Management Co. Ltd bought a new position in Affiliated Managers Group during the fourth quarter valued at $42,000. EverSource Wealth Advisors LLC raised its stake in shares of Affiliated Managers Group by 45.5% in the first quarter. EverSource Wealth Advisors LLC now owns 179 shares of the asset manager’s stock valued at $50,000 after acquiring an additional 56 shares during the period. Arax Advisory Partners raised its stake in shares of Affiliated Managers Group by 94.1% in the fourth quarter. Arax Advisory Partners now owns 198 shares of the asset manager’s stock valued at $57,000 after acquiring an additional 96 shares during the period. Finally, WealthCollab LLC lifted its holdings in shares of Affiliated Managers Group by 40.5% in the 1st quarter. WealthCollab LLC now owns 229 shares of the asset manager’s stock worth $63,000 after acquiring an additional 66 shares during the last quarter. Institutional investors 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.