Zacks Research Upgrades Affiliated Managers Group (NYSE:AMG) to Strong-Buy

Affiliated Managers Group (NYSE:AMG) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other research analysts also recently commented on AMG. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Affiliated Managers Group in a research note on Friday, June 26th. 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. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $400.00 price target on shares of Affiliated Managers Group in a research note on Monday, May 4th. Wall Street Zen upgraded Affiliated Managers Group from a “hold” rating to a “buy” rating in a research report on Sunday, June 28th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $405.00 price target on shares of Affiliated Managers Group in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $370.86.

Affiliated Managers Group Trading Down 2.0%

Affiliated Managers Group stock opened at $375.66 on Tuesday. Affiliated Managers Group has a 52-week low of $208.34 and a 52-week high of $392.92. The company has a market cap of $9.92 billion, a P/E ratio of 13.01, a P/E/G ratio of 0.57 and a beta of 1.11. The company has a quick ratio of 1.79, a current ratio of 1.24 and a debt-to-equity ratio of 0.76. The business has a 50-day simple moving average of $350.31 and a two-hundred day simple moving average of $316.36.

Affiliated Managers Group (NYSE:AMG) last announced its earnings results on Wednesday, July 29th. The asset manager reported $8.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.90 by $0.39. The company had revenue of $640.70 million during the quarter, compared to analyst estimates of $590.94 million. Affiliated Managers Group had a net margin of 37.72% and a return on equity of 21.94%. The firm’s quarterly revenue was up .0% compared to the same quarter last year. During the same period in the previous year, the business posted $5.39 earnings per share. Analysts predict that Affiliated Managers Group will post 36.25 EPS for the current year.

Insider Activity

In related news, CEO Jay C. Horgen sold 17,500 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $338.27, for a total value of $5,919,725.00. Following the sale, the chief executive officer owned 204,706 shares in the company, valued at approximately $69,245,898.62. The trade was a 7.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Rodriguez Felix V. Matos sold 1,000 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $300.18, for a total transaction of $300,180.00. Following the transaction, the director owned 4,369 shares of the company’s stock, valued at $1,311,486.42. This trade represents a 18.63% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Affiliated Managers Group

Several hedge funds have recently made changes to their positions in AMG. Captrust Financial Advisors raised its position in Affiliated Managers Group by 3.5% in the fourth quarter. Captrust Financial Advisors now owns 1,003 shares of the asset manager’s stock valued at $289,000 after purchasing an additional 34 shares during the period. GAMMA Investing LLC increased its position in shares of Affiliated Managers Group by 2.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,593 shares of the asset manager’s stock worth $539,000 after purchasing an additional 34 shares during the last quarter. AlphaCore Capital LLC increased its position in shares of Affiliated Managers Group by 3.4% during the 4th quarter. AlphaCore Capital LLC now owns 1,083 shares of the asset manager’s stock worth $312,000 after purchasing an additional 36 shares during the last quarter. Parallel Advisors LLC raised its holdings in Affiliated Managers Group by 4.3% in the 1st quarter. Parallel Advisors LLC now owns 1,016 shares of the asset manager’s stock valued at $281,000 after buying an additional 42 shares during the period. Finally, Allworth Financial LP lifted its position in Affiliated Managers Group by 10.3% in the fourth quarter. Allworth Financial LP now owns 482 shares of the asset manager’s stock valued at $139,000 after buying an additional 45 shares during the last quarter. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

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.