Affiliated Managers Group (NYSE:AMG) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of Affiliated Managers Group (NYSE:AMG) from a hold rating to a strong-buy rating in a research note released on Tuesday morning,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on the company. TD Cowen restated a “buy” rating and set a $454.00 price objective on shares of Affiliated Managers Group in a report on Wednesday, May 13th. Wall Street Zen upgraded Affiliated Managers Group from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. The Goldman Sachs Group reissued a “buy” rating and set a $405.00 price target on shares of Affiliated Managers Group in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $400.00 price target on shares of Affiliated Managers Group in a research note on Monday, May 4th. Finally, Barrington Research set a $425.00 price objective on Affiliated Managers Group in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $370.86.

Affiliated Managers Group Stock Down 2.0%

AMG opened at $375.66 on Tuesday. The company has a current ratio of 1.24, a quick ratio of 1.79 and a debt-to-equity ratio of 0.76. The stock’s fifty day simple moving average is $350.31 and its 200 day simple moving average is $316.36. Affiliated Managers Group has a 1-year low of $208.34 and a 1-year high of $392.92. The stock has a market cap of $9.92 billion, a PE ratio of 13.01, a price-to-earnings-growth ratio of 0.57 and a beta of 1.11.

Affiliated Managers Group (NYSE:AMG) last posted its earnings results on Wednesday, July 29th. The asset manager reported $8.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.90 by $0.39. Affiliated Managers Group had a net margin of 37.72% and a return on equity of 21.94%. The company had revenue of $640.70 million during the quarter, compared to analysts’ expectations of $590.94 million. During the same quarter last year, the company posted $5.39 EPS. Affiliated Managers Group’s quarterly revenue was up .0% compared to the same quarter last year. As a group, research analysts expect that Affiliated Managers Group will post 36.25 earnings per share for the current year.

Affiliated Managers Group Announces Dividend

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

Insider Activity

In related news, Director Annette Franqui purchased 750 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was acquired at an average cost of $304.88 per share, for a total transaction of $228,660.00. Following the completion of the purchase, the director owned 1,962 shares in the company, valued at approximately $598,174.56. This represents a 61.88% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jay C. Horgen sold 17,500 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $338.27, for a total value of $5,919,725.00. Following the sale, the chief executive officer directly owned 204,706 shares in the company, valued at $69,245,898.62. This represents a 7.88% decrease in their position. The SEC filing for this sale provides additional information. 2.90% of the stock is owned by company insiders.

Institutional Trading of Affiliated Managers Group

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

About Affiliated Managers Group

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.