Affiliated Managers Group Inc. (AMG) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Affiliated Managers Group Inc. (NYSE:AMG) from a sell rating to a buy rating in a research report report published on Tuesday morning. The firm currently has $164.00 price objective on the stock.
According to Zacks, “Affiliated Managers has a positive record of earnings surprises in the recent quarters. Notably, the estimates have been stable ahead of the company’s third-quarter 2016 earnings release. The company remains well positioned based on successful partnerships and global distribution capability along with a diverse product mix and initiatives undertaken to strengthen the retail market operations. Further, given its strong balance sheet and liquidity position, the company has considerable capabilities to invest in other firms. However, the company’s one of the major concerns is the continuous increase in expenses due to investment in affiliates. Further, intangible assets form a substantial part of the balance sheet and hence the company faces the risk of impairment.”
Several other equities analysts have also recently issued reports on the stock. Keefe, Bruyette & Woods dropped their price objective on shares of Affiliated Managers Group from $215.00 to $196.00 and set an outperform rating on the stock in a research note on Tuesday, August 2nd. Jefferies Group reissued a buy rating on shares of Affiliated Managers Group in a research note on Thursday, August 11th. TheStreet cut shares of Affiliated Managers Group from a buy rating to a hold rating in a research note on Friday, June 24th. Credit Suisse Group AG reissued an outperform rating and issued a $212.00 price objective on shares of Affiliated Managers Group in a research note on Thursday, September 8th. Finally, Deutsche Bank AG boosted their price objective on shares of Affiliated Managers Group from $184.00 to $191.00 and gave the company a buy rating in a research note on Friday, September 9th. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $179.46.
Shares of Affiliated Managers Group (NYSE:AMG) opened at 147.07 on Tuesday. The firm has a market capitalization of $7.92 billion, a PE ratio of 17.10 and a beta of 1.56. The stock has a 50 day moving average of $143.48 and a 200-day moving average of $153.72. Affiliated Managers Group has a 12 month low of $115.97 and a 12 month high of $190.74.
Affiliated Managers Group (NYSE:AMG) last announced its quarterly earnings data on Monday, August 1st. The company reported $3.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.01 by $0.05. The company had revenue of $646.60 million for the quarter, compared to analysts’ expectations of $565.16 million. Affiliated Managers Group had a net margin of 20.47% and a return on equity of 18.39%. Affiliated Managers Group’s revenue was down 14.3% compared to the same quarter last year. During the same period in the previous year, the company posted $3.08 EPS. On average, equities research analysts anticipate that Affiliated Managers Group will post $12.86 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Calvert Investment Management Inc. increased its position in Affiliated Managers Group by 0.4% in the second quarter. Calvert Investment Management Inc. now owns 4,083 shares of the company’s stock worth $575,000 after buying an additional 18 shares in the last quarter. Pennsylvania Trust Co increased its position in Affiliated Managers Group by 1.1% in the second quarter. Pennsylvania Trust Co now owns 2,376 shares of the company’s stock worth $334,000 after buying an additional 26 shares in the last quarter. Ropes Wealth Advisors LLC increased its position in Affiliated Managers Group by 1.7% in the second quarter. Ropes Wealth Advisors LLC now owns 1,779 shares of the company’s stock worth $250,000 after buying an additional 29 shares in the last quarter. Ranger Investment Management L.P. increased its position in Affiliated Managers Group by 0.3% in the second quarter. Ranger Investment Management L.P. now owns 9,475 shares of the company’s stock worth $1,334,000 after buying an additional 30 shares in the last quarter. Finally, World Asset Management Inc increased its position in Affiliated Managers Group by 0.6% in the second quarter. World Asset Management Inc now owns 5,092 shares of the company’s stock worth $717,000 after buying an additional 32 shares in the last quarter. 96.68% of the stock is owned by institutional investors.
Affiliated Managers Group Company Profile
Affiliated Managers Group, Inc is an asset management company with equity investments in boutique investment management firms (Affiliates). The Company is focused on investing in the boutique investment management firms globally, including traditional, alternative and wealth management firms, specializing in an array of active return-oriented investment strategies.
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