Affiliated Managers Group Inc. (AMG) Downgraded to Hold at Zacks Investment Research
According to Zacks, “Affiliated Managers has a positive record of earnings surprises in the recent quarters. Also, the estimates have been rising 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.”
AMG has been the topic of several other reports. Credit Suisse Group AG reaffirmed an outperform rating and issued a $212.00 target price on shares of Affiliated Managers Group in a research report on Thursday, September 8th. Deutsche Bank AG reaffirmed a buy rating on shares of Affiliated Managers Group in a research report on Sunday, July 10th. Capital One Financial Corp. reaffirmed a buy rating and issued a $188.00 target price on shares of Affiliated Managers Group in a research report on Wednesday, October 5th. Jefferies Group cut their target price on Affiliated Managers Group from $195.00 to $193.00 and set a buy rating on the stock in a research report on Tuesday. Finally, Keefe, Bruyette & Woods cut their target price on Affiliated Managers Group from $215.00 to $196.00 and set an outperform rating on the stock in a research report on Tuesday, August 2nd. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $179.75.
Affiliated Managers Group (NYSE:AMG) traded down 1.84% on Wednesday, hitting $143.13. The stock had a trading volume of 183,876 shares. Affiliated Managers Group has a one year low of $115.97 and a one year high of $190.74. The company’s 50-day moving average is $145.00 and its 200-day moving average is $153.41. The stock has a market cap of $7.71 billion, a P/E ratio of 16.64 and a beta of 1.56.
Affiliated Managers Group (NYSE:AMG) last issued its quarterly earnings results on Monday, August 1st. The company reported $3.06 earnings per share for the quarter, topping analysts’ consensus estimates of $3.01 by $0.05. Affiliated Managers Group had a return on equity of 18.39% and a net margin of 20.47%. The company had revenue of $646.60 million for the quarter, compared to analyst estimates of $565.16 million. During the same quarter in the prior year, the company posted $3.08 EPS. The business’s revenue for the quarter was down 14.3% compared to the same quarter last year. On average, analysts anticipate that Affiliated Managers Group will post $12.85 earnings per share for the current fiscal year.
Large investors have recently added to or reduced their stakes in the stock. Mizuho Asset Management Co. Ltd. boosted its stake in Affiliated Managers Group by 92.3% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 729 shares of the company’s stock worth $103,000 after buying an additional 350 shares during the period. Mycio Wealth Partners LLC boosted its stake in Affiliated Managers Group by 47.9% in the second quarter. Mycio Wealth Partners LLC now owns 880 shares of the company’s stock worth $124,000 after buying an additional 285 shares during the period. Advisor Group Inc. acquired a new stake in Affiliated Managers Group during the second quarter worth $124,000. FNY Managed Accounts LLC boosted its stake in Affiliated Managers Group by 360.0% in the second quarter. FNY Managed Accounts LLC now owns 920 shares of the company’s stock worth $130,000 after buying an additional 720 shares during the period. Finally, Washington Trust Bank boosted its stake in Affiliated Managers Group by 90.1% in the second quarter. Washington Trust Bank now owns 998 shares of the company’s stock worth $140,000 after buying an additional 473 shares during the period.
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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