Affiliated Managers Group, Inc. (AMG) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Affiliated Managers Group, Inc. (NYSE:AMG) from a hold rating to a buy rating in a research report sent to investors on Tuesday, July 4th. The brokerage currently has $186.00 target price on the asset manager’s stock.
According to Zacks, “Affiliated Managers’ shares have outperformed the Zacks categorized Investment Management industry, over the last six months. The company remains well positioned for growth based on successful partnerships, a diverse product mix and initiatives undertaken to strengthen its retail market operations. Further, inflows are expected to get impetus with broad distribution across channels and product category. However, we remain concerned about the impacts of continued fall in revenues and higher debt levels on the company’s profitability.”
A number of other research firms also recently issued reports on AMG. Citigroup Inc. restated a buy rating on shares of Affiliated Managers Group in a research note on Tuesday, May 2nd. Keefe, Bruyette & Woods reiterated a buy rating and issued a $185.00 target price on shares of Affiliated Managers Group in a research note on Tuesday, April 4th. Jefferies Group LLC lifted their target price on Affiliated Managers Group from $195.00 to $197.00 and gave the company a buy rating in a research note on Friday, April 7th. ValuEngine cut Affiliated Managers Group from a buy rating to a hold rating in a report on Friday, June 2nd. Finally, TheStreet raised Affiliated Managers Group from a c+ rating to a b rating in a report on Monday, March 20th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $193.50.
Shares of Affiliated Managers Group (AMG) traded up 0.26% during mid-day trading on Tuesday, reaching $180.64. 276,680 shares of the company traded hands. The stock has a market capitalization of $10.17 billion, a PE ratio of 20.01 and a beta of 1.65. The firm has a 50 day moving average of $171.23 and a 200-day moving average of $162.48. Affiliated Managers Group has a 52 week low of $130.48 and a 52 week high of $187.08.
Affiliated Managers Group (NYSE:AMG) last issued its earnings results on Monday, July 31st. The asset manager reported $3.33 earnings per share for the quarter, topping the consensus estimate of $3.24 by $0.09. Affiliated Managers Group had a return on equity of 17.45% and a net margin of 22.99%. The business had revenue of $570.90 million for the quarter, compared to analyst estimates of $573.73 million. During the same quarter last year, the company earned $3.07 EPS. The business’s quarterly revenue was up 3.0% on a year-over-year basis. On average, equities research analysts expect that Affiliated Managers Group will post $14.54 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Thursday, August 10th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date of this dividend is Tuesday, August 8th. Affiliated Managers Group’s dividend payout ratio (DPR) is presently 8.87%.
In related news, Director Patrick T. Ryan sold 8,902 shares of the business’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $152.89, for a total value of $1,361,026.78. Following the transaction, the director now owns 10,342 shares in the company, valued at $1,581,188.38. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Dwight D. Churchill sold 3,277 shares of the business’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $163.30, for a total value of $535,134.10. Following the completion of the transaction, the director now owns 7,301 shares in the company, valued at approximately $1,192,253.30. The disclosure for this sale can be found here. Insiders sold 69,107 shares of company stock valued at $11,065,554 in the last ninety days. Company insiders own 1.40% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. raised its position in Affiliated Managers Group by 3,178.4% in the first quarter. BlackRock Inc. now owns 3,425,390 shares of the asset manager’s stock valued at $561,556,000 after buying an additional 3,320,906 shares during the period. Harbour Capital Advisors LLC raised its position in shares of Affiliated Managers Group by 15,766.6% in the second quarter. Harbour Capital Advisors LLC now owns 1,042,596 shares of the asset manager’s stock worth $6,286,000 after buying an additional 1,036,025 shares during the period. FMR LLC raised its position in shares of Affiliated Managers Group by 108.8% in the fourth quarter. FMR LLC now owns 753,403 shares of the asset manager’s stock worth $109,469,000 after buying an additional 392,642 shares during the period. Norges Bank acquired a new position in shares of Affiliated Managers Group during the fourth quarter worth about $51,853,000. Finally, RidgeWorth Capital Management LLC acquired a new position in shares of Affiliated Managers Group during the first quarter worth about $40,387,000. 94.79% 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. The Company operates in three segments, which represent its principal distribution channels: Institutional, Mutual Fund and High Net Worth. The equity method investments in the Institutional distribution channel are made in relationships with public and private client entities, including foundations, endowments, sovereign wealth funds and retirement plans for corporations and municipalities.
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