Affiliated Managers Group, Inc. (AMG) Shares Bought by Rock Point Advisors LLC
Rock Point Advisors LLC boosted its position in Affiliated Managers Group, Inc. (NYSE:AMG) by 9.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,401 shares of the asset manager’s stock after purchasing an additional 1,530 shares during the period. Rock Point Advisors LLC’s holdings in Affiliated Managers Group were worth $2,516,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AMG. Cornerstone Wealth Management LLC increased its stake in Affiliated Managers Group by 24.5% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 28,925 shares of the asset manager’s stock valued at $149,000 after purchasing an additional 5,698 shares in the last quarter. Zions Bancorporation purchased a new position in Affiliated Managers Group during the third quarter worth $170,000. Trust Co. of Toledo NA OH purchased a new position in Affiliated Managers Group during the third quarter worth $202,000. Alta Capital Management LLC purchased a new position in Affiliated Managers Group during the third quarter worth $227,000. Finally, Creative Planning purchased a new position in Affiliated Managers Group during the third quarter worth $251,000. 92.59% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have weighed in on the company. Zacks Investment Research raised Affiliated Managers Group from a “sell” rating to a “hold” rating in a research report on Tuesday, October 16th. Keefe, Bruyette & Woods raised Affiliated Managers Group from a “market perform” rating to an “outperform” rating and set a $191.00 price target for the company in a research report on Monday, July 30th. Barrington Research dropped their price target on Affiliated Managers Group from $200.00 to $150.00 and set an “outperform” rating for the company in a research report on Monday, October 29th. Citigroup dropped their price target on Affiliated Managers Group from $195.00 to $140.00 and set a “buy” rating for the company in a research report on Tuesday, October 30th. Finally, Deutsche Bank dropped their price target on Affiliated Managers Group from $187.00 to $172.00 and set a “buy” rating for the company in a research report on Thursday, October 11th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $190.50.
Affiliated Managers Group (NYSE:AMG) last announced its quarterly earnings data on Monday, October 29th. The asset manager reported $3.45 EPS for the quarter, beating the Zacks’ consensus estimate of $3.42 by $0.03. The business had revenue of $601.30 million during the quarter, compared to the consensus estimate of $604.82 million. Affiliated Managers Group had a return on equity of 19.37% and a net margin of 29.38%. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.41 earnings per share. On average, research analysts anticipate that Affiliated Managers Group, Inc. will post 14.8 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 21st. Stockholders of record on Thursday, November 8th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date is Wednesday, November 7th. Affiliated Managers Group’s dividend payout ratio is currently 8.22%.
In other Affiliated Managers Group news, EVP Hugh Cutler acquired 1,564 shares of the stock in a transaction dated Wednesday, October 31st. The stock was acquired at an average price of $115.48 per share, with a total value of $180,610.72. Following the completion of the transaction, the executive vice president now directly owns 7,087 shares in the company, valued at $818,406.76. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.91% of the stock is owned by insiders.
About Affiliated Managers Group
Affiliated Managers Group, Inc, through its affiliates, operates as an asset management company providing investment management services to mutual funds, institutional clients, and high net worth individuals in the United States. It provides advisory or subadvisory services to mutual funds. These funds are distributed to retail and institutional clients directly and through intermediaries, including independent investment advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments.
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