Convergence Investment Partners LLC Takes $2.04 Million Position in Affiliated Managers Group, Inc. $AMG

Convergence Investment Partners LLC purchased a new stake in shares of Affiliated Managers Group, Inc. (NYSE:AMG) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 7,066 shares of the asset manager’s stock, valued at approximately $2,037,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Allworth Financial LP boosted its position in shares of Affiliated Managers Group by 10.3% during 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 during the last quarter. US Bancorp DE boosted its position in shares of Affiliated Managers Group by 1.4% during the 3rd quarter. US Bancorp DE now owns 3,561 shares of the asset manager’s stock valued at $849,000 after acquiring an additional 49 shares during the last quarter. Procyon Advisors LLC boosted its position in shares of Affiliated Managers Group by 3.1% during the 3rd quarter. Procyon Advisors LLC now owns 1,648 shares of the asset manager’s stock valued at $393,000 after acquiring an additional 50 shares during the last quarter. Millstone Evans Group LLC boosted its position in shares of Affiliated Managers Group by 41.9% during the 3rd quarter. Millstone Evans Group LLC now owns 176 shares of the asset manager’s stock valued at $42,000 after acquiring an additional 52 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its position in shares of Affiliated Managers Group by 2.1% during the 3rd quarter. Quadrant Capital Group LLC now owns 3,174 shares of the asset manager’s stock valued at $757,000 after acquiring an additional 64 shares during the last quarter. Institutional investors and hedge funds own 95.30% of the company’s stock.

Affiliated Managers Group Stock Down 2.8%

Shares of AMG opened at $293.75 on Friday. The firm has a market cap of $7.76 billion, a P/E ratio of 11.88, a price-to-earnings-growth ratio of 0.52 and a beta of 1.14. Affiliated Managers Group, Inc. has a 12-month low of $172.54 and a 12-month high of $334.78. The company’s 50-day moving average price is $286.55 and its 200 day moving average price is $287.88. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.73.

Affiliated Managers Group (NYSE:AMG) last issued its quarterly earnings data on Friday, May 1st. The asset manager reported $8.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.10 by $0.13. The firm had revenue of $544.90 million for the quarter, compared to analyst estimates of $544.01 million. Affiliated Managers Group had a net margin of 35.55% and a return on equity of 20.17%. Affiliated Managers Group’s revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the firm earned $5.37 EPS. On average, sell-side analysts forecast that Affiliated Managers Group, Inc. will post 34.27 earnings per share for the current year.

Affiliated Managers Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 26th. Shareholders of record on Monday, May 11th will be paid a dividend of $0.01 per share. The ex-dividend date is Monday, May 11th. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. Affiliated Managers Group’s dividend payout ratio is 0.16%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Wall Street Zen lowered shares of Affiliated Managers Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, April 4th. Barrington Research restated an “outperform” rating and issued a $365.00 price objective on shares of Affiliated Managers Group in a report on Monday, April 27th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $400.00 price objective on shares of Affiliated Managers Group in a report on Monday, May 4th. TD Cowen restated a “buy” rating and issued a $454.00 price objective on shares of Affiliated Managers Group in a report on Wednesday. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $405.00 price objective on shares of Affiliated Managers Group in a report on Monday, May 4th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $362.29.

Insider Activity at Affiliated Managers Group

In other Affiliated Managers Group news, Director G. Staley Cates purchased 1,500 shares of the business’s stock in a transaction on Wednesday, May 6th. The shares were bought at an average cost of $305.83 per share, for a total transaction of $458,745.00. Following the completion of the purchase, the director directly owned 6,405 shares of the company’s stock, valued at approximately $1,958,841.15. This trade represents a 30.58% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David Christopher Ryan sold 3,402 shares of the business’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $305.06, for a total transaction of $1,037,814.12. Following the sale, the director owned 1,092 shares in the company, valued at $333,125.52. This trade represents a 75.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 14,602 shares of company stock valued at $4,240,522. 2.90% of the stock is owned by company insiders.

Affiliated Managers Group Company Profile

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.