Convergence Investment Partners LLC Buys 4,086 Shares of Affiliated Managers Group, Inc. $AMG

Convergence Investment Partners LLC lifted its stake in shares of Affiliated Managers Group, Inc. (NYSE:AMG) by 57.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,152 shares of the asset manager’s stock after purchasing an additional 4,086 shares during the period. Convergence Investment Partners LLC’s holdings in Affiliated Managers Group were worth $3,086,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of AMG. Leonteq Securities AG purchased a new position in shares of Affiliated Managers Group during the 4th quarter valued at $30,000. Caitong International Asset Management Co. Ltd purchased a new stake in Affiliated Managers Group in the 4th quarter worth about $42,000. EverSource Wealth Advisors LLC increased its holdings in Affiliated Managers Group by 89.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 281 shares of the asset manager’s stock worth $55,000 after acquiring an additional 133 shares during the last quarter. Arax Advisory Partners raised its stake in Affiliated Managers Group by 94.1% in the 4th quarter. Arax Advisory Partners now owns 198 shares of the asset manager’s stock valued at $57,000 after acquiring an additional 96 shares during the period. Finally, CIBC Private Wealth Group LLC raised its stake in Affiliated Managers Group by 676.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 233 shares of the asset manager’s stock valued at $67,000 after acquiring an additional 203 shares during the period. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Affiliated Managers Group Price Performance

Shares of NYSE:AMG opened at $367.04 on Tuesday. The company has a 50 day moving average of $335.45 and a 200 day moving average of $311.43. The stock has a market cap of $9.69 billion, a P/E ratio of 14.85, a P/E/G ratio of 0.57 and a beta of 1.12. Affiliated Managers Group, Inc. has a 12 month low of $200.00 and a 12 month high of $382.75. 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 posted its earnings results on Friday, May 1st. The asset manager reported $8.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.10 by $0.13. Affiliated Managers Group had a net margin of 35.55% and a return on equity of 20.17%. The business had revenue of $544.90 million for the quarter, compared to analysts’ expectations of $544.01 million. During the same period in the prior year, the company posted $5.37 EPS. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Affiliated Managers Group, Inc. will post 35.48 EPS for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Monday, May 11th were given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. The ex-dividend date was Monday, May 11th. Affiliated Managers Group’s dividend payout ratio (DPR) is 0.16%.

Analysts Set New Price Targets

AMG has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $400.00 target price on shares of Affiliated Managers Group in a research report on Monday, May 4th. TD Cowen reissued a “buy” rating and issued a $454.00 price target on shares of Affiliated Managers Group in a research report on Wednesday, May 13th. Barrington Research restated an “outperform” rating and set a $365.00 price target on shares of Affiliated Managers Group in a research note on Monday, April 27th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $405.00 price objective on shares of Affiliated Managers Group in a report on Monday, May 4th. Finally, Wall Street Zen raised shares of Affiliated Managers Group from a “hold” rating to a “buy” rating in a report on Sunday, June 28th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $362.29.

Insider Buying and Selling

In other Affiliated Managers Group news, Director Annette Franqui bought 750 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were acquired at an average cost of $304.88 per share, for a total transaction of $228,660.00. Following the purchase, the director directly owned 1,962 shares of the company’s stock, valued at $598,174.56. The trade was a 61.88% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David Christopher Ryan sold 3,402 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $305.06, for a total value of $1,037,814.12. Following the completion of the sale, the director directly owned 1,092 shares in the company, valued at approximately $333,125.52. The trade was a 75.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 21,902 shares of company stock valued at $7,257,719 in the last ninety days. 2.90% of the stock is owned by insiders.

About Affiliated Managers Group

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.