Affiliated Managers Group (NYSE:AMG) Hits New 52-Week High After Earnings Beat

Affiliated Managers Group, Inc. (NYSE:AMG) shares reached a new 52-week high during mid-day trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $401.01 and last traded at $402.0420, with a volume of 105,376 shares trading hands. The stock had previously closed at $383.15.

The asset manager reported $9.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.79 by $0.71. Affiliated Managers Group had a net margin of 37.72% and a return on equity of 21.94%. The business had revenue of $595.20 million for the quarter, compared to the consensus estimate of $655.08 million. During the same quarter in the prior year, the firm posted $6.10 earnings per share. The company’s quarterly revenue was up .0% compared to the same quarter last year.

Affiliated Managers Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Thursday, November 19th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. The ex-dividend date is Thursday, November 19th. Affiliated Managers Group’s dividend payout ratio is presently 0.14%.

Key Affiliated Managers Group News

Here are the key news stories impacting Affiliated Managers Group this week:

• Positive Sentiment: Third-quarter Economic EPS was $9.50, up 56% year over year and above analysts’ expectations of $8.79. Record AUM of $974 billion and $21 billion in net client cash flows—including record alternative inflows—also point to strong business momentum. AMG Q3 results
• Positive Sentiment: AMG repurchased $400 million of its shares during the quarter, bringing year-to-date repurchases to $775 million. Buybacks can support per-share earnings and signal the company’s confidence in its business. AMG Q3 results
• Neutral Sentiment: The company declared a quarterly dividend of $0.01 per share, payable December 3 to shareholders of record November 19. The stated annualized yield is approximately 0.0%, so the payout is unlikely to be a major driver for the stock. Dividend announcement
• Negative Sentiment: Quarterly revenue of $595.2 million fell short of the roughly $655 million analyst estimate and was flat year over year. That miss, alongside rising expenses, tempers the strong earnings and inflow results. Q3 revenue report

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. TD Cowen lifted their price objective on Affiliated Managers Group from $512.00 to $523.00 and gave the company a “buy” rating in a research note on Monday, October 12th. Zacks Research cut Affiliated Managers Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 29th. Wall Street Zen downgraded shares of Affiliated Managers Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 30th. Weiss Ratings upgraded shares of Affiliated Managers Group from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, October 8th. Finally, Barrington Research set a $425.00 price target on shares of Affiliated Managers Group in a report on Friday, July 31st. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $438.25.

Institutional Investors Weigh In On Affiliated Managers Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. N.E.W. Advisory Services LLC acquired a new position in shares of Affiliated Managers Group in the 2nd quarter valued at $25,000. Mather Group LLC. boosted its position in shares of Affiliated Managers Group by 335.3% during the 3rd quarter. Mather Group LLC. now owns 74 shares of the asset manager’s stock valued at $27,000 after acquiring an additional 57 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Affiliated Managers Group during the 2nd quarter valued at about $48,000. EverSource Wealth Advisors LLC increased its stake in Affiliated Managers Group by 45.5% in the first quarter. EverSource Wealth Advisors LLC now owns 179 shares of the asset manager’s stock valued at $50,000 after acquiring an additional 56 shares during the period. Finally, Integrated Wealth Concepts LLC bought a new stake in Affiliated Managers Group in the second quarter valued at about $61,000. Institutional investors own 95.30% of the company’s stock.

Affiliated Managers Group Price Performance

The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.76. The stock has a market cap of $10.37 billion, a price-to-earnings ratio of 13.93, a price-to-earnings-growth ratio of 0.47 and a beta of 1.05. The company’s 50-day moving average is $371.95 and its 200-day moving average is $334.16.

Affiliated Managers Group Company Profile

Affiliated Managers Group, Inc (NYSE: AMG) is a global asset management company that partners with independent investment firms. Founded in 1993, AMG provides its partner firms with strategic capital, distribution support and business resources while allowing them to retain substantial independence over their investment processes and operations.

Through its partner firms, AMG offers a range of investment strategies and services, including alternative investments, equities, fixed income, private markets and wealth management.