Affiliated Managers Group (NYSE:AMG) Hits New 1-Year High – Here’s What Happened

Affiliated Managers Group, Inc. (NYSE:AMG)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $262.00 and last traded at $258.9250, with a volume of 4633 shares traded. The stock had previously closed at $259.26.

Analyst Ratings Changes

AMG has been the subject of several research analyst reports. Cowen restated a “buy” rating on shares of Affiliated Managers Group in a research note on Tuesday, November 4th. The Goldman Sachs Group upped their target price on Affiliated Managers Group from $240.00 to $280.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Wall Street Zen upgraded Affiliated Managers Group from a “hold” rating to a “buy” rating in a research note on Saturday. UBS Group set a $295.00 price objective on Affiliated Managers Group in a research note on Tuesday, November 4th. Finally, Bank of America lifted their target price on shares of Affiliated Managers Group to $335.00 and gave the company a “buy” rating in a report on Thursday, October 2nd. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $278.57.

Affiliated Managers Group Price Performance

The company’s 50-day moving average price is $239.11 and its two-hundred day moving average price is $210.58. The company has a market capitalization of $7.43 billion, a P/E ratio of 19.09, a price-to-earnings-growth ratio of 0.61 and a beta of 1.25.

Affiliated Managers Group (NYSE:AMG) last issued its quarterly earnings results on Monday, November 3rd. The asset manager reported $6.10 earnings per share for the quarter, topping analysts’ consensus estimates of $5.88 by $0.22. Affiliated Managers Group had a net margin of 21.79% and a return on equity of 16.11%. The company had revenue of $528.00 million during the quarter, compared to the consensus estimate of $543.39 million. During the same quarter in the prior year, the firm posted $4.82 EPS. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. On average, analysts anticipate that Affiliated Managers Group, Inc. will post 22.86 earnings per share for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Thursday, November 13th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, November 13th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. Affiliated Managers Group’s dividend payout ratio (DPR) is 0.24%.

Insider Activity

In other news, COO Thomas M. Wojcik sold 16,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $231.03, for a total transaction of $3,696,480.00. Following the completion of the sale, the chief operating officer owned 158,710 shares in the company, valued at $36,666,771.30. The trade was a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of AMG. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Affiliated Managers Group by 428.0% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 132 shares of the asset manager’s stock worth $26,000 after acquiring an additional 107 shares during the last quarter. Root Financial Partners LLC bought a new stake in Affiliated Managers Group during the third quarter valued at about $33,000. Meeder Asset Management Inc. purchased a new position in Affiliated Managers Group during the 3rd quarter valued at approximately $34,000. Hantz Financial Services Inc. raised its holdings in Affiliated Managers Group by 189.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 142 shares of the asset manager’s stock valued at $34,000 after buying an additional 93 shares during the period. Finally, Millstone Evans Group LLC increased its position in shares of Affiliated Managers Group by 154.5% during the first quarter. Millstone Evans Group LLC now owns 168 shares of the asset manager’s stock worth $28,000 after acquiring an additional 102 shares during the period. 95.30% of the stock is currently owned by institutional investors.

About Affiliated Managers Group

Affiliated Managers Group, Inc, through its affiliates, operates as an investment management company providing investment management services to mutual funds, institutional clients,retails and high net worth individuals in the United States. It provides advisory or sub-advisory services to mutual funds.