Affiliated Managers Group (NYSE:AMG) Earns Buy Rating from TD Cowen

Affiliated Managers Group (NYSE:AMG)‘s stock had its “buy” rating reiterated by equities researchers at TD Cowen in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $454.00 price objective on the asset manager’s stock. TD Cowen’s price objective points to a potential upside of 50.63% from the company’s current price.

Several other brokerages have also recently issued reports on AMG. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $400.00 target price on shares of Affiliated Managers Group in a report on Monday, May 4th. Barrington Research reaffirmed an “outperform” rating and issued 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 target on shares of Affiliated Managers Group in a research note on Monday, May 4th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Affiliated Managers Group in a research note on Wednesday, January 21st. Finally, Wall Street Zen lowered Affiliated Managers Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 4th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Affiliated Managers Group has an average rating of “Moderate Buy” and an average price target of $362.29.

Affiliated Managers Group Trading Down 0.0%

NYSE:AMG traded down $0.13 during trading hours on Wednesday, hitting $301.41. The company had a trading volume of 60,667 shares, compared to its average volume of 390,098. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.73. The company has a 50-day moving average of $287.06 and a 200 day moving average of $286.95. The company has a market cap of $8.00 billion, a P/E ratio of 12.16, a P/E/G ratio of 0.52 and a beta of 1.14. Affiliated Managers Group has a 1 year low of $172.54 and a 1 year high of $334.78.

Affiliated Managers Group (NYSE:AMG) last issued its earnings results 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 company had revenue of $544.90 million during the quarter, compared to analysts’ expectations of $544.01 million. Affiliated Managers Group had a return on equity of 20.17% and a net margin of 35.55%.The firm’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the prior year, the business earned $5.37 EPS. Sell-side analysts expect that Affiliated Managers Group will post 34.23 earnings per share for the current year.

Insider Activity

In related news, General Counsel Kavita Padiyar sold 2,200 shares of the stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $278.24, for a total transaction of $612,128.00. Following the transaction, the general counsel owned 42,672 shares of the company’s stock, valued at approximately $11,873,057.28. This represents a 4.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Thomas M. Wojcik sold 8,000 shares of the stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $286.30, for a total value of $2,290,400.00. Following the transaction, the chief operating officer directly owned 159,465 shares in the company, valued at approximately $45,654,829.50. The trade was a 4.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 14,602 shares of company stock worth $4,240,522 in the last quarter. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Affiliated Managers Group

Several hedge funds have recently bought and sold shares of AMG. Leonteq Securities AG acquired a new position in Affiliated Managers Group during the 4th quarter worth about $30,000. Root Financial Partners LLC acquired a new position in Affiliated Managers Group during the 3rd quarter worth about $33,000. Meeder Asset Management Inc. acquired a new position in Affiliated Managers Group during the 3rd quarter worth about $34,000. Hantz Financial Services Inc. lifted its stake 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 worth $34,000 after acquiring an additional 93 shares in the last quarter. Finally, Millstone Evans Group LLC lifted its stake in Affiliated Managers Group by 41.9% during the 3rd quarter. Millstone Evans Group LLC now owns 176 shares of the asset manager’s stock worth $42,000 after acquiring an additional 52 shares in the last quarter. Institutional investors and hedge funds own 95.30% of the company’s stock.

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.