Affiliated Managers Group (NYSE:AMG) Cut to “Buy” at Wall Street Zen

Wall Street Zen cut shares of Affiliated Managers Group (NYSE:AMG) from a strong-buy rating to a buy rating in a research report released on Sunday morning,Wall Street Zen reports.

AMG has been the subject of several other research reports. TD Cowen restated a “buy” rating and set a $454.00 price target on shares of Affiliated Managers Group in a research report on Wednesday, May 13th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $405.00 price objective on shares of Affiliated Managers Group in a research report on Monday, May 4th. Zacks Research upgraded shares of Affiliated Managers Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. Barrington Research set a $425.00 target price on shares of Affiliated Managers Group in a research note on Friday, July 31st. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Affiliated Managers Group in a research report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $370.86.

Affiliated Managers Group Stock Performance

Shares of Affiliated Managers Group stock opened at $360.52 on Friday. The company has a market cap of $9.32 billion, a PE ratio of 12.49, a price-to-earnings-growth ratio of 0.50 and a beta of 1.10. Affiliated Managers Group has a 52 week low of $224.59 and a 52 week high of $392.92. The business has a 50 day moving average price of $361.00 and a 200-day moving average price of $323.19. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.76.

Affiliated Managers Group (NYSE:AMG) last announced its earnings results on Thursday, July 30th. The asset manager reported $8.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.90 by $0.39. Affiliated Managers Group had a return on equity of 21.94% and a net margin of 37.72%.The company had revenue of $640.70 million for the quarter, compared to analysts’ expectations of $590.94 million. During the same quarter in the previous year, the firm earned $5.39 earnings per share. Affiliated Managers Group’s quarterly revenue was up .0% on a year-over-year basis. Equities analysts anticipate that Affiliated Managers Group will post 36.69 earnings per share for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 10th were given 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 of this dividend was Monday, August 10th. Affiliated Managers Group’s dividend payout ratio is currently 0.14%.

Insider Buying and Selling

In other Affiliated Managers Group news, CEO Jay C. Horgen sold 17,500 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $338.27, for a total transaction of $5,919,725.00. Following the completion of the transaction, the chief executive officer owned 204,706 shares in the company, valued at $69,245,898.62. This trade represents a 7.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Affiliated Managers Group

Several large investors have recently modified their holdings of the business. Danske Bank A S purchased a new position in Affiliated Managers Group during the second quarter valued at approximately $622,000. Fisher Asset Management LLC increased its holdings in Affiliated Managers Group by 19.7% during the 4th quarter. Fisher Asset Management LLC now owns 243,830 shares of the asset manager’s stock worth $70,291,000 after acquiring an additional 40,107 shares during the period. Sei Investments Co. lifted its stake in Affiliated Managers Group by 5.2% in the 1st quarter. Sei Investments Co. now owns 107,654 shares of the asset manager’s stock worth $29,787,000 after purchasing an additional 5,357 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its stake in Affiliated Managers Group by 20.8% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 24,774 shares of the asset manager’s stock worth $7,149,000 after purchasing an additional 4,258 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in Affiliated Managers Group in the 1st quarter valued at $7,164,000. Hedge funds and other institutional investors own 95.30% of the company’s stock.

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.