Affiliated Managers Group (NYSE:AMG) Stock Price Expected to Rise, TD Cowen Analyst Says

Affiliated Managers Group (NYSE:AMG) had its price objective hoisted by equities researchers at TD Cowen from $523.00 to $583.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the asset manager’s stock. TD Cowen‘s price target suggests a potential upside of 45.52% from the stock’s current price.

A number of other analysts have also recently issued reports on AMG. Barrington Research set a $425.00 price objective on Affiliated Managers Group in a research report on Friday, July 31st. Zacks Research cut Affiliated Managers Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 29th. Wall Street Zen downgraded Affiliated Managers Group from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 30th. Finally, Weiss Ratings raised shares of Affiliated Managers Group from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, October 8th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $453.25.

Affiliated Managers Group Stock Up 4.6%

Shares of AMG stock traded up $17.47 during trading on Tuesday, hitting $400.62. 144,844 shares of the company were exchanged, compared to its average volume of 338,868. The business’s 50-day simple moving average is $371.95 and its 200 day simple moving average is $334.16. Affiliated Managers Group has a twelve month low of $246.11 and a twelve month high of $402.71. The firm has a market capitalization of $10.36 billion, a price-to-earnings ratio of 13.88, a P/E/G ratio of 0.47 and a beta of 1.05. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.24 and a current ratio of 1.24.

Affiliated Managers Group (NYSE:AMG) last released its quarterly earnings data on Monday, November 9th. The asset manager reported $9.50 earnings per share 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 firm had revenue of $595.20 million for the quarter, compared to analyst estimates of $655.08 million. During the same quarter in the prior year, the business earned $6.10 EPS. The company’s revenue for the quarter was up .0% compared to the same quarter last year. As a group, analysts forecast that Affiliated Managers Group will post 36.87 EPS for the current fiscal year.

Hedge Funds Weigh In On Affiliated Managers Group

A number of institutional investors and hedge funds have recently bought and sold shares of AMG. Edgestream Partners L.P. bought a new position in Affiliated Managers Group during the third quarter worth $646,000. HighTower Advisors LLC boosted its holdings in Affiliated Managers Group by 29.3% in the 3rd quarter. HighTower Advisors LLC now owns 4,427 shares of the asset manager’s stock valued at $1,619,000 after purchasing an additional 1,003 shares during the period. Intech Investment Management LLC boosted its holdings in Affiliated Managers Group by 15.4% in the 3rd quarter. Intech Investment Management LLC now owns 36,779 shares of the asset manager’s stock valued at $13,447,000 after purchasing an additional 4,901 shares during the period. Bessemer Group Inc. grew its position in Affiliated Managers Group by 25.0% in the 3rd quarter. Bessemer Group Inc. now owns 240 shares of the asset manager’s stock worth $88,000 after purchasing an additional 48 shares during the last quarter. Finally, Hantz Financial Services Inc. grew its position in Affiliated Managers Group by 16.1% in the 3rd quarter. Hantz Financial Services Inc. now owns 822 shares of the asset manager’s stock worth $301,000 after purchasing an additional 114 shares during the last quarter. Institutional investors own 95.30% of the company’s stock.

Affiliated Managers Group News Roundup

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

About Affiliated Managers Group

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.