Gabelli Funds LLC Increases Position in Affiliated Managers Group, Inc. $AMG

Gabelli Funds LLC raised its holdings in shares of Affiliated Managers Group, Inc. (NYSE:AMG) by 83.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,486 shares of the asset manager’s stock after purchasing an additional 2,500 shares during the period. Gabelli Funds LLC’s holdings in Affiliated Managers Group were worth $1,518,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Captrust Financial Advisors boosted its position in shares of Affiliated Managers Group by 3.5% in the 4th quarter. Captrust Financial Advisors now owns 1,003 shares of the asset manager’s stock worth $289,000 after purchasing an additional 34 shares in the last quarter. AlphaCore Capital LLC increased its position in Affiliated Managers Group by 3.4% during the 4th quarter. AlphaCore Capital LLC now owns 1,083 shares of the asset manager’s stock valued at $312,000 after buying an additional 36 shares in the last quarter. Parallel Advisors LLC increased its position in Affiliated Managers Group by 4.3% during the 1st quarter. Parallel Advisors LLC now owns 1,016 shares of the asset manager’s stock valued at $281,000 after buying an additional 42 shares in the last quarter. Allworth Financial LP raised its stake in Affiliated Managers Group by 10.3% during the fourth quarter. Allworth Financial LP now owns 482 shares of the asset manager’s stock valued at $139,000 after buying an additional 45 shares during the last quarter. Finally, Coldstream Capital Management Inc. raised its stake in Affiliated Managers Group by 2.0% during the fourth quarter. Coldstream Capital Management Inc. now owns 2,400 shares of the asset manager’s stock valued at $692,000 after buying an additional 46 shares during the last quarter. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director David Christopher Ryan sold 3,402 shares of the stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $305.06, for a total transaction of $1,037,814.12. Following the sale, the director directly owned 1,092 shares of the company’s stock, valued at $333,125.52. This trade represents a 75.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Annette Franqui acquired 750 shares of Affiliated Managers Group stock in a transaction that occurred on Monday, June 1st. The stock was acquired at an average price of $304.88 per share, with a total value of $228,660.00. Following the completion of the acquisition, the director directly owned 1,962 shares in the company, valued at $598,174.56. This represents a 61.88% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders sold 21,902 shares of company stock valued at $7,257,719. Corporate insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on AMG. Barrington Research reissued an “outperform” rating and issued a $365.00 target price on shares of Affiliated Managers Group in a research note on Monday, April 27th. The Goldman Sachs Group restated a “buy” rating and set a $405.00 price target on shares of Affiliated Managers Group in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $400.00 price target on shares of Affiliated Managers Group in a research report on Monday, May 4th. Wall Street Zen upgraded shares of Affiliated Managers Group from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. Finally, TD Cowen reissued a “buy” rating and set a $454.00 price objective on shares of Affiliated Managers Group in a research report on Wednesday, May 13th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Affiliated Managers Group has a consensus rating of “Moderate Buy” and an average target price of $362.29.

Affiliated Managers Group Price Performance

Shares of NYSE AMG opened at $361.20 on Thursday. The firm has a market cap of $9.54 billion, a P/E ratio of 14.61, a PEG ratio of 0.57 and a beta of 1.12. Affiliated Managers Group, Inc. has a twelve month low of $200.00 and a twelve month high of $382.75. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.73. The company has a 50 day moving average of $343.28 and a 200 day moving average of $314.19.

Affiliated Managers Group (NYSE:AMG) last issued its earnings results on Friday, May 1st. The asset manager reported $8.23 EPS for the quarter, beating the consensus estimate of $8.10 by $0.13. Affiliated Managers Group had a return on equity of 20.17% and a net margin of 35.55%.The business had revenue of $544.90 million for the quarter, compared to the consensus estimate of $544.01 million. During the same period last year, the business posted $5.37 EPS. The company’s revenue was up 9.7% compared to the same quarter last year. As a group, research analysts expect that Affiliated Managers Group, Inc. will post 35.48 EPS for the current fiscal year.

Affiliated Managers Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 11th were 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 of this dividend was Monday, May 11th. Affiliated Managers Group’s dividend payout ratio is presently 0.16%.

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.