Affiliated Managers Group (NYSE:AMG) Hits New 52-Week High – Here’s What Happened

Affiliated Managers Group, Inc. (NYSE:AMG)’s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $338.07 and last traded at $335.0960, with a volume of 113820 shares. The stock had previously closed at $334.82.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $400.00 price objective on shares of Affiliated Managers Group in a report on Monday, May 4th. The Goldman Sachs Group reissued a “buy” rating and set a $405.00 price objective on shares of Affiliated Managers Group in a report on Monday, May 4th. Barrington Research reissued an “outperform” rating and set a $365.00 price objective on shares of Affiliated Managers Group in a report on Monday, April 27th. TD Cowen reissued a “buy” rating and set a $454.00 price objective on shares of Affiliated Managers Group in a report on Wednesday, May 13th. Finally, Wall Street Zen cut shares of Affiliated Managers Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, April 4th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Affiliated Managers Group presently has an average rating of “Moderate Buy” and a consensus target price of $362.29.

Affiliated Managers Group Price Performance

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 firm’s fifty day moving average price is $294.06 and its two-hundred day moving average price is $293.49. The stock has a market capitalization of $8.81 billion, a PE ratio of 13.49, a PEG ratio of 0.53 and a beta of 1.13.

Affiliated Managers Group (NYSE:AMG) last released its quarterly earnings data on Friday, May 1st. The asset manager reported $8.23 earnings per share for the quarter, beating the consensus estimate of $8.10 by $0.13. The firm had revenue of $544.90 million during the quarter, compared to analysts’ expectations of $544.01 million. Affiliated Managers Group had a net margin of 35.55% and a return on equity of 20.17%. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the company earned $5.37 earnings per share. On average, equities analysts predict that Affiliated Managers Group, Inc. will post 34.71 earnings per share for the current year.

Affiliated Managers Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Monday, May 11th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.0%. The ex-dividend date was Monday, May 11th. Affiliated Managers Group’s payout ratio is 0.16%.

Insider Activity at Affiliated Managers Group

In related news, Director David Christopher Ryan sold 3,402 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $305.06, for a total transaction of $1,037,814.12. Following the completion of the sale, the director directly owned 1,092 shares in the company, valued at approximately $333,125.52. The trade was a 75.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Kavita Padiyar sold 2,200 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $278.24, for a total transaction of $612,128.00. Following the sale, the general counsel owned 42,672 shares of the company’s stock, valued at $11,873,057.28. This trade represents a 4.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 6,602 shares of company stock valued at $1,950,122 in the last three months. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Affiliated Managers Group

Several large investors have recently added to or reduced their stakes in AMG. Skandinaviska Enskilda Banken AB publ boosted its position in shares of Affiliated Managers Group by 103.0% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 20,100 shares of the asset manager’s stock worth $4,792,000 after acquiring an additional 10,200 shares during the last quarter. Altfest L J & Co. Inc. bought a new position in shares of Affiliated Managers Group during the fourth quarter worth $1,179,000. Paragon Associates & Paragon Associates II Joint Venture bought a new position in shares of Affiliated Managers Group during the third quarter worth $5,357,000. Oak Thistle LLC boosted its position in shares of Affiliated Managers Group by 194.1% during the fourth quarter. Oak Thistle LLC now owns 8,700 shares of the asset manager’s stock worth $2,508,000 after acquiring an additional 5,742 shares during the last quarter. Finally, LSV Asset Management boosted its position in shares of Affiliated Managers Group by 0.7% during the third quarter. LSV Asset Management now owns 479,624 shares of the asset manager’s stock worth $114,357,000 after acquiring an additional 3,400 shares during the last quarter. 95.30% of the stock is currently owned by institutional investors.

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.