Affiliated Managers Group (NYSE:AMG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, January 9th. The firm currently has a $225.00 price target on the asset manager’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 14.15% from the company’s current price.
According to Zacks, “Affiliated Managers’ shares have outperformed the industry, over the past twelve months. This was supported by the company’s impressive earnings surprise history, as it surpassed the Zacks Consensus Estimate in each of the trailing four quarters. The company remains well positioned for growth based on successful partnerships, a diverse product mix and initiatives undertaken to strengthen its retail market operations. Further, inflows are expected to get impetus with broad distribution across channels and product categories. However, pressure on revenues and high debt levels remain major near-term concerns for the company.”
Other equities analysts also recently issued reports about the company. Keefe, Bruyette & Woods reissued a “buy” rating and set a $229.00 target price on shares of Affiliated Managers Group in a research note on Thursday, October 12th. Goldman Sachs Group downgraded Affiliated Managers Group from a “buy” rating to a “neutral” rating and set a $216.00 price objective for the company. in a research note on Tuesday, January 9th. Credit Suisse Group downgraded Affiliated Managers Group from an “outperform” rating to a “neutral” rating and set a $220.00 price objective for the company. in a research note on Wednesday, January 3rd. Jefferies Group reissued a “buy” rating and set a $226.00 price target on shares of Affiliated Managers Group in a research report on Thursday, October 12th. Finally, Barrington Research reissued an “outperform” rating and set a $215.00 price target on shares of Affiliated Managers Group in a research report on Wednesday, October 4th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Affiliated Managers Group presently has a consensus rating of “Buy” and a consensus price target of $224.13.
Shares of Affiliated Managers Group (AMG) opened at $197.11 on Tuesday. Affiliated Managers Group has a 1 year low of $148.81 and a 1 year high of $216.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.59 and a quick ratio of 0.61. The stock has a market capitalization of $10,955.77, a PE ratio of 13.47, a P/E/G ratio of 0.70 and a beta of 1.57.
Affiliated Managers Group (NYSE:AMG) last posted its quarterly earnings data on Monday, January 29th. The asset manager reported $4.68 earnings per share for the quarter, topping analysts’ consensus estimates of $4.55 by $0.13. The company had revenue of $604.10 million during the quarter, compared to analysts’ expectations of $608.51 million. Affiliated Managers Group had a return on equity of 18.61% and a net margin of 29.92%. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period last year, the firm earned $3.80 EPS. research analysts anticipate that Affiliated Managers Group will post 17.58 earnings per share for the current year.
Affiliated Managers Group declared that its Board of Directors has authorized a share buyback plan on Monday, January 29th that permits the company to repurchase 3,400,000 outstanding shares. This repurchase authorization permits the asset manager to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
In other Affiliated Managers Group news, Director Patrick T. Ryan sold 7,705 shares of the business’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $185.27, for a total transaction of $1,427,505.35. Following the transaction, the director now owns 6,797 shares in the company, valued at $1,259,280.19. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Peter W. Macewen sold 10,000 shares of the business’s stock in a transaction dated Tuesday, December 5th. The stock was sold at an average price of $197.67, for a total value of $1,976,700.00. Following the transaction, the insider now owns 37,682 shares in the company, valued at approximately $7,448,600.94. The disclosure for this sale can be found here. Insiders sold 87,505 shares of company stock worth $16,350,709 in the last quarter. 1.40% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Stephens Inc. AR increased its position in shares of Affiliated Managers Group by 0.4% during the second quarter. Stephens Inc. AR now owns 2,247 shares of the asset manager’s stock worth $373,000 after acquiring an additional 9 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Affiliated Managers Group by 7.9% during the second quarter. Pacer Advisors Inc. now owns 1,183 shares of the asset manager’s stock worth $196,000 after acquiring an additional 87 shares during the last quarter. Bancorpsouth Inc. increased its position in shares of Affiliated Managers Group by 12.0% during the second quarter. Bancorpsouth Inc. now owns 1,695 shares of the asset manager’s stock worth $281,000 after acquiring an additional 181 shares during the last quarter. Advisor Group Inc. increased its position in shares of Affiliated Managers Group by 46.2% during the second quarter. Advisor Group Inc. now owns 722 shares of the asset manager’s stock worth $120,000 after acquiring an additional 228 shares during the last quarter. Finally, Norinchukin Bank The increased its holdings in Affiliated Managers Group by 12.1% in the second quarter. Norinchukin Bank The now owns 2,235 shares of the asset manager’s stock valued at $371,000 after buying an additional 242 shares during the last quarter. 95.73% of the stock is currently owned by institutional investors and hedge funds.
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About Affiliated Managers Group
Affiliated Managers Group, Inc is an asset management company with equity investments in boutique investment management firms. The Company operates in three segments, which represent its principal distribution channels: Institutional, Mutual Fund and High Net Worth. The equity method investments in the Institutional distribution channel are made in relationships with public and private client entities, including foundations, endowments, sovereign wealth funds and retirement plans for corporations and municipalities.
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