Synovus Financial Corp increased its position in shares of Affiliated Managers Group (NYSE:AMG) by 14.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,424 shares of the asset manager’s stock after acquiring an additional 697 shares during the period. Synovus Financial Corp’s holdings in Affiliated Managers Group were worth $1,025,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. MUFG Americas Holdings Corp grew its position in Affiliated Managers Group by 21.9% during the 1st quarter. MUFG Americas Holdings Corp now owns 34,433 shares of the asset manager’s stock worth $6,528,000 after acquiring an additional 6,182 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in Affiliated Managers Group by 8.0% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 305,798 shares of the asset manager’s stock worth $57,974,000 after acquiring an additional 22,626 shares during the last quarter. Thornburg Investment Management Inc. grew its position in Affiliated Managers Group by 31.3% during the 1st quarter. Thornburg Investment Management Inc. now owns 77,711 shares of the asset manager’s stock worth $14,732,000 after acquiring an additional 18,514 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its position in Affiliated Managers Group by 344.8% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 4,808 shares of the asset manager’s stock worth $913,000 after acquiring an additional 3,727 shares during the last quarter. Finally, Quantitative Systematic Strategies LLC grew its position in Affiliated Managers Group by 17.6% during the 1st quarter. Quantitative Systematic Strategies LLC now owns 2,374 shares of the asset manager’s stock worth $450,000 after acquiring an additional 356 shares during the last quarter. Institutional investors and hedge funds own 96.88% of the company’s stock.
In other news, CFO Jay C. Horgen sold 30,000 shares of the business’s stock in a transaction dated Thursday, March 8th. The stock was sold at an average price of $189.59, for a total value of $5,687,700.00. Following the transaction, the chief financial officer now directly owns 114,039 shares of the company’s stock, valued at approximately $21,620,654.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is owned by insiders.
Shares of Affiliated Managers Group opened at $166.56 on Wednesday, MarketBeat Ratings reports. The stock has a market capitalization of $9.01 billion, a PE ratio of 11.41, a price-to-earnings-growth ratio of 0.74 and a beta of 1.53. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.30 and a current ratio of 1.30. Affiliated Managers Group has a 1 year low of $164.91 and a 1 year high of $166.39.
Affiliated Managers Group (NYSE:AMG) last announced its quarterly earnings data on Monday, April 30th. The asset manager reported $3.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.89 by $0.03. The company had revenue of $612.40 million for the quarter, compared to the consensus estimate of $586.44 million. Affiliated Managers Group had a return on equity of 19.27% and a net margin of 30.34%. The firm’s revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the business earned $3.21 EPS. equities research analysts forecast that Affiliated Managers Group will post 16.56 EPS for the current fiscal year.
Affiliated Managers Group declared that its board has authorized a share repurchase program on Monday, January 29th that permits the company to buyback 3,400,000 outstanding shares. This buyback authorization permits the asset manager to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 24th. Stockholders of record on Thursday, May 10th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.72%. The ex-dividend date is Wednesday, May 9th. Affiliated Managers Group’s dividend payout ratio is 8.22%.
A number of equities research analysts have commented on the company. Barrington Research upped their price target on Affiliated Managers Group to $240.00 and gave the company an “outperform” rating in a research report on Tuesday, January 30th. They noted that the move was a valuation call. Citigroup upgraded Affiliated Managers Group from a “neutral” rating to a “buy” rating in a research report on Friday, January 19th. Zacks Investment Research lowered Affiliated Managers Group from a “buy” rating to a “hold” rating in a research report on Monday, March 12th. Deutsche Bank reduced their price target on Affiliated Managers Group from $215.00 to $213.00 and set a “buy” rating on the stock in a research report on Tuesday, March 6th. Finally, ValuEngine lowered Affiliated Managers Group from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Affiliated Managers Group presently has a consensus rating of “Buy” and an average price target of $215.00.
Affiliated Managers Group Profile
Affiliated Managers Group, Inc, through its affiliates, operates as an asset management company providing investment management services to mutual funds, institutional clients, and high net worth individuals in the United States. It provides advisory or subadvisory services to mutual funds. These funds are distributed to retail and institutional clients directly and through intermediaries, including independent investment advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments.
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