Shares of Affiliated Managers Group, Inc. (NYSE:AMG) were up 5.6% during trading on Monday . The stock traded as high as $83.61 and last traded at $83.05, approximately 547,618 shares were traded during mid-day trading. An increase of 1% from the average daily volume of 542,562 shares. The stock had previously closed at $78.63.
Several research analysts have weighed in on the company. Citigroup cut their price target on Affiliated Managers Group from $101.00 to $98.00 and set a “neutral” rating for the company in a report on Tuesday, July 30th. Bank of America lowered Affiliated Managers Group from a “buy” rating to an “underperform” rating and reduced their price target for the stock from $97.00 to $85.00 in a research note on Tuesday, July 30th. Finally, Barrington Research decreased their price objective on Affiliated Managers Group from $135.00 to $125.00 and set an “outperform” rating on the stock in a report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $109.84.
The stock’s 50 day moving average price is $79.90 and its 200 day moving average price is $94.17. The company has a market cap of $4.21 billion, a price-to-earnings ratio of 6.08, a P/E/G ratio of 0.61 and a beta of 1.64.
Affiliated Managers Group (NYSE:AMG) last announced its quarterly earnings data on Monday, July 29th. The asset manager reported $3.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.19 by $0.14. Affiliated Managers Group had a negative net margin of 5.19% and a positive return on equity of 17.68%. The business had revenue of $591.90 million for the quarter, compared to analyst estimates of $540.89 million. During the same period in the prior year, the firm posted $3.61 EPS. The company’s revenue was down 1.4% on a year-over-year basis. On average, analysts anticipate that Affiliated Managers Group, Inc. will post 13.52 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 1.45%. The ex-dividend date of this dividend was Wednesday, August 7th. Affiliated Managers Group’s dividend payout ratio (DPR) is 8.83%.
In other news, Director Nathaniel Dalton sold 23,000 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $76.86, for a total transaction of $1,767,780.00. Following the completion of the sale, the director now directly owns 208,346 shares of the company’s stock, valued at approximately $16,013,473.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jide James Zeitlin sold 54,350 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $92.22, for a total transaction of $5,012,157.00. The disclosure for this sale can be found here. Corporate insiders own 1.43% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Alta Capital Management LLC grew its position in Affiliated Managers Group by 4.7% during the second quarter. Alta Capital Management LLC now owns 2,685 shares of the asset manager’s stock valued at $247,000 after acquiring an additional 120 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Affiliated Managers Group by 0.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,179,673 shares of the asset manager’s stock valued at $126,354,000 after purchasing an additional 7,655 shares in the last quarter. OLD National Bancorp IN lifted its stake in shares of Affiliated Managers Group by 9.2% in the 2nd quarter. OLD National Bancorp IN now owns 9,106 shares of the asset manager’s stock valued at $839,000 after purchasing an additional 766 shares in the last quarter. Barr E S & Co. grew its holdings in shares of Affiliated Managers Group by 9.8% during the 2nd quarter. Barr E S & Co. now owns 177,206 shares of the asset manager’s stock worth $16,328,000 after purchasing an additional 15,824 shares during the period. Finally, Regal Investment Advisors LLC grew its holdings in shares of Affiliated Managers Group by 7.8% during the 2nd quarter. Regal Investment Advisors LLC now owns 15,187 shares of the asset manager’s stock worth $1,399,000 after purchasing an additional 1,096 shares during the period. 94.53% of the stock is currently owned by institutional investors and hedge funds.
About Affiliated Managers Group (NYSE:AMG)
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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