Affiliated Managers Group (NYSE:AMG) Sets New 12-Month High – Here’s Why

Affiliated Managers Group, Inc. (NYSE:AMG)’s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $365.71 and last traded at $365.8440, with a volume of 40565 shares trading hands. The stock had previously closed at $356.27.

Analyst Ratings Changes

AMG has been the subject of a number of research reports. Barrington Research reissued an “outperform” rating and issued a $365.00 target price on shares of Affiliated Managers Group in a report on Monday, April 27th. Weiss Ratings reissued a “buy (b)” rating on shares of Affiliated Managers Group in a research note on Friday, June 26th. TD Cowen reaffirmed a “buy” rating and set a $454.00 target price on shares of Affiliated Managers Group in a research note on Wednesday, May 13th. The Goldman Sachs Group reiterated a “buy” rating and set a $405.00 price target on shares of Affiliated Managers Group in a report on Monday, May 4th. Finally, Wall Street Zen raised Affiliated Managers Group from a “hold” rating to a “buy” rating in a report on Sunday, June 28th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $362.29.

Affiliated Managers Group Trading Up 2.8%

The company has a debt-to-equity ratio of 0.73, a current ratio of 1.79 and a quick ratio of 1.79. The company has a market cap of $9.67 billion, a price-to-earnings ratio of 14.80, a price-to-earnings-growth ratio of 0.61 and a beta of 1.12. The business’s fifty day moving average price is $324.18 and its 200 day moving average price is $306.97.

Affiliated Managers Group (NYSE:AMG) last posted its quarterly earnings data on Friday, May 1st. The asset manager reported $8.23 earnings per share for the quarter, beating analysts’ consensus estimates of $8.10 by $0.13. The business had revenue of $544.90 million during the quarter, compared to the consensus estimate of $544.01 million. Affiliated Managers Group had a return on equity of 20.17% and a net margin of 35.55%.Affiliated Managers Group’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the prior year, the business posted $5.37 earnings per share. Research analysts anticipate that Affiliated Managers Group, Inc. will post 34.88 earnings per share for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Monday, May 11th were paid a $0.01 dividend. 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 payout ratio is currently 0.16%.

Insiders Place Their Bets

In other news, Director Rodriguez Felix V. Matos sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $300.18, for a total value of $300,180.00. Following the transaction, the director owned 4,369 shares in the company, valued at approximately $1,311,486.42. The trade was a 18.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director G. Staley Cates acquired 1,500 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The shares were purchased at an average price of $305.83 per share, with a total value of $458,745.00. Following the completion of the transaction, the director owned 6,405 shares of the company’s stock, valued at $1,958,841.15. This trade represents a 30.58% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 21,902 shares of company stock valued at $7,257,719 over the last three months. Insiders own 2.90% of the company’s stock.

Institutional Trading of Affiliated Managers Group

A number of institutional investors have recently bought and sold shares of the company. Norges Bank bought a new position in shares of Affiliated Managers Group in the 4th quarter worth about $113,743,000. Balyasny Asset Management L.P. lifted its stake in Affiliated Managers Group by 3,811.8% in the second quarter. Balyasny Asset Management L.P. now owns 311,383 shares of the asset manager’s stock valued at $61,271,000 after buying an additional 303,423 shares during the period. Alyeska Investment Group L.P. acquired a new position in Affiliated Managers Group in the third quarter valued at approximately $70,356,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Affiliated Managers Group by 28,466.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 193,392 shares of the asset manager’s stock worth $58,240,000 after buying an additional 192,715 shares in the last quarter. Finally, Bank of America Corp DE grew its position in shares of Affiliated Managers Group by 75.5% during the 1st quarter. Bank of America Corp DE now owns 409,578 shares of the asset manager’s stock worth $113,330,000 after buying an additional 176,246 shares during the period. Institutional investors own 95.30% of the company’s stock.

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.