Basswood Capital Management L.L.C. Makes New Investment in Affiliated Managers Group, Inc. $AMG

Basswood Capital Management L.L.C. acquired a new stake in shares of Affiliated Managers Group, Inc. (NYSE:AMG) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 34,501 shares of the asset manager’s stock, valued at approximately $11,675,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Affiliated Managers Group in the 2nd quarter worth about $938,294,000. Norges Bank bought a new position in Affiliated Managers Group during the 4th quarter valued at about $113,743,000. Balyasny Asset Management L.P. boosted its position 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 in the last quarter. Alyeska Investment Group L.P. acquired a new position in Affiliated Managers Group in the third quarter valued at about $70,356,000. Finally, Bank of New York Mellon Corp acquired a new position in Affiliated Managers Group in the second quarter valued at about $95,418,000. Institutional investors and hedge funds own 95.30% of the company’s stock.

Affiliated Managers Group Price Performance

AMG opened at $371.40 on Thursday. Affiliated Managers Group, Inc. has a one year low of $223.44 and a one year high of $392.92. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.24 and a quick ratio of 1.24. The company’s 50 day simple moving average is $359.89 and its 200-day simple moving average is $321.44. The stock has a market capitalization of $9.60 billion, a P/E ratio of 12.86, a price-to-earnings-growth ratio of 0.50 and a beta of 1.11.

Affiliated Managers Group (NYSE:AMG) last issued its quarterly earnings results on Thursday, July 30th. The asset manager reported $8.29 earnings per share for the quarter, beating analysts’ consensus estimates of $7.90 by $0.39. Affiliated Managers Group had a net margin of 37.72% and a return on equity of 21.94%. The business had revenue of $640.70 million during the quarter, compared to analyst estimates of $590.94 million. During the same quarter last year, the business posted $5.39 earnings per share. Affiliated Managers Group’s revenue for the quarter was up .0% compared to the same quarter last year. Sell-side analysts anticipate that Affiliated Managers Group, Inc. will post 36.69 earnings per share for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 10th were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. The ex-dividend date of this dividend was Monday, August 10th. Affiliated Managers Group’s dividend payout ratio (DPR) is 0.14%.

Insider Buying and Selling at Affiliated Managers Group

In other news, CEO Jay C. Horgen sold 17,500 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $338.27, for a total transaction of $5,919,725.00. Following the completion of the sale, the chief executive officer owned 204,706 shares in the company, valued at $69,245,898.62. The trade was a 7.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Annette Franqui bought 750 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were purchased at an average price of $304.88 per share, with a total value of $228,660.00. Following the transaction, the director owned 1,962 shares of the company’s stock, valued at $598,174.56. The trade was a 61.88% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 2.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on AMG shares. Wall Street Zen raised shares of Affiliated Managers Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 22nd. Zacks Research raised Affiliated Managers Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 4th. Barrington Research set a $425.00 price target on Affiliated Managers Group in a research report on Friday, July 31st. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $400.00 price target on shares of Affiliated Managers Group in a research report on Monday, May 4th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Affiliated Managers Group in a research report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $370.86.

Affiliated Managers Group 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.