Wallace Capital Management Inc. Makes New Investment in Affiliated Managers Group, Inc. $AMG

Wallace Capital Management Inc. bought a new position in Affiliated Managers Group, Inc. (NYSE:AMG) during the 2nd quarter, Holdings Channel reports. The fund bought 58,334 shares of the asset manager’s stock, valued at approximately $19,740,000. Affiliated Managers Group accounts for about 2.2% of Wallace Capital Management Inc.’s holdings, making the stock its 10th largest position.

Other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in shares of Affiliated Managers Group by 2.2% during the second quarter. GAMMA Investing LLC now owns 1,593 shares of the asset manager’s stock valued at $539,000 after buying an additional 34 shares during the period. Captrust Financial Advisors raised its stake in Affiliated Managers Group by 3.5% during the fourth quarter. Captrust Financial Advisors now owns 1,003 shares of the asset manager’s stock valued at $289,000 after buying an additional 34 shares during the last quarter. AlphaCore Capital LLC raised its position in shares of Affiliated Managers Group by 3.4% in the 4th quarter. AlphaCore Capital LLC now owns 1,083 shares of the asset manager’s stock worth $312,000 after purchasing an additional 36 shares during the last quarter. Parallel Advisors LLC raised its holdings in Affiliated Managers Group by 4.3% in the first quarter. Parallel Advisors LLC now owns 1,016 shares of the asset manager’s stock worth $281,000 after buying an additional 42 shares during the last quarter. Finally, Allworth Financial LP raised its holdings in Affiliated Managers Group by 10.3% in the 4th quarter. Allworth Financial LP now owns 482 shares of the asset manager’s stock worth $139,000 after acquiring an additional 45 shares during the last quarter. 95.30% of the stock is owned by hedge funds and other institutional investors.

Affiliated Managers Group Trading Up 1.7%

NYSE: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 business has a fifty day moving average price of $359.89 and a 200-day moving average price of $321.44. The firm has a market capitalization of $9.60 billion, a price-to-earnings ratio of 12.86, a price-to-earnings-growth ratio of 0.50 and a beta of 1.11. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.24 and a quick ratio of 1.24.

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

Affiliated Managers Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 10th were issued a dividend of $0.01 per share. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. Affiliated Managers Group’s dividend payout ratio (DPR) is currently 0.14%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on AMG shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $400.00 price target on shares of Affiliated Managers Group in a report on Monday, May 4th. Barrington Research set a $425.00 target price on Affiliated Managers Group in a research report on Friday, July 31st. Wall Street Zen upgraded shares of Affiliated Managers Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 22nd. Zacks Research upgraded shares of Affiliated Managers Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. Finally, TD Cowen restated a “buy” rating and set a $454.00 price objective on shares of Affiliated Managers Group in a research report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $370.86.

Insiders Place Their Bets

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

About Affiliated Managers Group

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.