Commerce Bank Purchases New Shares in Affiliated Managers Group, Inc. $AMG

Commerce Bank purchased a new stake in Affiliated Managers Group, Inc. (NYSE:AMG) during the second quarter, Holdings Channel reports. The institutional investor purchased 7,485 shares of the asset manager’s stock, valued at approximately $2,533,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. N.E.W. Advisory Services LLC purchased a new position in Affiliated Managers Group during the second quarter valued at $25,000. Leonteq Securities AG purchased a new stake in shares of Affiliated Managers Group during the fourth quarter worth about $30,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Affiliated Managers Group during the fourth quarter worth about $42,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Affiliated Managers Group during the 2nd quarter worth about $48,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Affiliated Managers Group by 45.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 179 shares of the asset manager’s stock worth $50,000 after purchasing an additional 56 shares during the last quarter. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Affiliated Managers Group Price Performance

Shares of NYSE AMG opened at $359.08 on Tuesday. The firm has a 50-day simple moving average of $359.42 and a 200-day simple moving average of $320.56. The stock has a market capitalization of $9.29 billion, a price-to-earnings ratio of 12.44, a price-to-earnings-growth ratio of 0.48 and a beta of 1.11. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.76. Affiliated Managers Group, Inc. has a 52 week low of $223.44 and a 52 week high of $392.92.

Affiliated Managers Group (NYSE:AMG) last posted its quarterly earnings results on Thursday, July 30th. The asset manager reported $8.29 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $640.70 million for the quarter, compared to the consensus estimate of $590.94 million. During the same period last year, the firm posted $5.39 earnings per share. The company’s revenue for the quarter was up .0% on a year-over-year basis. On average, equities analysts predict that Affiliated Managers Group, Inc. will post 36.69 earnings per share for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 10th were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a 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%.

Analyst Ratings Changes

A number of brokerages recently weighed in on AMG. TD Cowen reaffirmed a “buy” rating and issued a $454.00 price target on shares of Affiliated Managers Group in a research note on Wednesday, May 13th. Zacks Research raised Affiliated Managers Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 4th. Weiss Ratings restated a “buy (b)” rating on shares of Affiliated Managers Group in a research report on Friday, June 26th. Wall Street Zen upgraded Affiliated Managers Group from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, Barrington Research set a $425.00 price target on Affiliated Managers Group in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $370.86.

Insider Activity at Affiliated Managers Group

In other news, CEO Jay C. Horgen sold 17,500 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 204,706 shares in the company, valued at $69,245,898.62. The trade was a 7.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Annette Franqui purchased 750 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was bought at an average price of $304.88 per share, with a total value of $228,660.00. Following the completion of the transaction, the director directly 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 SEC filing for this purchase provides additional information. 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.