Van ECK Associates Corp Purchases Shares of 20,250 Affiliated Managers Group, Inc. $AMG

Van ECK Associates Corp acquired a new position in shares of Affiliated Managers Group, Inc. (NYSE:AMG) in the 2nd quarter, HoldingsChannel reports. The fund acquired 20,250 shares of the asset manager’s stock, valued at approximately $6,853,000.

A number of other institutional investors also recently modified their holdings of AMG. N.E.W. Advisory Services LLC bought a new stake in Affiliated Managers Group in the second quarter valued at $25,000. Leonteq Securities AG bought a new position in shares of Affiliated Managers Group during the 4th quarter worth about $30,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Affiliated Managers Group in the 4th quarter valued at about $42,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Affiliated Managers Group during the 2nd quarter worth approximately $48,000. Finally, EverSource Wealth Advisors LLC raised its stake in 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 buying an additional 56 shares during the period. Institutional investors and hedge funds own 95.30% of the company’s stock.

Insiders Place Their Bets

In related news, 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 owned 204,706 shares in the company, valued at approximately $69,245,898.62. This represents a 7.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

AMG has been the subject of a number of research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Affiliated Managers Group in a research note on Friday, June 26th. Barrington Research set a $425.00 price objective on shares of Affiliated Managers Group in a report on Friday, July 31st. Zacks Research raised shares of Affiliated Managers Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. TD Cowen reiterated a “buy” rating and set a $454.00 price objective on shares of Affiliated Managers Group in a report on Wednesday, May 13th. Finally, Wall Street Zen downgraded shares of Affiliated Managers Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday. One equities research analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $370.86.

Affiliated Managers Group Stock Performance

Shares of Affiliated Managers Group stock opened at $358.21 on Thursday. The business’s fifty day simple moving average is $361.37 and its 200 day simple moving average is $323.40. The firm has a market capitalization of $9.26 billion, a P/E ratio of 12.41, a price-to-earnings-growth ratio of 0.49 and a beta of 1.10. Affiliated Managers Group, Inc. has a 12 month low of $227.22 and a 12 month high of $392.92. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.76.

Affiliated Managers Group (NYSE:AMG) last announced its quarterly earnings data on Thursday, July 30th. The asset manager reported $8.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $640.70 million during the quarter, compared to the consensus estimate of $590.94 million. During the same quarter in the prior year, the company earned $5.39 EPS. The business’s revenue for the quarter was up .0% on a year-over-year basis. As a group, analysts anticipate that Affiliated Managers Group, Inc. will post 36.69 EPS for the current year.

Affiliated Managers Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 10th were issued 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, August 10th. Affiliated Managers Group’s payout ratio is 0.14%.

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.