Zacks Investment Research upgraded shares of Affiliated Managers Group (NYSE:AMG) from a hold rating to a buy rating in a report published on Tuesday morning. The brokerage currently has $230.00 price objective on the asset manager’s stock.
According to Zacks, “Affiliated Managers’ shares have outperformed the industry, over the past six months. This was supported by the company’s impressive earnings surprise history, as it surpassed the Zacks Consensus Estimate in each of the trailing four quarters. The company remains well positioned for growth based on successful partnerships, a diverse product mix and initiatives undertaken to strengthen its retail market operations. Further, inflows are expected to get impetus with broad distribution across channels and product categories. However, pressure on revenues, higher debt levels and intangibles in the balance sheet remain major near-term concerns.”
Several other brokerages have also commented on AMG. Barrington Research reaffirmed an outperform rating and issued a $215.00 price objective on shares of Affiliated Managers Group in a research report on Wednesday, October 4th. They noted that the move was a valuation call. Jefferies Group reaffirmed a buy rating and issued a $226.00 price objective on shares of Affiliated Managers Group in a research report on Thursday, October 12th. Finally, Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $229.00 price objective on shares of Affiliated Managers Group in a research report on Thursday, October 12th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $211.71.
Affiliated Managers Group (NYSE:AMG) last released its quarterly earnings results on Monday, October 30th. The asset manager reported $3.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.36 by $0.05. The business had revenue of $585.70 million during the quarter, compared to analyst estimates of $586.55 million. Affiliated Managers Group had a net margin of 23.29% and a return on equity of 17.63%. The company’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the firm posted $3.02 earnings per share. equities research analysts predict that Affiliated Managers Group will post 14.47 EPS for the current year.
In related news, Director Dwight D. Churchill sold 2,080 shares of the stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $184.28, for a total value of $383,302.40. Following the completion of the transaction, the director now directly owns 6,104 shares of the company’s stock, valued at approximately $1,124,845.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sean M. Healey sold 69,800 shares of the stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $185.48, for a total transaction of $12,946,504.00. Following the completion of the transaction, the chief executive officer now owns 194,943 shares in the company, valued at approximately $36,158,027.64. The disclosure for this sale can be found here. Insiders sold a total of 89,585 shares of company stock valued at $16,734,012 over the last ninety days. 1.40% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Affiliated Managers Group by 5.1% in the 2nd quarter. Vanguard Group Inc. now owns 5,574,012 shares of the asset manager’s stock worth $924,505,000 after buying an additional 270,929 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Affiliated Managers Group by 60.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,591,358 shares of the asset manager’s stock worth $595,663,000 after buying an additional 1,359,805 shares during the period. State Street Corp increased its holdings in Affiliated Managers Group by 6.7% in the 2nd quarter. State Street Corp now owns 2,757,345 shares of the asset manager’s stock worth $457,334,000 after buying an additional 174,278 shares during the period. Atlanta Capital Management Co. L L C increased its holdings in Affiliated Managers Group by 0.6% in the 2nd quarter. Atlanta Capital Management Co. L L C now owns 1,973,612 shares of the asset manager’s stock worth $327,343,000 after buying an additional 10,982 shares during the period. Finally, EdgePoint Investment Group Inc. increased its holdings in Affiliated Managers Group by 42.2% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 1,932,316 shares of the asset manager’s stock worth $320,494,000 after buying an additional 573,066 shares during the period. Institutional investors own 95.65% of the company’s stock.
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Affiliated Managers Group Company Profile
Affiliated Managers Group, Inc is an asset management company with equity investments in boutique investment management firms. The Company operates in three segments, which represent its principal distribution channels: Institutional, Mutual Fund and High Net Worth. The equity method investments in the Institutional distribution channel are made in relationships with public and private client entities, including foundations, endowments, sovereign wealth funds and retirement plans for corporations and municipalities.
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