Affiliated Managers Group (NYSE:AMG) had its price objective upped by research analysts at Deutsche Bank from $213.00 to $215.00 in a report released on Friday. The firm currently has a “buy” rating on the asset manager’s stock. Deutsche Bank’s target price indicates a potential upside of 21.11% from the stock’s current price.
A number of other research analysts have also weighed in on the company. Citigroup raised Affiliated Managers Group from a “neutral” rating to a “buy” rating in a report on Friday, January 19th. Credit Suisse Group reaffirmed a “hold” rating and set a $215.00 target price on shares of Affiliated Managers Group in a report on Friday, January 12th. Zacks Investment Research raised Affiliated Managers Group from a “hold” rating to a “buy” rating and set a $230.00 target price for the company in a report on Tuesday, January 2nd. Goldman Sachs lowered Affiliated Managers Group from a “buy” rating to a “neutral” rating and set a $216.00 target price for the company. in a report on Tuesday, January 9th. Finally, Barrington Research lifted their target price on Affiliated Managers Group to $240.00 and gave the company an “outperform” rating in a report on Tuesday, January 30th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $228.25.
AMG traded down $4.49 during trading hours on Friday, hitting $177.52. The stock had a trading volume of 121,189 shares, compared to its average volume of 414,275. Affiliated Managers Group has a 1 year low of $148.81 and a 1 year high of $216.99. The firm has a market cap of $10,023.49, a P/E ratio of 12.20, a price-to-earnings-growth ratio of 0.66 and a beta of 1.51. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.59 and a current ratio of 0.59.
Affiliated Managers Group declared that its board has authorized a share buyback plan on Monday, January 29th that authorizes the company to buyback 3,400,000 shares. This buyback authorization authorizes the asset manager to buy shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
In other news, CFO Jay C. Horgen sold 30,000 shares of Affiliated Managers Group stock in a transaction dated Thursday, March 8th. The stock was sold at an average price of $189.59, for a total transaction of $5,687,700.00. Following the completion of the sale, the chief financial officer now owns 114,039 shares in the company, valued at approximately $21,620,654.01. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.40% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of AMG. New York State Common Retirement Fund boosted its position in shares of Affiliated Managers Group by 3.8% during the 3rd quarter. New York State Common Retirement Fund now owns 145,350 shares of the asset manager’s stock valued at $27,592,000 after acquiring an additional 5,361 shares during the last quarter. KBC Group NV boosted its position in shares of Affiliated Managers Group by 13.9% during the 3rd quarter. KBC Group NV now owns 7,888 shares of the asset manager’s stock valued at $1,497,000 after acquiring an additional 960 shares during the last quarter. Tredje AP fonden boosted its position in shares of Affiliated Managers Group by 28.7% during the 3rd quarter. Tredje AP fonden now owns 2,290 shares of the asset manager’s stock valued at $435,000 after acquiring an additional 510 shares during the last quarter. Private Advisor Group LLC bought a new stake in shares of Affiliated Managers Group during the 3rd quarter valued at about $239,000. Finally, Envestnet Asset Management Inc. boosted its position in shares of Affiliated Managers Group by 2.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 15,082 shares of the asset manager’s stock valued at $2,863,000 after acquiring an additional 370 shares during the last quarter. Hedge funds and other institutional investors own 96.65% of the company’s stock.
Affiliated Managers Group Company Profile
Affiliated Managers Group, Inc, through its affiliates, operates as an asset management company providing investment management services to mutual funds, institutional clients, and high net worth individuals in the United States. It provides advisory or subadvisory services to mutual funds. These funds are distributed to retail and institutional clients directly and through intermediaries, including independent investment advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments.
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