Westpac Banking Corp Boosts Stake in Affiliated Managers Group, Inc. (NYSE:AMG)

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Westpac Banking Corp raised its position in Affiliated Managers Group, Inc. (NYSE:AMG) by 48.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 36,098 shares of the asset manager’s stock after buying an additional 11,770 shares during the period. Westpac Banking Corp owned 0.07% of Affiliated Managers Group worth $3,326,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Osborn Williams & Donohoe LLC purchased a new stake in Affiliated Managers Group in the 1st quarter valued at about $39,000. Truvestments Capital LLC purchased a new stake in Affiliated Managers Group in the 2nd quarter valued at about $74,000. Integrated Investment Consultants LLC purchased a new stake in Affiliated Managers Group in the 1st quarter valued at about $201,000. FDx Advisors Inc. increased its stake in Affiliated Managers Group by 22.9% in the 2nd quarter. FDx Advisors Inc. now owns 2,466 shares of the asset manager’s stock valued at $227,000 after buying an additional 460 shares during the last quarter. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH purchased a new stake in Affiliated Managers Group in the 1st quarter valued at about $241,000. Hedge funds and other institutional investors own 96.56% of the company’s stock.

Shares of AMG stock opened at $75.94 on Friday. The company has a 50 day moving average of $86.37 and a 200-day moving average of $97.90. Affiliated Managers Group, Inc. has a 12-month low of $74.36 and a 12-month high of $150.61. The firm has a market cap of $3.85 billion, a P/E ratio of 5.24, a PEG ratio of 0.57 and a beta of 1.63.

Affiliated Managers Group (NYSE:AMG) last issued its quarterly earnings results on Monday, July 29th. The asset manager reported $3.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.19 by $0.14. Affiliated Managers Group had a negative net margin of 5.19% and a positive return on equity of 17.68%. The company had revenue of $591.90 million during the quarter, compared to analyst estimates of $540.89 million. During the same quarter last year, the business posted $3.61 EPS. Affiliated Managers Group’s quarterly revenue was down 1.4% compared to the same quarter last year. Equities research analysts anticipate that Affiliated Managers Group, Inc. will post 13.56 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be paid a dividend of $0.32 per share. The ex-dividend date is Wednesday, August 7th. This represents a $1.28 annualized dividend and a dividend yield of 1.69%. Affiliated Managers Group’s payout ratio is currently 8.83%.

In other news, Director Jide James Zeitlin sold 54,350 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $92.22, for a total transaction of $5,012,157.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.43% of the company’s stock.

Several equities research analysts have commented on AMG shares. Bank of America lowered shares of Affiliated Managers Group from a “buy” rating to an “underperform” rating and decreased their price objective for the company from $97.00 to $85.00 in a research note on Tuesday, July 30th. Deutsche Bank decreased their price objective on shares of Affiliated Managers Group from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Tuesday, May 7th. Barrington Research decreased their price objective on shares of Affiliated Managers Group from $135.00 to $125.00 and set an “outperform” rating for the company in a research note on Monday, July 29th. Citigroup decreased their price target on shares of Affiliated Managers Group from $101.00 to $98.00 and set a “neutral” rating for the company in a research note on Tuesday, July 30th. Finally, Zacks Investment Research lowered shares of Affiliated Managers Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $109.84.

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.

Further Reading: What is Call Option Volume?

Institutional Ownership by Quarter for Affiliated Managers Group (NYSE:AMG)

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