State Board of Administration of Florida Retirement System Sells 6,040 Shares of Affiliated Managers Group, Inc. (NYSE:AMG)

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State Board of Administration of Florida Retirement System reduced its holdings in Affiliated Managers Group, Inc. (NYSE:AMG) by 9.1% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 60,639 shares of the asset manager’s stock after selling 6,040 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.12% of Affiliated Managers Group worth $5,587,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in AMG. Clarkston Capital Partners LLC increased its stake in Affiliated Managers Group by 59.9% in the 2nd quarter. Clarkston Capital Partners LLC now owns 1,198,185 shares of the asset manager’s stock worth $110,401,000 after acquiring an additional 449,060 shares during the last quarter. FMR LLC increased its stake in Affiliated Managers Group by 110.6% in the 1st quarter. FMR LLC now owns 694,862 shares of the asset manager’s stock worth $74,427,000 after acquiring an additional 364,904 shares during the last quarter. Kiltearn Partners LLP increased its stake in Affiliated Managers Group by 26.8% in the 2nd quarter. Kiltearn Partners LLP now owns 1,232,130 shares of the asset manager’s stock worth $113,528,000 after acquiring an additional 260,100 shares during the last quarter. Janus Henderson Group PLC increased its stake in Affiliated Managers Group by 39.6% in the 2nd quarter. Janus Henderson Group PLC now owns 565,467 shares of the asset manager’s stock worth $52,102,000 after acquiring an additional 160,506 shares during the last quarter. Finally, Parametric Portfolio Associates LLC increased its stake in Affiliated Managers Group by 20.6% in the 1st quarter. Parametric Portfolio Associates LLC now owns 347,060 shares of the asset manager’s stock worth $37,174,000 after acquiring an additional 59,335 shares during the last quarter. Institutional investors and hedge funds own 98.07% of the company’s stock.

Shares of Affiliated Managers Group stock opened at $75.03 on Thursday. The firm has a market capitalization of $3.80 billion, a PE ratio of 5.17, a price-to-earnings-growth ratio of 0.55 and a beta of 1.63. The business’s 50-day moving average price is $82.67 and its 200-day moving average price is $96.17. Affiliated Managers Group, Inc. has a 12 month low of $73.90 and a 12 month high of $148.40.

Affiliated Managers Group (NYSE:AMG) last announced its quarterly earnings data on Monday, July 29th. The asset manager reported $3.33 EPS for the quarter, beating the consensus estimate of $3.19 by $0.14. The firm had revenue of $591.90 million for the quarter, compared to analyst estimates of $540.89 million. Affiliated Managers Group had a positive return on equity of 17.68% and a negative net margin of 5.19%. The company’s revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the company earned $3.61 EPS. On average, analysts expect that Affiliated Managers Group, Inc. will post 13.56 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were given a dividend of $0.32 per share. The ex-dividend date was Wednesday, August 7th. This represents a $1.28 annualized dividend and a dividend yield of 1.71%. Affiliated Managers Group’s dividend payout ratio (DPR) is presently 8.83%.

In related news, Director Jide James Zeitlin sold 54,350 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $92.22, for a total transaction of $5,012,157.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.43% of the stock is currently owned by corporate insiders.

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

Affiliated Managers Group 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.

Read More: P/E Growth (PEG)

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

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