Zacks Investment Research upgraded shares of Affiliated Managers Group (NYSE:AMG) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The brokerage currently has $225.00 price target on the asset manager’s stock.
According to Zacks, “Affiliated Managers’ shares have outperformed the industry, over the past twelve 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 and high debt levels remain major near-term concerns for the company.”
AMG has been the subject of several other reports. Barrington Research reiterated an outperform rating and set 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. Credit Suisse Group downgraded Affiliated Managers Group from an outperform rating to a neutral rating and set a $220.00 price objective for the company. in a research report on Wednesday, January 3rd. Jefferies Group reiterated a buy rating and set a $226.00 price objective on shares of Affiliated Managers Group in a research report on Thursday, October 12th. Goldman Sachs Group downgraded Affiliated Managers Group from a buy rating to a neutral rating and set a $216.00 price objective for the company. in a research report on Tuesday. Finally, Keefe, Bruyette & Woods reiterated a buy rating and set a $229.00 price objective on shares of Affiliated Managers Group in a research report on Thursday, October 12th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has a consensus rating of Buy and an average target price of $211.00.
Affiliated Managers Group (NYSE:AMG) last posted its 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 company had revenue of $585.70 million during the quarter, compared to analyst estimates of $586.55 million. Affiliated Managers Group had a return on equity of 17.63% and a net margin of 23.29%. The business’s revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the company earned $3.02 earnings per share. sell-side analysts forecast that Affiliated Managers Group will post 14.48 EPS for the current fiscal year.
In other Affiliated Managers Group news, CEO Sean M. Healey sold 69,800 shares of the company’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $185.48, for a total value of $12,946,504.00. Following the completion of the sale, the chief executive officer now directly owns 194,943 shares in the company, valued at $36,158,027.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dwight D. Churchill sold 2,080 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $184.28, for a total value of $383,302.40. Following the completion of the sale, the director now owns 6,104 shares of the company’s stock, valued at $1,124,845.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 89,585 shares of company stock valued at $16,734,012. Insiders own 1.40% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Douglas Lane & Associates LLC acquired a new stake in Affiliated Managers Group in the third quarter worth approximately $200,000. BNP Paribas Arbitrage SA lifted its position in shares of Affiliated Managers Group by 31.6% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 35,948 shares of the asset manager’s stock valued at $6,824,000 after acquiring an additional 8,641 shares during the last quarter. Rhumbline Advisers lifted its position in shares of Affiliated Managers Group by 2.1% during the 3rd quarter. Rhumbline Advisers now owns 103,393 shares of the asset manager’s stock valued at $19,627,000 after acquiring an additional 2,148 shares during the last quarter. Nomura Holdings Inc. acquired a new stake in shares of Affiliated Managers Group during the 2nd quarter valued at $712,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Affiliated Managers Group by 16.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 593,301 shares of the asset manager’s stock valued at $112,364,000 after acquiring an additional 83,018 shares during the last quarter. Hedge funds and other institutional investors own 95.65% of the company’s stock.
About Affiliated Managers Group
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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