Deutsche Bank upgraded shares of Affiliated Managers Group (NYSE:AMG) from a hold rating to a buy rating in a report issued on Tuesday, Marketbeat reports. Deutsche Bank currently has $215.00 price target on the asset manager’s stock, down from their prior price target of $216.00.
A number of other research firms also recently weighed in on AMG. Barrington Research raised their price target on shares of Affiliated Managers Group to $240.00 and gave the company an outperform rating in a research note on Tuesday, January 30th. They noted that the move was a valuation call. Citigroup upgraded shares of Affiliated Managers Group from a neutral rating to a buy rating in a research note on Friday, January 19th. Zacks Investment Research upgraded shares of Affiliated Managers Group from a hold rating to a buy rating and set a $230.00 price target on the stock in a research note on Tuesday, January 2nd. Credit Suisse Group downgraded shares of Affiliated Managers Group from an outperform rating to a neutral rating and set a $220.00 target price on the stock. in a research report on Wednesday, January 3rd. Finally, Goldman Sachs Group downgraded shares of Affiliated Managers Group from a buy rating to a neutral rating and set a $216.00 target price on the stock. in a research report on Tuesday, January 9th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $228.25.
Shares of Affiliated Managers Group (NYSE:AMG) opened at $191.79 on Tuesday. Affiliated Managers Group has a one year low of $148.81 and a one year high of $216.99. The company has a quick ratio of 0.54, a current ratio of 0.59 and a debt-to-equity ratio of 0.23. The firm has a market cap of $10,576.68, a P/E ratio of 13.01, a PEG ratio of 0.68 and a beta of 1.57.
Affiliated Managers Group announced that its board has approved a stock repurchase program on Monday, January 29th that allows the company to buyback 3,400,000 outstanding shares. This buyback authorization allows the asset manager to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Investors of record on Thursday, February 8th will be given a dividend of $0.30 per share. The ex-dividend date is Wednesday, February 7th. This is an increase from Affiliated Managers Group’s previous quarterly dividend of $0.20. This represents a $1.20 annualized dividend and a yield of 0.63%. Affiliated Managers Group’s dividend payout ratio (DPR) is currently 6.63%.
In related news, insider Peter W. Macewen sold 10,000 shares of Affiliated Managers Group stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $197.67, for a total transaction of $1,976,700.00. Following the sale, the insider now directly owns 37,682 shares in the company, valued at approximately $7,448,600.94. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.40% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the stock. Advisor Group Inc. raised its holdings in Affiliated Managers Group by 46.2% during the 2nd quarter. Advisor Group Inc. now owns 722 shares of the asset manager’s stock worth $120,000 after purchasing an additional 228 shares during the last quarter. Renaissance Technologies LLC bought a new position in Affiliated Managers Group during the 2nd quarter worth approximately $12,766,000. Dimensional Fund Advisors LP raised its holdings in Affiliated Managers Group by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 295,233 shares of the asset manager’s stock worth $48,967,000 after purchasing an additional 767 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in Affiliated Managers Group during the 2nd quarter worth approximately $302,000. Finally, Nomura Holdings Inc. bought a new position in Affiliated Managers Group during the 2nd quarter worth approximately $712,000. Institutional investors and hedge funds own 94.81% 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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