Affiliated Managers Group (NYSE:AMG) Lowered to “Buy” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Affiliated Managers Group (NYSE:AMG) from a strong-buy rating to a buy rating in a research note published on Sunday morning.

Several other research firms also recently commented on AMG. The Goldman Sachs Group reissued a “buy” rating and set a $405.00 price objective on shares of Affiliated Managers Group in a report on Monday, May 4th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Affiliated Managers Group in a report on Friday, June 26th. Barrington Research set a $425.00 target price on Affiliated Managers Group in a research report on Friday, July 31st. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $400.00 price target on shares of Affiliated Managers Group in a research note on Monday, May 4th. Finally, TD Cowen restated a “buy” rating and set a $454.00 price target on shares of Affiliated Managers Group in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $370.86.

Affiliated Managers Group Price Performance

AMG stock opened at $371.22 on Friday. Affiliated Managers Group has a one year low of $223.44 and a one year high of $392.92. The company’s fifty day moving average price is $360.58 and its 200-day moving average price is $322.37. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.24 and a current ratio of 1.24. The company has a market capitalization of $9.60 billion, a PE ratio of 12.86, a price-to-earnings-growth ratio of 0.50 and a beta of 1.11.

Affiliated Managers Group (NYSE:AMG) last issued its earnings results on Thursday, July 30th. The asset manager reported $8.29 earnings per share for the quarter, topping analysts’ consensus estimates of $7.90 by $0.39. The firm had revenue of $640.70 million during the quarter, compared to analyst estimates of $590.94 million. Affiliated Managers Group had a net margin of 37.72% and a return on equity of 21.94%. Affiliated Managers Group’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.39 earnings per share. On average, equities analysts anticipate that Affiliated Managers Group will post 36.69 EPS for the current fiscal year.

Affiliated Managers Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 10th were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. The ex-dividend date of this dividend was Monday, August 10th. Affiliated Managers Group’s dividend payout ratio (DPR) is presently 0.14%.

Insider Activity

In related news, CEO Jay C. Horgen sold 17,500 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $338.27, for a total value of $5,919,725.00. Following the completion of the transaction, the chief executive officer owned 204,706 shares of the company’s stock, valued at approximately $69,245,898.62. This trade represents a 7.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Affiliated Managers Group

Several large investors have recently added to or reduced their stakes in AMG. California State Teachers Retirement System increased its position in shares of Affiliated Managers Group by 30,051.3% during the 2nd quarter. California State Teachers Retirement System now owns 9,905,306 shares of the asset manager’s stock valued at $3,351,956,000 after purchasing an additional 9,872,454 shares during the last quarter. BlackRock Inc. bought a new stake in Affiliated Managers Group in the second quarter worth $938,294,000. Bank of America Corp DE bought a new stake in Affiliated Managers Group in the second quarter worth $146,331,000. Norges Bank purchased a new position in Affiliated Managers Group during the fourth quarter worth $113,743,000. Finally, Balyasny Asset Management L.P. boosted its stake in Affiliated Managers Group by 3,811.8% during the second quarter. Balyasny Asset Management L.P. now owns 311,383 shares of the asset manager’s stock worth $61,271,000 after buying an additional 303,423 shares during the period. 95.30% of the stock is owned by institutional investors.

Affiliated Managers Group Company Profile

Affiliated Managers Group, Inc (NYSE: AMG) is a global asset management holding company that partners with boutique investment firms. Founded in 1993 and headquartered in West Palm Beach, Florida, AMG invests in and collaborates with independent investment managers to foster growth while preserving their entrepreneurial culture. Through equity stakes and strategic support, the company aims to enhance its affiliates’ distribution capabilities, operational infrastructure and access to capital.

The company’s core business activities include providing capital solutions, distribution services and operational support to affiliated investment firms.