Affiliated Managers Group’s (AMG) Buy Rating Reiterated at TD Cowen

TD Cowen reiterated their buy rating on shares of Affiliated Managers Group (NYSE:AMG) in a research report report published on Wednesday,Benzinga reports. The firm currently has a $454.00 price target on the asset manager’s stock.

AMG has been the topic of a number of other reports. The Goldman Sachs Group reaffirmed a “buy” rating and set a $405.00 price target on shares of Affiliated Managers Group in a research note on Monday, May 4th. Barrington Research reaffirmed an “outperform” rating and set a $365.00 price target on shares of Affiliated Managers Group in a research note on Monday, April 27th. Wall Street Zen downgraded Affiliated Managers Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 4th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Affiliated Managers Group in a research note on Wednesday, January 21st. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $400.00 price objective on shares of Affiliated Managers Group in a report on Monday, May 4th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $362.29.

Affiliated Managers Group Stock Down 2.8%

Shares of Affiliated Managers Group stock opened at $293.75 on Wednesday. Affiliated Managers Group has a one year low of $172.54 and a one year high of $334.78. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.79 and a quick ratio of 1.79. The stock’s 50-day moving average is $286.55 and its 200 day moving average is $287.88. The firm has a market cap of $7.76 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 0.52 and a beta of 1.14.

Affiliated Managers Group (NYSE:AMG) last announced its earnings results on Friday, May 1st. The asset manager reported $8.23 EPS for the quarter, beating the consensus estimate of $8.10 by $0.13. Affiliated Managers Group had a return on equity of 20.17% and a net margin of 35.55%.The company had revenue of $544.90 million for the quarter, compared to analyst estimates of $544.01 million. During the same quarter in the prior year, the company earned $5.37 EPS. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. Equities research analysts anticipate that Affiliated Managers Group will post 34.27 EPS for the current year.

Affiliated Managers Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Monday, May 11th will be issued a $0.01 dividend. The ex-dividend date of this dividend is Monday, May 11th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. Affiliated Managers Group’s dividend payout ratio is currently 0.16%.

Insider Buying and Selling

In other news, General Counsel Kavita Padiyar sold 2,200 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $278.24, for a total value of $612,128.00. Following the completion of the transaction, the general counsel directly owned 42,672 shares of the company’s stock, valued at $11,873,057.28. This represents a 4.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director David Christopher Ryan sold 3,402 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $305.06, for a total value of $1,037,814.12. Following the completion of the transaction, the director directly owned 1,092 shares of the company’s stock, valued at approximately $333,125.52. This represents a 75.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 14,602 shares of company stock valued at $4,240,522 over the last quarter. Corporate insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Affiliated Managers Group

Several institutional investors have recently modified their holdings of the business. Captrust Financial Advisors grew its holdings in shares of Affiliated Managers Group by 3.5% in the fourth quarter. Captrust Financial Advisors now owns 1,003 shares of the asset manager’s stock valued at $289,000 after acquiring an additional 34 shares in the last quarter. AlphaCore Capital LLC grew its holdings in Affiliated Managers Group by 3.4% during the fourth quarter. AlphaCore Capital LLC now owns 1,083 shares of the asset manager’s stock valued at $312,000 after purchasing an additional 36 shares during the period. Parallel Advisors LLC grew its holdings in Affiliated Managers Group by 4.3% during the first quarter. Parallel Advisors LLC now owns 1,016 shares of the asset manager’s stock valued at $281,000 after purchasing an additional 42 shares during the period. Allworth Financial LP boosted its holdings in Affiliated Managers Group by 10.3% in the 4th quarter. Allworth Financial LP now owns 482 shares of the asset manager’s stock worth $139,000 after buying an additional 45 shares during the period. Finally, Coldstream Capital Management Inc. boosted its holdings in shares of Affiliated Managers Group by 2.0% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,400 shares of the asset manager’s stock worth $692,000 after acquiring an additional 46 shares during the period. 95.30% of the stock is owned by institutional investors.

About Affiliated Managers Group

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.