Gabelli Funds LLC Raises Stock Position in Affiliated Managers Group, Inc. $AMG

Gabelli Funds LLC boosted its stake in Affiliated Managers Group, Inc. (NYSE:AMG) by 83.7% in the first quarter, HoldingsChannel reports. The firm owned 5,486 shares of the asset manager’s stock after acquiring an additional 2,500 shares during the period. Gabelli Funds LLC’s holdings in Affiliated Managers Group were worth $1,518,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Leonteq Securities AG bought a new position in shares of Affiliated Managers Group during the 4th quarter valued at $30,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Affiliated Managers Group in the 4th quarter worth $42,000. Arax Advisory Partners grew its holdings in shares of Affiliated Managers Group by 94.1% in the fourth quarter. Arax Advisory Partners now owns 198 shares of the asset manager’s stock worth $57,000 after acquiring an additional 96 shares during the period. WealthCollab LLC grew its holdings in shares of Affiliated Managers Group by 40.5% in the first quarter. WealthCollab LLC now owns 229 shares of the asset manager’s stock worth $63,000 after acquiring an additional 66 shares during the period. Finally, CIBC Private Wealth Group LLC grew its holdings in shares of Affiliated Managers Group by 676.7% in the fourth quarter. CIBC Private Wealth Group LLC now owns 233 shares of the asset manager’s stock worth $67,000 after acquiring an additional 203 shares during the period. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AMG. Weiss Ratings reissued a “buy (b)” rating on shares of Affiliated Managers Group in a report on Friday, June 26th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $405.00 price target on shares of Affiliated Managers Group in a research report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $400.00 price objective on shares of Affiliated Managers Group in a research note on Monday, May 4th. Wall Street Zen raised shares of Affiliated Managers Group from a “hold” rating to a “buy” rating in a report on Sunday, June 28th. Finally, TD Cowen reissued a “buy” rating and issued a $454.00 price objective on shares of Affiliated Managers Group in a report on Wednesday, May 13th. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $362.29.

Insider Activity at Affiliated Managers Group

In other news, Director Annette Franqui bought 750 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were bought at an average price of $304.88 per share, for a total transaction of $228,660.00. Following the purchase, the director owned 1,962 shares in the company, valued at approximately $598,174.56. The trade was a 61.88% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director G. Staley Cates bought 1,500 shares of the firm’s stock in a transaction on Wednesday, May 6th. The shares were purchased at an average price of $305.83 per share, for a total transaction of $458,745.00. Following the purchase, the director owned 6,405 shares in the company, valued at $1,958,841.15. This trade represents a 30.58% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 21,902 shares of company stock worth $7,257,719 in the last quarter. 2.90% of the stock is currently owned by insiders.

Affiliated Managers Group Price Performance

Shares of Affiliated Managers Group stock opened at $361.20 on Thursday. The stock has a market cap of $9.54 billion, a P/E ratio of 14.61, a P/E/G ratio of 0.57 and a beta of 1.12. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.79 and a current ratio of 1.79. The stock’s fifty day moving average is $343.28 and its 200 day moving average is $314.19. Affiliated Managers Group, Inc. has a one year low of $200.00 and a one year high of $382.75.

Affiliated Managers Group (NYSE:AMG) last released its quarterly earnings results on Friday, May 1st. The asset manager reported $8.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.10 by $0.13. The business had revenue of $544.90 million during the quarter, compared to analyst estimates of $544.01 million. Affiliated Managers Group had a return on equity of 20.17% and a net margin of 35.55%.Affiliated Managers Group’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.37 earnings per share. Sell-side analysts anticipate that Affiliated Managers Group, Inc. will post 35.48 earnings per share for the current year.

Affiliated Managers Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 11th were given a dividend of $0.01 per share. 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, May 11th. Affiliated Managers Group’s payout ratio is presently 0.16%.

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.