Affiliated Managers Group (NYSE:AMG) PT Lowered to $241.00 at Citigroup

Affiliated Managers Group (NYSE:AMGGet Rating) had its price objective dropped by equities researchers at Citigroup from $258.00 to $241.00 in a note issued to investors on Tuesday, April 12th, The Fly reports. The firm currently has a “buy” rating on the asset manager’s stock. Citigroup’s price objective would suggest a potential upside of 77.18% from the company’s previous close.

Several other equities analysts have also recently commented on the stock. StockNews.com initiated coverage on shares of Affiliated Managers Group in a research report on Thursday, March 31st. They set a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Affiliated Managers Group from $183.00 to $158.00 in a research report on Thursday, April 7th. Finally, Bank of America initiated coverage on shares of Affiliated Managers Group in a research report on Thursday, December 16th. They set a “neutral” rating and a $186.00 price target on the stock. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $195.71.

NYSE:AMG traded up $5.92 on Tuesday, reaching $136.02. The stock had a trading volume of 269,979 shares, compared to its average volume of 271,150. The stock’s 50-day moving average price is $135.50. The company has a market cap of $5.30 billion, a PE ratio of 9.89, a P/E/G ratio of 0.68 and a beta of 1.33. Affiliated Managers Group has a 12-month low of $121.32 and a 12-month high of $191.62.

Affiliated Managers Group (NYSE:AMGGet Rating) last posted its quarterly earnings data on Monday, May 2nd. The asset manager reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.34 by $0.31. The company had revenue of $607.30 million during the quarter, compared to analysts’ expectations of $662.80 million. Affiliated Managers Group had a net margin of 23.45% and a return on equity of 23.53%. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the prior year, the company posted $4.28 EPS. Analysts predict that Affiliated Managers Group will post 18.99 EPS for the current fiscal year.

In other Affiliated Managers Group news, Director Tracy P. Palandjian purchased 3,700 shares of the business’s stock in a transaction dated Tuesday, February 22nd. The shares were bought at an average price of $137.67 per share, with a total value of $509,379.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Reuben Jeffery III purchased 3,500 shares of the business’s stock in a transaction dated Tuesday, February 15th. The shares were acquired at an average cost of $143.96 per share, for a total transaction of $503,860.00. The disclosure for this purchase can be found here. Company insiders own 0.70% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Affiliated Managers Group by 7.7% during the fourth quarter. BlackRock Inc. now owns 3,687,323 shares of the asset manager’s stock valued at $606,603,000 after buying an additional 263,316 shares during the last quarter. Atlanta Capital Management Co. L L C increased its stake in shares of Affiliated Managers Group by 0.5% during the fourth quarter. Atlanta Capital Management Co. L L C now owns 2,356,483 shares of the asset manager’s stock valued at $387,665,000 after acquiring an additional 12,773 shares during the period. Spyglass Capital Management LLC increased its stake in shares of Affiliated Managers Group by 4.4% during the third quarter. Spyglass Capital Management LLC now owns 1,579,728 shares of the asset manager’s stock valued at $238,681,000 after acquiring an additional 67,073 shares during the period. State Street Corp increased its stake in shares of Affiliated Managers Group by 1.1% during the fourth quarter. State Street Corp now owns 1,297,974 shares of the asset manager’s stock valued at $213,530,000 after acquiring an additional 13,758 shares during the period. Finally, Ariel Investments LLC increased its stake in shares of Affiliated Managers Group by 6.5% during the fourth quarter. Ariel Investments LLC now owns 897,648 shares of the asset manager’s stock valued at $147,672,000 after acquiring an additional 54,839 shares during the period. 96.35% of the stock is currently owned by institutional investors.

Affiliated Managers Group Company Profile (Get Rating)

Affiliated Managers Group, Inc, through its affiliates, operates as an asset management company providing investment management services to mutual funds, institutional clients, and high net worth individuals in the United States. It provides advisory or subadvisory services to mutual funds. These funds are distributed to retail and institutional clients directly and through intermediaries, including independent investment advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments.

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