Affiliated Managers Group (NYSE:AMG) Price Target Cut to $222.00

Affiliated Managers Group (NYSE:AMGGet Rating) had its target price cut by research analysts at Citigroup from $241.00 to $222.00 in a report issued on Tuesday, The Fly reports. Citigroup’s target price points to a potential upside of 63.21% from the stock’s current price.

Other research analysts also recently issued reports about the company. Barrington Research cut their price objective on Affiliated Managers Group from $190.00 to $160.00 in a research note on Monday. Deutsche Bank Aktiengesellschaft cut their price objective on Affiliated Managers Group from $183.00 to $158.00 in a research note on Thursday, April 7th. Finally, StockNews.com initiated coverage on Affiliated Managers Group in a research note on Thursday, March 31st. They set a “buy” rating for the company. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Affiliated Managers Group presently has a consensus rating of “Buy” and an average target price of $195.71.

Shares of Affiliated Managers Group stock traded up $5.89 during trading hours on Tuesday, reaching $136.02. 269,979 shares of the stock traded hands, compared to its average volume of 271,150. The business’s 50 day moving average is $135.50. The company has a market capitalization of $5.30 billion, a price-to-earnings ratio of 9.89, a price-to-earnings-growth ratio of 0.68 and a beta of 1.33. Affiliated Managers Group has a one year low of $121.32 and a one year high of $191.62.

Affiliated Managers Group (NYSE:AMGGet Rating) last released its quarterly earnings results on Monday, May 2nd. The asset manager reported $4.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.34 by $0.31. The business had revenue of $607.30 million during the quarter, compared to the consensus estimate of $662.80 million. Affiliated Managers Group had a return on equity of 23.53% and a net margin of 23.45%. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company posted $4.28 EPS. As a group, equities research analysts forecast that Affiliated Managers Group will post 18.99 earnings per share for the current fiscal year.

In other news, Director Tracy P. Palandjian acquired 3,700 shares of Affiliated Managers Group stock in a transaction on Tuesday, February 22nd. The shares were acquired at an average price of $137.67 per share, with a total value of $509,379.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Reuben Jeffery III acquired 3,500 shares of Affiliated Managers Group stock in a transaction on Tuesday, February 15th. The stock was purchased 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.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Yousif Capital Management LLC purchased a new position in Affiliated Managers Group during the 4th quarter valued at $3,790,000. Commonwealth Equity Services LLC purchased a new position in Affiliated Managers Group during the 3rd quarter valued at $804,000. Commerce Bank boosted its holdings in Affiliated Managers Group by 2.7% during the 3rd quarter. Commerce Bank now owns 8,815 shares of the asset manager’s stock valued at $1,331,000 after acquiring an additional 229 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Affiliated Managers Group by 34.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,950 shares of the asset manager’s stock valued at $979,000 after acquiring an additional 1,537 shares during the period. Finally, KB Financial Partners LLC boosted its holdings in Affiliated Managers Group by 28.6% during the 3rd quarter. KB Financial Partners LLC now owns 3,166 shares of the asset manager’s stock valued at $478,000 after acquiring an additional 704 shares during the period. 96.35% of the stock is currently owned by hedge funds and other 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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