New York Life Investment Management LLC bought a new position in Affiliated Managers Group, Inc. (NYSE:AMG – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,776 shares of the asset manager’s stock, valued at approximately $266,000.
A number of other hedge funds have also recently modified their holdings of AMG. Morgan Stanley raised its holdings in Affiliated Managers Group by 907.4% in the 4th quarter. Morgan Stanley now owns 2,772,941 shares of the asset manager’s stock worth $439,317,000 after purchasing an additional 2,497,690 shares during the period. Envestnet Asset Management Inc. raised its holdings in Affiliated Managers Group by 4,914.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 755,310 shares of the asset manager’s stock worth $1,960,000 after purchasing an additional 740,248 shares during the period. Norges Bank acquired a new position in Affiliated Managers Group in the 4th quarter worth about $74,919,000. Deutsche Bank AG raised its holdings in Affiliated Managers Group by 193.7% in the 1st quarter. Deutsche Bank AG now owns 312,399 shares of the asset manager’s stock worth $44,492,000 after purchasing an additional 206,044 shares during the period. Finally, Lazard Asset Management LLC raised its holdings in Affiliated Managers Group by 24,288.6% in the 4th quarter. Lazard Asset Management LLC now owns 165,355 shares of the asset manager’s stock worth $26,197,000 after purchasing an additional 164,677 shares during the period. Hedge funds and other institutional investors own 92.89% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages have commented on AMG. Barrington Research reduced their target price on Affiliated Managers Group from $195.00 to $175.00 in a report on Wednesday, July 26th. Bank of America reduced their target price on Affiliated Managers Group from $181.00 to $176.00 in a report on Wednesday, October 4th. Jefferies Financial Group reduced their target price on Affiliated Managers Group from $164.00 to $157.00 in a report on Tuesday, October 10th. Deutsche Bank Aktiengesellschaft reduced their target price on Affiliated Managers Group from $150.00 to $148.00 and set a “buy” rating for the company in a report on Wednesday, October 11th. Finally, StockNews.com raised Affiliated Managers Group from a “hold” rating to a “buy” rating in a report on Friday, October 20th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Affiliated Managers Group currently has an average rating of “Moderate Buy” and an average target price of $167.60.
Affiliated Managers Group Price Performance
AMG stock opened at $134.96 on Thursday. The business has a 50 day simple moving average of $129.42 and a 200-day simple moving average of $138.49. The firm has a market capitalization of $4.56 billion, a PE ratio of 4.56, a price-to-earnings-growth ratio of 0.83 and a beta of 1.29. Affiliated Managers Group, Inc. has a 1 year low of $120.22 and a 1 year high of $180.63.
Affiliated Managers Group (NYSE:AMG – Get Free Report) last posted its quarterly earnings results on Monday, November 6th. The asset manager reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.74 by $0.34. The business had revenue of $525.50 million during the quarter, compared to analyst estimates of $509.44 million. Affiliated Managers Group had a return on equity of 17.65% and a net margin of 59.89%. The business’s revenue was down 9.2% compared to the same quarter last year. During the same period in the prior year, the business earned $4.21 earnings per share. On average, equities research analysts expect that Affiliated Managers Group, Inc. will post 18.17 EPS for the current year.
Affiliated Managers Group Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Thursday, November 16th will be given a $0.01 dividend. The ex-dividend date is Wednesday, November 15th. This represents a $0.04 annualized dividend and a yield of 0.03%. Affiliated Managers Group’s payout ratio is 0.14%.
Affiliated Managers Group Profile
Affiliated Managers Group, Inc, through its affiliates, operates as an investment management company providing investment management services to mutual funds, institutional clients,retails and high net worth individuals in the United States. It provides advisory or sub-advisory services to mutual funds.
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