Truist Financial Corp Cuts Stake in Affiliated Managers Group, Inc. (NYSE:AMG)

Truist Financial Corp reduced its stake in shares of Affiliated Managers Group, Inc. (NYSE:AMG) by 10.2% during the 4th quarter, HoldingsChannel reports. The fund owned 38,000 shares of the asset manager’s stock after selling 4,325 shares during the period. Truist Financial Corp’s holdings in Affiliated Managers Group were worth $5,754,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Morgan Stanley lifted its holdings in shares of Affiliated Managers Group by 1.7% during the 3rd quarter. Morgan Stanley now owns 2,474,577 shares of the asset manager’s stock worth $322,537,000 after acquiring an additional 41,120 shares during the period. LGT Capital Partners LTD. raised its holdings in Affiliated Managers Group by 28.3% in the fourth quarter. LGT Capital Partners LTD. now owns 393,330 shares of the asset manager’s stock valued at $59,558,000 after buying an additional 86,670 shares during the period. SG Americas Securities LLC raised its holdings in Affiliated Managers Group by 72.3% in the fourth quarter. SG Americas Securities LLC now owns 15,256 shares of the asset manager’s stock valued at $2,310,000 after buying an additional 6,402 shares during the period. New York State Common Retirement Fund raised its holdings in Affiliated Managers Group by 342.1% in the fourth quarter. New York State Common Retirement Fund now owns 161,375 shares of the asset manager’s stock valued at $24,435,000 after buying an additional 124,871 shares during the period. Finally, AIA Group Ltd raised its holdings in Affiliated Managers Group by 143.5% in the fourth quarter. AIA Group Ltd now owns 7,854 shares of the asset manager’s stock valued at $1,189,000 after buying an additional 4,629 shares during the period. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Affiliated Managers Group Stock Down 0.2 %

AMG opened at $160.35 on Friday. The firm has a market capitalization of $5.20 billion, a P/E ratio of 9.24, a P/E/G ratio of 0.56 and a beta of 1.31. The firm’s 50 day moving average is $161.52 and its 200-day moving average is $149.40. Affiliated Managers Group, Inc. has a 52-week low of $120.22 and a 52-week high of $169.65.

Affiliated Managers Group (NYSE:AMG) last posted its quarterly earnings data on Monday, February 5th. The asset manager reported $6.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.03 by $0.83. The company had revenue of $502.70 million for the quarter, compared to analyst estimates of $524.98 million. Affiliated Managers Group had a net margin of 32.71% and a return on equity of 16.29%. The business’s quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter last year, the firm posted $7.28 earnings per share. Equities analysts expect that Affiliated Managers Group, Inc. will post 22.03 earnings per share for the current fiscal year.

Affiliated Managers Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Thursday, February 15th were paid a $0.01 dividend. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.02%. Affiliated Managers Group’s dividend payout ratio (DPR) is presently 0.23%.

Analyst Upgrades and Downgrades

Separately, Barrington Research raised their price target on shares of Affiliated Managers Group from $175.00 to $190.00 and gave the company an “outperform” rating in a report on Tuesday, April 9th.

About Affiliated Managers Group

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.