Mackenzie Financial Corp Sells 3,961 Shares of Affiliated Managers Group, Inc. (NYSE:AMG)

Mackenzie Financial Corp trimmed its position in shares of Affiliated Managers Group, Inc. (NYSE:AMG) by 50.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,873 shares of the asset manager’s stock after selling 3,961 shares during the period. Mackenzie Financial Corp’s holdings in Affiliated Managers Group were worth $651,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AMG. LPL Financial LLC lifted its stake in shares of Affiliated Managers Group by 26.1% in the 4th quarter. LPL Financial LLC now owns 4,502 shares of the asset manager’s stock valued at $833,000 after purchasing an additional 933 shares during the period. Wells Fargo & Company MN increased its holdings in Affiliated Managers Group by 0.6% during the 4th quarter. Wells Fargo & Company MN now owns 62,620 shares of the asset manager’s stock worth $11,580,000 after purchasing an additional 397 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of Affiliated Managers Group by 2.5% during the 4th quarter. Federated Hermes Inc. now owns 4,858 shares of the asset manager’s stock worth $898,000 after buying an additional 119 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Affiliated Managers Group by 3.7% during the 4th quarter. Invesco Ltd. now owns 267,786 shares of the asset manager’s stock worth $49,519,000 after buying an additional 9,625 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Affiliated Managers Group during the 4th quarter worth about $28,818,000. 95.30% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

AMG has been the topic of several research analyst reports. The Goldman Sachs Group upgraded Affiliated Managers Group from a “neutral” rating to a “buy” rating and upped their price objective for the company from $197.00 to $218.00 in a research note on Friday, June 27th. Wall Street Zen downgraded Affiliated Managers Group from a “buy” rating to a “hold” rating in a report on Friday, June 27th. Barrington Research reaffirmed an “outperform” rating and set a $200.00 target price on shares of Affiliated Managers Group in a research report on Tuesday, July 29th. Cowen upgraded Affiliated Managers Group from a “hold” rating to a “buy” rating in a report on Monday. Finally, TD Cowen upgraded Affiliated Managers Group from a “hold” rating to a “buy” rating and raised their target price for the company from $214.00 to $255.00 in a research note on Monday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $215.20.

Affiliated Managers Group Trading Up 0.4%

Affiliated Managers Group stock opened at $213.60 on Thursday. Affiliated Managers Group, Inc. has a 1-year low of $139.22 and a 1-year high of $220.00. The firm has a 50-day moving average of $196.63 and a 200-day moving average of $179.11. The firm has a market cap of $6.07 billion, a P/E ratio of 15.59, a P/E/G ratio of 0.61 and a beta of 1.14.

Affiliated Managers Group (NYSE:AMG) last issued its earnings results on Thursday, July 31st. The asset manager reported $5.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.26 by $0.13. Affiliated Managers Group had a net margin of 21.79% and a return on equity of 16.03%. The company had revenue of $493.20 million for the quarter, compared to analysts’ expectations of $506.46 million. During the same quarter last year, the company posted $4.67 earnings per share. The firm’s quarterly revenue was down 1.4% on a year-over-year basis. Research analysts forecast that Affiliated Managers Group, Inc. will post 22.86 earnings per share for the current fiscal year.

Affiliated Managers Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 25th. Shareholders of record on Monday, August 11th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.0%. The ex-dividend date of this dividend is Monday, August 11th. Affiliated Managers Group’s payout ratio is 0.29%.

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.