Raymond James Financial Inc. lessened its stake in Affiliated Managers Group, Inc. (NYSE:AMG – Free Report) by 19.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 125,048 shares of the asset manager’s stock after selling 30,791 shares during the quarter. Raymond James Financial Inc. owned approximately 0.43% of Affiliated Managers Group worth $21,012,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Cetera Investment Advisers increased its stake in shares of Affiliated Managers Group by 2.5% during the fourth quarter. Cetera Investment Advisers now owns 2,898 shares of the asset manager’s stock worth $536,000 after purchasing an additional 70 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Affiliated Managers Group by 6.8% in the 1st quarter. Parallel Advisors LLC now owns 1,170 shares of the asset manager’s stock worth $197,000 after buying an additional 75 shares during the last quarter. Versant Capital Management Inc increased its stake in Affiliated Managers Group by 70.8% during the 1st quarter. Versant Capital Management Inc now owns 181 shares of the asset manager’s stock worth $30,000 after buying an additional 75 shares in the last quarter. Private Trust Co. NA raised its holdings in shares of Affiliated Managers Group by 38.1% during the first quarter. Private Trust Co. NA now owns 301 shares of the asset manager’s stock valued at $51,000 after acquiring an additional 83 shares during the last quarter. Finally, M&T Bank Corp lifted its position in shares of Affiliated Managers Group by 4.8% in the first quarter. M&T Bank Corp now owns 1,956 shares of the asset manager’s stock valued at $329,000 after acquiring an additional 90 shares in the last quarter. 95.30% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several analysts recently commented on the company. The Goldman Sachs Group upgraded Affiliated Managers Group from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $197.00 to $218.00 in a research report on Friday, June 27th. Zacks Research raised shares of Affiliated Managers Group from a “hold” rating to a “strong-buy” rating in a report on Friday, August 22nd. Cowen raised shares of Affiliated Managers Group from a “hold” rating to a “buy” rating in a research note on Monday, August 4th. Wall Street Zen lowered shares of Affiliated Managers Group from a “buy” rating to a “hold” rating in a research report on Friday, June 27th. Finally, TD Cowen raised shares of Affiliated Managers Group from a “hold” rating to a “buy” rating and upped their price objective for the company from $214.00 to $255.00 in a research note on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Affiliated Managers Group has an average rating of “Buy” and a consensus target price of $215.20.
Affiliated Managers Group Stock Up 1.1%
Shares of AMG opened at $226.83 on Wednesday. Affiliated Managers Group, Inc. has a 52-week low of $139.22 and a 52-week high of $226.85. The stock has a fifty day simple moving average of $207.23 and a two-hundred day simple moving average of $182.31. The company has a market capitalization of $6.44 billion, a PE ratio of 16.56, a price-to-earnings-growth ratio of 0.62 and a beta of 1.14.
Affiliated Managers Group (NYSE:AMG – Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The asset manager reported $5.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.26 by $0.13. Affiliated Managers Group had a net margin of 21.79% and a return on equity of 16.11%. The firm had revenue of $493.20 million during the quarter, compared to analyst estimates of $506.46 million. During the same quarter in the prior year, the firm posted $4.67 earnings per share. Affiliated Managers Group’s quarterly revenue was down 1.4% on a year-over-year basis. As a group, equities analysts anticipate that Affiliated Managers Group, Inc. will post 22.86 earnings per share for the current fiscal year.
Affiliated Managers Group Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were paid a $0.01 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. Affiliated Managers Group’s dividend payout ratio is 0.29%.
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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