Hsbc Holdings PLC Lowers Position in Affiliated Managers Group, Inc. $AMG

Hsbc Holdings PLC cut its holdings in Affiliated Managers Group, Inc. (NYSE:AMG) by 58.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,518 shares of the asset manager’s stock after selling 2,137 shares during the quarter. Hsbc Holdings PLC’s holdings in Affiliated Managers Group were worth $255,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in AMG. Millstone Evans Group LLC lifted its stake in Affiliated Managers Group by 154.5% in the first quarter. Millstone Evans Group LLC now owns 168 shares of the asset manager’s stock worth $28,000 after acquiring an additional 102 shares during the period. Versant Capital Management Inc lifted its stake in Affiliated Managers Group by 70.8% in the first quarter. Versant Capital Management Inc now owns 181 shares of the asset manager’s stock worth $30,000 after acquiring an additional 75 shares during the period. Private Trust Co. NA lifted its stake in Affiliated Managers Group by 38.1% in the first quarter. Private Trust Co. NA now owns 301 shares of the asset manager’s stock worth $51,000 after acquiring an additional 83 shares during the period. Rossby Financial LCC purchased a new stake in Affiliated Managers Group in the first quarter worth about $56,000. Finally, Cullen Frost Bankers Inc. bought a new position in Affiliated Managers Group in the first quarter worth about $56,000. 95.30% of the stock is owned by hedge funds and other institutional investors.

Affiliated Managers Group Stock Up 1.1%

AMG opened at $233.08 on Friday. Affiliated Managers Group, Inc. has a 52-week low of $139.22 and a 52-week high of $233.25. The firm’s 50-day moving average price is $213.08 and its 200-day moving average price is $185.00. The company has a market cap of $6.62 billion, a P/E ratio of 17.01, a price-to-earnings-growth ratio of 0.61 and a beta of 1.19.

Affiliated Managers Group (NYSE:AMG) last issued its quarterly earnings results on Thursday, July 31st. The asset manager reported $5.39 earnings per share 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 16.11%. The company had revenue of $493.20 million for the quarter, compared to the consensus estimate of $506.46 million. During the same quarter in the prior year, the company earned $4.67 EPS. Affiliated Managers Group’s quarterly revenue was down 1.4% on a year-over-year basis. On average, research analysts anticipate that Affiliated Managers Group, Inc. will post 22.86 EPS for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.0%. The ex-dividend date was Monday, August 11th. Affiliated Managers Group’s dividend payout ratio is 0.29%.

Wall Street Analyst Weigh In

A number of brokerages have commented on AMG. Wall Street Zen downgraded shares of Affiliated Managers Group from a “buy” rating to a “hold” rating in a report on Friday, June 27th. Bank of America upgraded shares of Affiliated Managers Group from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $236.00 to $331.00 in a report on Tuesday. Cowen upgraded shares of Affiliated Managers Group from a “hold” rating to a “buy” rating in a report on Monday, August 4th. Barrington Research reiterated an “outperform” rating and issued a $200.00 target price on shares of Affiliated Managers Group in a report on Tuesday, July 29th. Finally, Zacks Research upgraded shares of Affiliated Managers Group from a “hold” rating to a “strong-buy” rating in a report on Friday, August 22nd. One investment analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $242.40.

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.