Affiliated Managers Group (NYSE:AMG) Price Target Raised to $335.00 at Bank of America

Affiliated Managers Group (NYSE:AMG) had its price target hoisted by analysts at Bank of America to $335.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the asset manager’s stock. Bank of America‘s price target suggests a potential upside of 38.10% from the stock’s previous close.

Several other equities research analysts also recently issued reports on AMG. Cowen raised shares of Affiliated Managers Group from a “hold” rating to a “buy” rating in a research note on Monday, August 4th. The Goldman Sachs Group raised shares of Affiliated Managers Group from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $197.00 to $218.00 in a report on Friday, June 27th. Barrington Research reaffirmed an “outperform” rating and set a $240.00 price target on shares of Affiliated Managers Group in a research report on Tuesday, September 23rd. Zacks Research raised Affiliated Managers Group from a “hold” rating to a “strong-buy” rating in a report on Friday, August 22nd. Finally, TD Cowen raised Affiliated Managers Group from a “hold” rating to a “buy” rating and increased their target price for the stock from $214.00 to $255.00 in a report on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $251.20.

Affiliated Managers Group Price Performance

NYSE AMG traded up $6.03 on Thursday, reaching $242.58. The company had a trading volume of 437,036 shares, compared to its average volume of 223,972. The firm has a 50-day moving average of $226.17 and a 200-day moving average of $194.96. Affiliated Managers Group has a 1 year low of $139.22 and a 1 year high of $250.15. The firm has a market capitalization of $6.89 billion, a PE ratio of 17.71, a P/E/G ratio of 0.61 and a beta of 1.21.

Affiliated Managers Group (NYSE:AMG) last released its quarterly 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 16.11%. The firm had revenue of $493.20 million for the quarter, compared to the consensus estimate of $506.46 million. During the same quarter in the previous year, the firm posted $4.67 EPS. The firm’s quarterly revenue was down 1.4% on a year-over-year basis. As a group, sell-side analysts expect that Affiliated Managers Group will post 22.86 EPS for the current fiscal year.

Insider Activity

In other news, COO Thomas M. Wojcik sold 16,000 shares of the business’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $231.03, for a total transaction of $3,696,480.00. Following the completion of the transaction, the chief operating officer owned 158,710 shares of the company’s stock, valued at approximately $36,666,771.30. The trade was a 9.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Affiliated Managers Group

Several hedge funds and other institutional investors have recently modified their holdings of the company. Redwood Investment Management LLC increased its holdings in shares of Affiliated Managers Group by 0.9% during the first quarter. Redwood Investment Management LLC now owns 7,775 shares of the asset manager’s stock valued at $1,306,000 after purchasing an additional 69 shares during the period. Guinness Asset Management LTD grew its position in Affiliated Managers Group by 2.4% in the 2nd quarter. Guinness Asset Management LTD now owns 3,196 shares of the asset manager’s stock valued at $629,000 after buying an additional 74 shares in 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 valued at $30,000 after buying an additional 75 shares during the period. Parallel Advisors LLC raised its position in shares of Affiliated Managers Group by 6.8% during 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 in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Affiliated Managers Group by 11.8% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 737 shares of the asset manager’s stock worth $124,000 after acquiring an additional 78 shares during the period. Institutional investors and hedge funds own 95.30% of the company’s stock.

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.