Affiliated Managers Group (NYSE:AMG) Hits New 52-Week High on Earnings Beat

Affiliated Managers Group, Inc. (NYSE:AMG)’s stock price reached a new 52-week high during trading on Monday following a better than expected earnings announcement. The company traded as high as $251.56 and last traded at $251.5880, with a volume of 24633 shares changing hands. The stock had previously closed at $237.96.

The asset manager reported $6.10 earnings per share for the quarter, topping the consensus estimate of $5.88 by $0.22. Affiliated Managers Group had a net margin of 21.79% and a return on equity of 16.11%. The firm had revenue of $528.00 million for the quarter, compared to the consensus estimate of $543.39 million. During the same period in the prior year, the firm earned $4.82 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis.

Affiliated Managers Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Thursday, November 13th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.0%. The ex-dividend date of this dividend is Thursday, November 13th. Affiliated Managers Group’s dividend payout ratio is presently 0.29%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in 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. Wall Street Zen downgraded shares of Affiliated Managers Group from a “buy” rating to a “hold” rating in a research report on Saturday, October 18th. Weiss Ratings reissued a “buy (b-)” rating on shares of Affiliated Managers Group in a research report on Wednesday, October 8th. Barrington Research increased their price objective on shares of Affiliated Managers Group from $240.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Finally, Zacks Research downgraded shares of Affiliated Managers Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $272.60.

Insider Activity

In other news, COO Thomas M. Wojcik sold 16,000 shares of the company’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $231.03, for a total value of $3,696,480.00. Following the completion of the transaction, the chief operating officer owned 158,710 shares in the company, valued at approximately $36,666,771.30. This represents a 9.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. boosted its stake in Affiliated Managers Group by 18.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 53,727 shares of the asset manager’s stock worth $9,028,000 after purchasing an additional 8,361 shares during the period. Private Trust Co. NA boosted its stake in Affiliated Managers Group by 38.1% during the 1st quarter. Private Trust Co. NA now owns 301 shares of the asset manager’s stock worth $51,000 after purchasing an additional 83 shares during the period. XTX Topco Ltd boosted its stake in Affiliated Managers Group by 189.9% during the 1st quarter. XTX Topco Ltd now owns 14,695 shares of the asset manager’s stock worth $2,469,000 after purchasing an additional 9,626 shares during the period. Voya Investment Management LLC boosted its stake in Affiliated Managers Group by 52.2% during the 1st quarter. Voya Investment Management LLC now owns 28,703 shares of the asset manager’s stock worth $4,823,000 after purchasing an additional 9,845 shares during the period. Finally, Goodman Financial Corp boosted its stake in Affiliated Managers Group by 1.6% during the 1st quarter. Goodman Financial Corp now owns 80,806 shares of the asset manager’s stock worth $13,578,000 after purchasing an additional 1,301 shares during the period. Institutional investors and hedge funds own 95.30% of the company’s stock.

Affiliated Managers Group Trading Up 7.8%

The stock has a market cap of $7.29 billion, a price-to-earnings ratio of 18.72, a PEG ratio of 0.61 and a beta of 1.21. The stock’s 50 day moving average is $236.71 and its two-hundred day moving average is $207.77.

Affiliated Managers Group Company 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.