Analysts Set Affiliated Managers Group, Inc. (NYSE:AMG) Target Price at $242.40

Key Points

• Affiliated Managers Group, Inc. (NYSE:AMG) received an average analyst rating of "Buy" from seven brokerages, with a target price of $242.40.
• Bank of America recently upgraded AMG's stock from "neutral" to "buy," raising its price target from $236.00 to $331.00.
• The company reported $5.39 earnings per share for the last quarter, exceeding estimates, despite a slight decline in revenue compared to the previous year.

Shares of Affiliated Managers Group, Inc. (NYSE:AMG - Get Free Report) have earned a consensus rating of "Buy" from the seven ratings firms that are presently covering the stock, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $242.40.

Several research analysts recently weighed in on the stock. The Goldman Sachs Group raised shares of Affiliated Managers Group from a "neutral" rating to a "buy" rating and upped their target price for the stock from $197.00 to $218.00 in a report on Friday, June 27th. TD Cowen raised Affiliated Managers Group from a "hold" rating to a "buy" rating and upped their price objective for the stock from $214.00 to $255.00 in a research note on Monday, August 4th. Wall Street Zen downgraded Affiliated Managers Group from a "buy" rating to a "hold" rating in a research note on Saturday. Barrington Research restated an "outperform" rating and issued a $200.00 price target on shares of Affiliated Managers Group in a research note on Tuesday, July 29th. Finally, Zacks Research upgraded shares of Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 22nd.

Insider Activity

In other news, COO Thomas M. Wojcik sold 16,000 shares of Affiliated Managers Group stock in a transaction that occurred 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 sale, the chief operating officer owned 158,710 shares in the company, valued at $36,666,771.30. This trade represents a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 4.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Affiliated Managers Group

Several large investors have recently bought and sold shares of AMG. Millennium Management LLC increased its position in Affiliated Managers Group by 314.3% in the first quarter. Millennium Management LLC now owns 1,265,655 shares of the asset manager's stock worth $212,668,000 after purchasing an additional 960,158 shares during the last quarter. Norges Bank bought a new stake in Affiliated Managers Group in the second quarter worth $71,779,000. Balyasny Asset Management L.P. increased its position in Affiliated Managers Group by 3,811.8% during the second quarter. Balyasny Asset Management L.P. now owns 311,383 shares of the asset manager's stock valued at $61,271,000 after acquiring an additional 303,423 shares during the last quarter. Bank of America Corp DE increased its position in Affiliated Managers Group by 541.7% during the fourth quarter. Bank of America Corp DE now owns 186,030 shares of the asset manager's stock valued at $34,401,000 after acquiring an additional 157,042 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Affiliated Managers Group by 14,091.8% during the first quarter. GAMMA Investing LLC now owns 126,023 shares of the asset manager's stock valued at $21,176,000 after acquiring an additional 125,135 shares during the last quarter. Institutional investors own 95.30% of the company's stock.

Affiliated Managers Group Stock Performance

Shares of NYSE AMG traded down $1.25 during trading on Friday, hitting $234.86. The company had a trading volume of 224,094 shares, compared to its average volume of 174,180. Affiliated Managers Group has a 12 month low of $139.22 and a 12 month high of $238.29. The firm has a market capitalization of $6.67 billion, a P/E ratio of 17.14, a price-to-earnings-growth ratio of 0.62 and a beta of 1.19. The stock has a 50 day simple moving average of $217.78 and a 200 day simple moving average of $188.42.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last released its earnings results on Thursday, July 31st. The asset manager reported $5.39 EPS for the quarter, topping 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 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 business earned $4.67 EPS. The firm's revenue was down 1.4% compared to the same quarter last year. As a group, analysts predict that Affiliated Managers Group will post 22.86 EPS for the current year.

Affiliated Managers Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were given a dividend of $0.01 per share. The ex-dividend date 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 (DPR) is presently 0.29%.

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.