Brokerages Set Affiliated Managers Group, Inc. (NYSE:AMG) PT 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 analysts that are presently covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $242.40.

Several brokerages recently issued reports on AMG. Cowen upgraded Affiliated Managers Group from a "hold" rating to a "buy" rating in a research note on Monday, August 4th. Wall Street Zen cut Affiliated Managers Group from a "buy" rating to a "hold" rating in a research note on Saturday, September 13th. Zacks Research upgraded Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. Barrington Research reiterated 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, The Goldman Sachs Group upgraded Affiliated Managers Group from a "neutral" rating to a "buy" rating and boosted their price target for the company from $197.00 to $218.00 in a research note on Friday, June 27th.

Insider Activity

In related news, COO Thomas M. Wojcik sold 16,000 shares of the business's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $231.03, for a total value of $3,696,480.00. Following the completion of the sale, the chief operating officer directly owned 158,710 shares in the company, 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 filing with the SEC, which is accessible through this link. Company insiders own 4.20% of the company's stock.

Institutional Investors Weigh In On Affiliated Managers Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Affiliated Managers Group by 428.0% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 132 shares of the asset manager's stock worth $26,000 after purchasing an additional 107 shares during the last quarter. Millstone Evans Group LLC lifted its stake in Affiliated Managers Group by 154.5% during the first quarter. Millstone Evans Group LLC now owns 168 shares of the asset manager's stock worth $28,000 after purchasing an additional 102 shares during the last quarter. Versant Capital Management Inc lifted its stake in Affiliated Managers Group by 70.8% during the first quarter. Versant Capital Management Inc now owns 181 shares of the asset manager's stock worth $30,000 after purchasing an additional 75 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Affiliated Managers Group during the first quarter worth $36,000. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its stake in Affiliated Managers Group by 80.3% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 229 shares of the asset manager's stock worth $45,000 after purchasing an additional 102 shares during the last quarter. 95.30% of the stock is currently owned by institutional investors.

Affiliated Managers Group Trading Up 2.5%

Shares of NYSE:AMG traded up $6.00 during trading on Friday, reaching $244.28. 267,978 shares of the stock were exchanged, compared to its average volume of 184,900. Affiliated Managers Group has a 12 month low of $139.22 and a 12 month high of $245.97. The firm has a market cap of $6.94 billion, a PE ratio of 17.83, a PEG ratio of 0.63 and a beta of 1.19. The stock has a 50-day moving average price of $219.87 and a 200-day moving average price of $189.62.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The asset manager reported $5.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.26 by $0.13. Affiliated Managers Group had a return on equity of 16.11% and a net margin of 21.79%.The company had revenue of $493.20 million during the quarter, compared to analysts' expectations of $506.46 million. During the same quarter in the previous year, the company posted $4.67 earnings per share. The business's revenue was down 1.4% on a year-over-year basis. On average, sell-side analysts expect that Affiliated Managers Group will post 22.86 earnings per share for the current fiscal year.

Affiliated Managers Group Announces Dividend

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

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.