Affiliated Managers Group (NYSE:AMG) Announces Earnings Results

Key Points

• AMG beat expectations in Q2: Economic EPS rose 54% year over year to $8.29, topping the $7.90 consensus, while adjusted EBITDA increased 44% to approximately $316 million and assets under management reached a record $942 billion.
• Alternative strategies drove growth: The business generated $29 billion in quarterly net inflows and now derives more than 60% of earnings from alternatives, led by private-market secondaries, infrastructure, liquid alternatives, and tax-aware strategies.
• Management raised its growth outlook, projecting Q3 economic EPS of $8.43–$8.71 and approximately 40% EPS growth for full-year 2026. However, differentiated long-only equity strategies faced $14 billion of net outflows in Q2, creating a notable headwind.

Affiliated Managers Group (NYSE:AMG - Get Free Report) released its earnings results on Thursday. The asset manager reported $8.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $7.90 by $0.39, FiscalAI reports. Affiliated Managers Group had a net margin of 35.55% and a return on equity of 20.17%. During the same quarter last year, the firm posted $5.39 EPS. The business's revenue for the quarter was up .0% compared to the same quarter last year.

Here are the key takeaways from Affiliated Managers Group's conference call:

• Record Q2 results: Adjusted EBITDA rose 44% year over year to approximately $316 million, while economic earnings per share increased 54% to $8.29. Assets under management reached a record $942 billion.
• Alternative strategies generated record net inflows of $29 billion in the quarter and approximately $100 billion over the past 12 months, led by private-market secondaries, infrastructure, liquid alternatives, and tax-aware strategies. Alternatives now represent more than 60% of AMG’s earnings, with management expecting that share to approach 70% relatively soon.
• Management raised expectations for continued earnings momentum, guiding to Q3 adjusted EBITDA of $315 million-$325 million and economic EPS of $8.43-$8.71, implying roughly 40% year-over-year EPS growth at the midpoint. AMG expects approximately 40% EPS growth for full-year 2026.
• AMG repurchased approximately $189 million of shares in Q2 and expects about $600 million of repurchases for the full year, while maintaining a strong balance sheet and roughly $1 billion of annual after-tax cash flow. The company also reported an expanding pipeline of potential affiliate investments in private markets and liquid alternatives.
• Differentiated long-only equity strategies experienced $14 billion of net outflows in Q2, while multi-asset and fixed income had $2 billion of outflows. Management expects improvement over time, but acknowledged continued industry, performance, and seasonal headwinds.

Affiliated Managers Group Trading Up 2.0%

Shares of AMG stock traded up $7.10 during trading hours on Thursday, hitting $367.17. 267,681 shares of the company were exchanged, compared to its average volume of 363,853. The firm has a market cap of $9.70 billion, a PE ratio of 14.85, a PEG ratio of 0.57 and a beta of 1.12. The firm has a fifty day moving average of $343.28 and a 200 day moving average of $314.19. Affiliated Managers Group has a 1 year low of $200.00 and a 1 year high of $382.75. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.73.

Affiliated Managers Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Monday, May 11th were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. The ex-dividend date of this dividend was Monday, May 11th. Affiliated Managers Group's dividend payout ratio (DPR) is presently 0.16%.

Insider Transactions at Affiliated Managers Group

In related news, Director G. Staley Cates bought 1,500 shares of the company's stock in a transaction dated Wednesday, May 6th. The stock was bought at an average price of $305.83 per share, with a total value of $458,745.00. Following the transaction, the director owned 6,405 shares of the company's stock, valued at approximately $1,958,841.15. This trade represents a 30.58% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jay C. Horgen sold 17,500 shares of the firm's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $338.27, for a total value of $5,919,725.00. Following the transaction, the chief executive officer owned 204,706 shares in the company, valued at $69,245,898.62. This trade represents a 7.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 21,902 shares of company stock valued at $7,257,719 in the last three months. 2.90% of the stock is owned by company insiders.

Institutional Trading of Affiliated Managers Group

Large investors have recently added to or reduced their stakes in the business. Boston Partners lifted its stake in Affiliated Managers Group by 2.1% during the third quarter. Boston Partners now owns 1,157,344 shares of the asset manager's stock valued at $275,957,000 after purchasing an additional 24,217 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Affiliated Managers Group by 2.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 699,448 shares of the asset manager's stock valued at $201,640,000 after acquiring an additional 15,332 shares during the period. Fuller & Thaler Asset Management Inc. lifted its position in shares of Affiliated Managers Group by 20.2% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 685,588 shares of the asset manager's stock valued at $197,641,000 after acquiring an additional 115,313 shares in the last quarter. UBS Group AG grew its position in Affiliated Managers Group by 97.4% during the 3rd quarter. UBS Group AG now owns 350,212 shares of the asset manager's stock worth $83,501,000 after purchasing an additional 172,771 shares in the last quarter. Finally, Balyasny Asset Management L.P. lifted its holdings in shares of Affiliated Managers Group by 7.9% in the third quarter. Balyasny Asset Management L.P. now owns 336,063 shares of the asset manager's stock valued at $80,128,000 after purchasing an additional 24,680 shares in the last quarter. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Affiliated Managers Group News Roundup

Here are the key news stories impacting Affiliated Managers Group this week:

• Positive Sentiment: AMG reported second-quarter economic EPS of $8.29, up from $5.39 a year earlier and above analyst estimates ranging from $7.85 to $7.90. GAAP diluted EPS was $6.95. AMG Reports Financial and Operating Results for the Second Quarter and First Half of 2026
• Positive Sentiment: Record AUM and higher revenues helped offset rising expenses, while strong alternative-strategy inflows provided evidence of continued demand for AMG’s affiliated investment managers. Affiliated Managers’ Q2 Earnings Beat on Higher Revenues and Record AUM
• Positive Sentiment: The company had raised its second-quarter adjusted EBITDA and revenue guidance before reporting results, reinforcing investor confidence in operating momentum. Affiliated Managers Is Up After Raising Q2 Guidance
• Neutral Sentiment: Reported revenue was approximately $493.2 million. Although coverage described revenue growth and higher revenue as a positive, one estimate comparison characterized the figure as below consensus, making the revenue signal less uniformly favorable than the EPS result. AMG Non-GAAP EPS Beats, Revenue Misses
• Neutral Sentiment: AMG’s shares are trading near their 12-month high after a strong advance, which reflects optimism but may also increase sensitivity to any future earnings or guidance disappointment.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. The Goldman Sachs Group reiterated a "buy" rating and set a $405.00 target price on shares of Affiliated Managers Group in a research note on Monday, May 4th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Affiliated Managers Group in a report on Friday, June 26th. Barrington Research reissued an "outperform" rating and issued a $365.00 target price on shares of Affiliated Managers Group in a research report on Monday, April 27th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $400.00 price objective on shares of Affiliated Managers Group in a research note on Monday, May 4th. Finally, Wall Street Zen upgraded shares of Affiliated Managers Group from a "hold" rating to a "buy" rating in a research note on Sunday, June 28th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $362.29.

About Affiliated Managers Group

Affiliated Managers Group, Inc NYSE: AMG is a global asset management holding company that partners with boutique investment firms. Founded in 1993 and headquartered in West Palm Beach, Florida, AMG invests in and collaborates with independent investment managers to foster growth while preserving their entrepreneurial culture. Through equity stakes and strategic support, the company aims to enhance its affiliates' distribution capabilities, operational infrastructure and access to capital.

The company's core business activities include providing capital solutions, distribution services and operational support to affiliated investment firms.

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