Affiliated Managers Group (NYSE:AMG) Earns Buy Rating from TD Cowen

Key Points

• TD Cowen reiterated a buy rating on Affiliated Managers Group and set a $454 price target, implying roughly 50.6% upside from the prior close.
• AMG reported better-than-expected first-quarter results, with EPS of $8.23 versus the $8.10 estimate and revenue of $544.9 million, up 9.7% year over year.
• Insiders have been selling shares recently, including COO Thomas M. Wojcik and General Counsel Kavita Padiyar, while 95.3% of the stock remains held by hedge funds and other institutional investors.

Affiliated Managers Group (NYSE:AMG - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at TD Cowen in a research note issued on Wednesday,Benzinga reports. They presently have a $454.00 price objective on the asset manager's stock. TD Cowen's target price indicates a potential upside of 50.63% from the stock's previous close.

Other research analysts have also recently issued reports about the company. Wall Street Zen cut Affiliated Managers Group from a "strong-buy" rating to a "buy" rating in a research report on Saturday, April 4th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Affiliated Managers Group in a research report on Wednesday, January 21st. Barrington Research reiterated an "outperform" rating and set a $365.00 price target on shares of Affiliated Managers Group in a research report on Monday, April 27th. The Goldman Sachs Group reiterated a "buy" rating and set a $405.00 price target on shares of Affiliated Managers Group in a research report on Monday, May 4th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $400.00 price target on shares of Affiliated Managers Group in a research report on Monday, May 4th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $362.29.

Affiliated Managers Group Stock Performance

Shares of Affiliated Managers Group stock traded down $0.13 on Wednesday, reaching $301.41. 60,667 shares of the stock were exchanged, compared to its average volume of 390,098. 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 has a twelve month low of $172.54 and a twelve month high of $334.78. The firm has a market capitalization of $8.00 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 0.52 and a beta of 1.14. The business has a 50 day moving average price of $287.06 and a two-hundred day moving average price of $286.95.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last released its earnings results on Friday, May 1st. The asset manager reported $8.23 EPS for the quarter, topping analysts' consensus estimates of $8.10 by $0.13. Affiliated Managers Group had a return on equity of 20.17% and a net margin of 35.55%.The firm had revenue of $544.90 million during the quarter, compared to the consensus estimate of $544.01 million. During the same quarter in the previous year, the company posted $5.37 earnings per share. The company's revenue was up 9.7% compared to the same quarter last year. Analysts anticipate that Affiliated Managers Group will post 34.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Thomas M. Wojcik sold 8,000 shares of the business's stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $286.30, for a total value of $2,290,400.00. Following the completion of the sale, the chief operating officer directly owned 159,465 shares in the company, valued at $45,654,829.50. The trade was a 4.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Kavita Padiyar sold 2,200 shares of the business's stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $278.24, for a total value of $612,128.00. Following the sale, the general counsel owned 42,672 shares of the company's stock, valued at $11,873,057.28. The trade was a 4.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 14,602 shares of company stock valued at $4,240,522. 2.90% of the stock is owned by insiders.

Institutional Trading of Affiliated Managers Group

Several large investors have recently made changes to their positions in AMG. Leonteq Securities AG purchased a new stake in shares of Affiliated Managers Group during the fourth quarter worth approximately $30,000. Root Financial Partners LLC purchased a new stake in shares of Affiliated Managers Group during the third quarter worth approximately $33,000. Meeder Asset Management Inc. purchased a new stake in shares of Affiliated Managers Group during the third quarter worth approximately $34,000. Hantz Financial Services Inc. increased its position in shares of Affiliated Managers Group by 189.8% during the third quarter. Hantz Financial Services Inc. now owns 142 shares of the asset manager's stock worth $34,000 after purchasing an additional 93 shares in the last quarter. Finally, Millstone Evans Group LLC boosted its stake in Affiliated Managers Group by 41.9% during the third quarter. Millstone Evans Group LLC now owns 176 shares of the asset manager's stock worth $42,000 after buying an additional 52 shares during the last quarter. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

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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