Bank of America Issues Positive Forecast for Affiliated Managers Group (NYSE:AMG) Stock Price

Key Points

• Bank of America has raised its price target for Affiliated Managers Group (AMG) from $331.00 to $335.00, suggesting a potential upside of 42.72% from the current price.
• The stock has received multiple upgrades, with a notable increase from Goldman Sachs, which changed its rating from "neutral" to "buy" and adjusted their price target to $218.00.
• Despite a 1.4% decline in quarterly revenue compared to the previous year, AMG reported earnings per share of $5.39, exceeding analysts' expectations.

Affiliated Managers Group (NYSE:AMG - Get Free Report) had its target price upped by stock analysts at Bank of America to $335.00 in a report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the asset manager's stock. Bank of America's price objective indicates a potential upside of 36.92% from the company's current price.

Several other analysts have also recently weighed in on the stock. Cowen upgraded shares of Affiliated Managers Group from a "hold" rating to a "buy" rating in a research note on Monday, August 4th. The Goldman Sachs Group upgraded shares of Affiliated Managers Group from a "neutral" rating to a "buy" rating and boosted their target price for the company from $197.00 to $218.00 in a research report on Friday, June 27th. Barrington Research restated an "outperform" rating and issued a $240.00 target price on shares of Affiliated Managers Group in a research report on Tuesday, September 23rd. TD Cowen upgraded shares of 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 report on Monday, August 4th. Finally, Wall Street Zen upgraded shares of Affiliated Managers Group from a "hold" rating to a "buy" rating in a research report on Friday, September 26th. One investment analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $263.60.

Affiliated Managers Group Stock Up 0.7%

Shares of NYSE AMG traded up $1.64 during mid-day trading on Thursday, reaching $244.68. 119,474 shares of the company were exchanged, compared to its average volume of 223,354. The company's 50-day simple moving average is $226.70 and its 200-day simple moving average is $195.84. The stock has a market capitalization of $6.95 billion, a P/E ratio of 17.86, a P/E/G ratio of 0.63 and a beta of 1.21. Affiliated Managers Group has a twelve month low of $139.22 and a twelve month high of $250.15.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last posted its earnings results 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 net margin of 21.79% and a return on equity of 16.11%. The company had revenue of $493.20 million during the quarter, compared to analysts' expectations of $506.46 million. During the same quarter last year, the company posted $4.67 EPS. Affiliated Managers Group's quarterly revenue was down 1.4% compared to the same quarter last year. As a group, equities research analysts expect that Affiliated Managers Group will post 22.86 EPS for the current year.

Insiders Place Their Bets

In other Affiliated Managers Group news, COO Thomas M. Wojcik sold 16,000 shares of the business's 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 directly owned 158,710 shares of the company's stock, valued at $36,666,771.30. The trade was a 9.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Affiliated Managers Group

Institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. boosted its stake in shares of Affiliated Managers Group by 18.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 53,727 shares of the asset manager's stock valued at $9,028,000 after purchasing an additional 8,361 shares during the last quarter. Private Trust Co. NA boosted its stake in shares of Affiliated Managers Group by 38.1% in the 1st quarter. Private Trust Co. NA now owns 301 shares of the asset manager's stock valued at $51,000 after purchasing an additional 83 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Affiliated Managers Group by 785.2% in the 1st quarter. Farther Finance Advisors LLC now owns 1,859 shares of the asset manager's stock valued at $315,000 after purchasing an additional 1,649 shares during the last quarter. XTX Topco Ltd boosted its stake in shares of Affiliated Managers Group by 189.9% in the 1st quarter. XTX Topco Ltd now owns 14,695 shares of the asset manager's stock valued at $2,469,000 after purchasing an additional 9,626 shares during the last quarter. Finally, Goodman Financial Corp boosted its stake in shares of Affiliated Managers Group by 1.6% in the 1st quarter. Goodman Financial Corp now owns 80,806 shares of the asset manager's stock valued at $13,578,000 after purchasing an additional 1,301 shares during the last quarter. 95.30% of the stock is owned by institutional investors.

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.