Affiliated Managers Group (NYSE:AMG) Sets New 12-Month High - Here's Why

Shares of Affiliated Managers Group, Inc. (NYSE:AMG - Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $208.74 and last traded at $207.35, with a volume of 35518 shares traded. The stock had previously closed at $203.63.

Analyst Ratings Changes

AMG has been the topic of a number of analyst reports. Bank of America reduced their price objective on shares of Affiliated Managers Group from $211.00 to $195.00 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. The Goldman Sachs Group upgraded shares of Affiliated Managers Group from a "neutral" rating to a "buy" rating and increased their target price for the company from $197.00 to $218.00 in a report on Friday, June 27th. Barrington Research decreased their price objective on shares of Affiliated Managers Group from $215.00 to $200.00 and set an "outperform" rating for the company in a report on Tuesday, April 8th. Cowen reiterated a "hold" rating on shares of Affiliated Managers Group in a research report on Wednesday, May 14th. Finally, TD Cowen decreased their price target on shares of Affiliated Managers Group from $187.00 to $168.00 and set a "hold" rating on the stock in a research note on Wednesday, April 9th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $197.80.

Affiliated Managers Group Stock Performance

The business's fifty day simple moving average is $188.30 and its 200-day simple moving average is $176.50. The firm has a market capitalization of $5.87 billion, a PE ratio of 15.68, a price-to-earnings-growth ratio of 0.63 and a beta of 1.09.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The asset manager reported $5.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.10 by $0.10. Affiliated Managers Group had a return on equity of 15.91% and a net margin of 21.31%. The company had revenue of $496.60 million during the quarter, compared to the consensus estimate of $508.00 million. During the same period last year, the company earned $5.37 earnings per share. Sell-side analysts expect that Affiliated Managers Group, Inc. will post 22.86 earnings per share for the current fiscal year.

Affiliated Managers Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.02%. Affiliated Managers Group's payout ratio is 0.30%.

Institutional Investors Weigh In On Affiliated Managers Group

A number of large investors have recently bought and sold shares of the company. Lecap Asset Management Ltd. purchased a new stake in Affiliated Managers Group in the second quarter valued at approximately $494,000. Robeco Institutional Asset Management B.V. purchased a new stake in Affiliated Managers Group in the 2nd quarter worth approximately $3,832,000. Truist Financial Corp lifted its position in shares of Affiliated Managers Group by 6.1% during the 2nd quarter. Truist Financial Corp now owns 2,409 shares of the asset manager's stock valued at $474,000 after buying an additional 139 shares in the last quarter. American National Bank & Trust purchased a new position in shares of Affiliated Managers Group during the 2nd quarter valued at approximately $58,000. Finally, Forte Capital LLC ADV lifted its position in shares of Affiliated Managers Group by 6.5% during the 2nd quarter. Forte Capital LLC ADV now owns 3,425 shares of the asset manager's stock valued at $674,000 after buying an additional 210 shares in the last quarter. Hedge funds and other institutional investors own 95.30% of the company's stock.

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.