Affiliated Managers Group (NYSE:AMG) Hits New 52-Week High - Here's What Happened

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

Wall Street Analyst Weigh In

AMG has been the topic of several recent analyst reports. Bank of America reduced their price target 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. Cowen reiterated a "hold" rating on shares of Affiliated Managers Group in a report on Wednesday, May 14th. TD Cowen reduced their price objective on Affiliated Managers Group from $187.00 to $168.00 and set a "hold" rating on the stock in a report on Wednesday, April 9th. Wall Street Zen downgraded Affiliated Managers Group from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. Finally, Barrington Research lowered 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 research note on Tuesday, April 8th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $197.80.

Affiliated Managers Group Trading Up 3.7%

The business's 50-day moving average price is $187.09 and its 200-day moving average price is $176.27. The stock has a market cap of $6.00 billion, a PE ratio of 16.04, a P/E/G ratio of 0.61 and a beta of 1.09.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The asset manager reported $5.20 earnings per share 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 firm had revenue of $496.60 million during the quarter, compared to analysts' expectations of $508.00 million. During the same quarter last year, the firm earned $5.37 EPS. As a group, analysts predict that Affiliated Managers Group, Inc. will post 22.86 earnings per share for the current year.

Affiliated Managers Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.02%. The ex-dividend date was Monday, May 19th. Affiliated Managers Group's dividend payout ratio (DPR) is currently 0.30%.

Institutional Trading of Affiliated Managers Group

A number of hedge funds have recently modified their holdings of the stock. American National Bank & Trust purchased a new position in Affiliated Managers Group during the second quarter worth approximately $58,000. Forte Capital LLC ADV raised its holdings in Affiliated Managers Group by 6.5% in the 2nd quarter. Forte Capital LLC ADV now owns 3,425 shares of the asset manager's stock valued at $674,000 after acquiring an additional 210 shares during the last quarter. GAMMA Investing LLC lifted its position in Affiliated Managers Group by 66.9% during the second quarter. GAMMA Investing LLC now owns 1,252 shares of the asset manager's stock worth $246,000 after buying an additional 502 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Affiliated Managers Group by 54.2% in the second quarter. Farther Finance Advisors LLC now owns 2,866 shares of the asset manager's stock valued at $564,000 after purchasing an additional 1,007 shares during the period. Finally, UMB Bank n.a. increased its holdings in shares of Affiliated Managers Group by 32.6% during the 2nd quarter. UMB Bank n.a. now owns 395 shares of the asset manager's stock worth $78,000 after buying an additional 97 shares during the last quarter. Hedge funds and other institutional investors own 95.30% of the company's stock.

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.

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