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

Key Points

• Affiliated Managers Group (NYSE: AMG) hit a new 52-week high, trading as high as $338.07 after recently closing at $334.82.
• Several analysts remain bullish on the stock, with multiple firms reiterating Buy ratings and price targets ranging from $365 to $454; the consensus target is $362.29.
• The company posted solid quarterly results, beating EPS estimates with $8.23 per share on revenue of $544.9 million, while insiders showed mixed activity with one director buying shares and another selling shares.

Affiliated Managers Group, Inc. (NYSE:AMG - Get Free Report) shares hit a new 52-week high on Friday . The company traded as high as $338.07 and last traded at $335.0960, with a volume of 113820 shares trading hands. The stock had previously closed at $334.82.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $400.00 target price on shares of Affiliated Managers Group in a research note on Monday, May 4th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $405.00 target price on shares of Affiliated Managers Group in a research note on Monday, May 4th. TD Cowen reaffirmed a "buy" rating and set a $454.00 target price on shares of Affiliated Managers Group in a research note on Wednesday, May 13th. Wall Street Zen lowered shares of Affiliated Managers Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, April 4th. Finally, Barrington Research reaffirmed an "outperform" rating and set a $365.00 target price on shares of Affiliated Managers Group in a research note on Monday, April 27th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Affiliated Managers Group presently has an average rating of "Moderate Buy" and a consensus price target of $362.29.

Affiliated Managers Group Stock Performance

The company has a market capitalization of $8.81 billion, a PE ratio of 13.49, a PEG ratio of 0.53 and a beta of 1.13. The business's 50-day moving average is $294.06 and its 200-day moving average is $293.49. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.79 and a current ratio of 1.79.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last issued its quarterly earnings results on Friday, May 1st. The asset manager reported $8.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $8.10 by $0.13. Affiliated Managers Group had a net margin of 35.55% and a return on equity of 20.17%. The company had revenue of $544.90 million during the quarter, compared to analysts' expectations of $544.01 million. During the same period last year, the company posted $5.37 EPS. Affiliated Managers Group's revenue was up 9.7% on a year-over-year basis. On average, research analysts anticipate that Affiliated Managers Group, Inc. will post 34.71 earnings per share for the current year.

Affiliated Managers Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Monday, May 11th were given a dividend of $0.01 per share. 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 0.16%.

Insider Activity at Affiliated Managers Group

In other news, Director G. Staley Cates bought 1,500 shares of the firm's stock in a transaction on Wednesday, May 6th. The stock was acquired at an average cost of $305.83 per share, with a total value of $458,745.00. Following the completion of the acquisition, the director owned 6,405 shares of the company's stock, valued at approximately $1,958,841.15. This represents a 30.58% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Christopher Ryan sold 3,402 shares of Affiliated Managers Group stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $305.06, for a total transaction of $1,037,814.12. Following the completion of the transaction, the director directly owned 1,092 shares of the company's stock, valued at $333,125.52. This trade represents a 75.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 6,602 shares of company stock worth $1,950,122 over the last 90 days. 2.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Leonteq Securities AG purchased a new position in Affiliated Managers Group in the fourth quarter worth about $30,000. Hantz Financial Services Inc. raised its holdings in Affiliated Managers Group by 189.8% in the third quarter. Hantz Financial Services Inc. now owns 142 shares of the asset manager's stock worth $34,000 after buying an additional 93 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Affiliated Managers Group in the fourth quarter worth about $42,000. EverSource Wealth Advisors LLC raised its holdings in Affiliated Managers Group by 45.5% in the first quarter. EverSource Wealth Advisors LLC now owns 179 shares of the asset manager's stock worth $50,000 after buying an additional 56 shares during the last quarter. Finally, Arax Advisory Partners raised its holdings in Affiliated Managers Group by 94.1% in the fourth quarter. Arax Advisory Partners now owns 198 shares of the asset manager's stock worth $57,000 after buying an additional 96 shares during the last quarter. 95.30% of the stock is owned by hedge funds and other institutional investors.

Affiliated Managers Group Company Profile

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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