Affiliated Managers Group (NYSE:AMG) Rating Increased to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Affiliated Managers Group to “strong buy” from “hold.” The stock has an overall “buy” consensus rating and an average analyst price target of $370.86.
• AMG reported quarterly EPS of $8.29, exceeding estimates of $7.90, while revenue of $640.7 million also surpassed expectations of $590.94 million.
• Shares opened at $375.66 after a 2% decline, with a 12-month range of $208.34 to $392.92. Institutional investors own approximately 95.3% of the company.

Affiliated Managers Group (NYSE:AMG - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Tuesday,Zacks.com reports.

AMG has been the topic of several other reports. The Goldman Sachs Group restated a "buy" rating and set a $405.00 target price on shares of Affiliated Managers Group in a report on Monday, May 4th. Weiss Ratings restated a "buy (b)" rating on shares of Affiliated Managers Group in a research note on Friday, June 26th. TD Cowen restated a "buy" rating and set a $454.00 target price on shares of Affiliated Managers Group in a research note on Wednesday, May 13th. Barrington Research set a $425.00 price objective on Affiliated Managers Group in a report on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $400.00 target price on shares of Affiliated Managers Group in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the stock. Based on data from MarketBeat, Affiliated Managers Group has an average rating of "Buy" and a consensus price target of $370.86.

Affiliated Managers Group Stock Down 2.0%

Shares of Affiliated Managers Group stock opened at $375.66 on Tuesday. Affiliated Managers Group has a 12-month low of $208.34 and a 12-month high of $392.92. The stock has a 50 day moving average price of $350.31 and a two-hundred day moving average price of $316.36. The stock has a market capitalization of $9.92 billion, a P/E ratio of 13.01, a PEG ratio of 0.57 and a beta of 1.11. The company has a quick ratio of 1.79, a current ratio of 1.24 and a debt-to-equity ratio of 0.76.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last issued its earnings results on Wednesday, July 29th. The asset manager reported $8.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $7.90 by $0.39. Affiliated Managers Group had a return on equity of 21.94% and a net margin of 37.72%.The business had revenue of $640.70 million during the quarter, compared to analysts' expectations of $590.94 million. During the same period in the prior year, the firm posted $5.39 EPS. Affiliated Managers Group's quarterly revenue was up .0% compared to the same quarter last year. Equities analysts expect that Affiliated Managers Group will post 36.25 earnings per share for the current year.

Insider Activity

In other Affiliated Managers Group news, Director Rodriguez Felix V. Matos sold 1,000 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $300.18, for a total value of $300,180.00. Following the completion of the sale, the director owned 4,369 shares in the company, valued at approximately $1,311,486.42. This trade represents a 18.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Annette Franqui purchased 750 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was bought at an average cost of $304.88 per share, for a total transaction of $228,660.00. Following the completion of the acquisition, the director directly owned 1,962 shares in the company, valued at $598,174.56. The trade was a 61.88% increase in their position. The disclosure for this purchase is available in the SEC filing. 2.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Affiliated Managers Group

A number of institutional investors and hedge funds have recently made changes to their positions in AMG. Leonteq Securities AG purchased a new stake in Affiliated Managers Group during the 4th quarter valued at about $30,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Affiliated Managers Group in the 4th quarter worth about $42,000. EverSource Wealth Advisors LLC grew its stake in shares of Affiliated Managers Group by 45.5% in the 1st 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. Arax Advisory Partners increased its holdings in shares of Affiliated Managers Group by 94.1% during the fourth quarter. Arax Advisory Partners now owns 198 shares of the asset manager's stock valued at $57,000 after acquiring an additional 96 shares in the last quarter. Finally, WealthCollab LLC increased its stake in Affiliated Managers Group by 40.5% during the 1st quarter. WealthCollab LLC now owns 229 shares of the asset manager's stock valued at $63,000 after purchasing an additional 66 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 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source