Affiliated Managers Group (NYSE:AMG) Rating Lowered to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Affiliated Managers Group (NYSE: AMG) from Buy to Hold, though the broader analyst view remains positive with an average rating of Moderate Buy.
• The company reported strong quarterly results, with EPS of $8.23 beating estimates and revenue of $544.9 million slightly above forecasts; revenue also rose 9.7% year over year.
• Insider selling and heavy institutional ownership were notable, including CEO Jay C. Horgen selling 17,500 shares, while institutional investors hold about 95.3% of the stock.

Affiliated Managers Group (NYSE:AMG - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

Several other research analysts have also issued reports on the stock. Barrington Research reissued an "outperform" rating and issued a $365.00 price target on shares of Affiliated Managers Group in a research report on Monday, April 27th. TD Cowen reaffirmed a "buy" rating and set a $454.00 price objective on shares of Affiliated Managers Group in a report on Wednesday, May 13th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $400.00 price objective on shares of Affiliated Managers Group in a research note on Monday, May 4th. Finally, The Goldman Sachs Group reissued a "buy" rating and issued a $405.00 target price on shares of Affiliated Managers Group in a report on Monday, May 4th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $362.29.

Affiliated Managers Group Stock Up 0.2%

Shares of AMG stock opened at $353.52 on Friday. Affiliated Managers Group has a one year low of $180.88 and a one year high of $363.89. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.79 and a quick ratio of 1.79. The stock has a fifty day moving average price of $310.55 and a 200 day moving average price of $300.01. The stock has a market cap of $9.34 billion, a P/E ratio of 14.30, a price-to-earnings-growth ratio of 0.60 and a beta of 1.13.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last announced its quarterly earnings results on Friday, May 1st. The asset manager reported $8.23 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $544.90 million for the quarter, compared to analyst estimates of $544.01 million. During the same quarter in the previous year, the firm posted $5.37 EPS. The business's revenue for the quarter was up 9.7% on a year-over-year basis. Analysts predict that Affiliated Managers Group will post 34.71 earnings per share for the current year.

Insider Activity

In related news, CEO Jay C. Horgen sold 17,500 shares of the business's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $338.27, for a total transaction of $5,919,725.00. Following the completion of the sale, the chief executive officer directly owned 204,706 shares of the company's stock, valued at $69,245,898.62. The trade was a 7.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Rodriguez Felix V. Matos sold 1,000 shares of the company's 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 of the company's stock, valued at $1,311,486.42. This represents a 18.63% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 21,902 shares of company stock worth $7,257,719. 2.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of Affiliated Managers Group during the fourth quarter worth about $113,743,000. Balyasny Asset Management L.P. grew its position in shares of Affiliated Managers Group by 3,811.8% in the 2nd quarter. Balyasny Asset Management L.P. now owns 311,383 shares of the asset manager's stock valued at $61,271,000 after purchasing an additional 303,423 shares during the period. Alyeska Investment Group L.P. bought a new stake in Affiliated Managers Group during the 3rd quarter worth approximately $70,356,000. Northwestern Mutual Wealth Management Co. raised its holdings in Affiliated Managers Group by 28,466.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 193,392 shares of the asset manager's stock worth $58,240,000 after buying an additional 192,715 shares during the period. Finally, Bank of America Corp DE raised its holdings in Affiliated Managers Group by 75.5% during the 1st quarter. Bank of America Corp DE now owns 409,578 shares of the asset manager's stock worth $113,330,000 after buying an additional 176,246 shares during the period. 95.30% of the stock is owned by institutional investors and hedge funds.

About Affiliated Managers Group

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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