Affiliated Managers Group (NYSE:AMG) Reaches New 1-Year High - Here's Why

Key Points

• Affiliated Managers Group (NYSE: AMG) hit a new 52-week high, trading as high as $353.99 after closing at $344.33 the prior day. The move came alongside modest volume of about 32,946 shares.
• Recent earnings were solid, with AMG reporting $8.23 EPS versus the $8.10 consensus estimate and revenue of $544.9 million, up 9.7% year over year. Analysts expect the company to earn $34.71 per share for the current fiscal year.
• Wall Street sentiment remains favorable, with seven Buy ratings and one Hold and a consensus price target of $362.29. Insider buying by directors Annette Franqui and G. Staley Cates also added to the positive tone around the stock.

Affiliated Managers Group, Inc. (NYSE:AMG - Get Free Report) reached a new 52-week high during trading on Friday . The company traded as high as $353.99 and last traded at $350.7050, with a volume of 32946 shares trading hands. The stock had previously closed at $344.33.

Analyst Upgrades and Downgrades

AMG has been the topic of a number of analyst reports. 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. The Goldman Sachs Group reiterated a "buy" rating and issued a $405.00 target price on shares of Affiliated Managers Group in a report on Monday, May 4th. Wall Street Zen lowered shares of Affiliated Managers Group from a "strong-buy" rating to a "buy" rating in a research report on Saturday, April 4th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $400.00 price target on shares of Affiliated Managers Group in a report on Monday, May 4th. Finally, Barrington Research reiterated an "outperform" rating and issued a $365.00 price objective 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 given a Hold rating to the company. According to data from MarketBeat, Affiliated Managers Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $362.29.

Affiliated Managers Group Stock Up 2.0%

The stock has a 50 day moving average price of $300.56 and a 200 day moving average price of $296.53. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.79 and a current ratio of 1.79. The company has a market capitalization of $9.27 billion, a P/E ratio of 14.20, a PEG ratio of 0.57 and a beta of 1.13.

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

Affiliated Managers Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 11th were paid a dividend of $0.01 per share. The ex-dividend date was Monday, May 11th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. Affiliated Managers Group's dividend payout ratio (DPR) is presently 0.16%.

Insider Buying and Selling

In other news, Director Annette Franqui bought 750 shares of the firm's stock in a transaction on Monday, June 1st. The stock was acquired at an average cost of $304.88 per share, with a total value of $228,660.00. Following the completion of the transaction, the director directly owned 1,962 shares of the company's stock, valued at $598,174.56. This represents a 61.88% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director G. Staley Cates bought 1,500 shares of the firm's stock in a transaction on Wednesday, May 6th. The stock was purchased at an average cost of $305.83 per share, with a total value of $458,745.00. Following the completion of the transaction, the director directly owned 6,405 shares of the company's stock, valued at approximately $1,958,841.15. The trade was a 30.58% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold a total of 21,902 shares of company stock worth $7,257,719 in the last three months. Insiders own 2.90% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Boston Partners raised its stake in Affiliated Managers Group by 2.1% in the 3rd quarter. Boston Partners now owns 1,157,344 shares of the asset manager's stock valued at $275,957,000 after acquiring an additional 24,217 shares during the period. Dimensional Fund Advisors LP boosted its position in Affiliated Managers Group by 2.7% during the first quarter. Dimensional Fund Advisors LP now owns 718,313 shares of the asset manager's stock worth $198,746,000 after purchasing an additional 18,865 shares during the period. Fuller & Thaler Asset Management Inc. increased its stake in shares of Affiliated Managers Group by 20.2% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 685,588 shares of the asset manager's stock worth $197,641,000 after purchasing an additional 115,313 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Affiliated Managers Group by 8.1% in the fourth quarter. Geode Capital Management LLC now owns 551,153 shares of the asset manager's stock worth $158,916,000 after purchasing an additional 41,322 shares in the last quarter. Finally, LSV Asset Management raised its position in shares of Affiliated Managers Group by 0.7% in the third quarter. LSV Asset Management now owns 479,624 shares of the asset manager's stock valued at $114,357,000 after purchasing an additional 3,400 shares during the period. Institutional investors own 95.30% of the company's stock.

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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