Affiliated Managers Group (NYSE:AMG) Reaches New 12-Month High on Analyst Upgrade

Key Points

• Affiliated Managers Group's share price reached a new 12-month high following an upgrade by Bank of America, increasing their price target from $236.00 to $331.00.
• Several analysts have recently upgraded the stock's ratings, with the consensus rating now at "Buy" and an average price target of $242.40.
• The company reported earnings of $5.39 per share, surpassing analysts' expectations, despite a slight 1.4% decrease in revenue year-over-year.

Affiliated Managers Group, Inc. (NYSE:AMG - Get Free Report)'s share price hit a new 52-week high on Wednesday after Bank of America upgraded the stock from a neutral rating to a buy rating. Bank of America now has a $331.00 price target on the stock, up from their previous price target of $236.00. Affiliated Managers Group traded as high as $230.61 and last traded at $229.82, with a volume of 307217 shares trading hands. The stock had previously closed at $224.82.

Several other equities analysts also recently weighed in on AMG. TD Cowen upgraded Affiliated Managers Group from a "hold" rating to a "buy" rating and raised their target price for the company from $214.00 to $255.00 in a research report on Monday, August 4th. The Goldman Sachs Group upgraded Affiliated Managers Group from a "neutral" rating to a "buy" rating and raised their price objective for the company from $197.00 to $218.00 in a report on Friday, June 27th. Wall Street Zen lowered shares of Affiliated Managers Group from a "buy" rating to a "hold" rating in a report on Friday, June 27th. Zacks Research raised shares of Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. Finally, Barrington Research reaffirmed an "outperform" rating and set a $200.00 price objective on shares of Affiliated Managers Group in a research note on Tuesday, July 29th. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. According to MarketBeat, Affiliated Managers Group presently has a consensus rating of "Buy" and a consensus price target of $242.40.

Institutional Trading of Affiliated Managers Group

Institutional investors have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Affiliated Managers Group by 428.0% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 132 shares of the asset manager's stock valued at $26,000 after buying an additional 107 shares during the period. Millstone Evans Group LLC grew its holdings in shares of Affiliated Managers Group by 154.5% in the first quarter. Millstone Evans Group LLC now owns 168 shares of the asset manager's stock valued at $28,000 after purchasing an additional 102 shares in the last quarter. Versant Capital Management Inc increased its stake in Affiliated Managers Group by 70.8% during the 1st quarter. Versant Capital Management Inc now owns 181 shares of the asset manager's stock worth $30,000 after buying an additional 75 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Affiliated Managers Group during the 1st quarter worth approximately $36,000. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Affiliated Managers Group by 80.3% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 229 shares of the asset manager's stock worth $45,000 after buying an additional 102 shares in the last quarter. Institutional investors and hedge funds own 95.30% of the company's stock.

Affiliated Managers Group Stock Performance

The company's 50-day simple moving average is $211.44 and its 200 day simple moving average is $184.24. The company has a market cap of $6.53 billion, a PE ratio of 16.78, a PEG ratio of 0.62 and a beta of 1.19.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last released its earnings results on Thursday, July 31st. The asset manager reported $5.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.26 by $0.13. Affiliated Managers Group had a return on equity of 16.11% and a net margin of 21.79%.The firm had revenue of $493.20 million during the quarter, compared to analyst estimates of $506.46 million. During the same period last year, the business posted $4.67 earnings per share. Affiliated Managers Group's revenue was down 1.4% compared to the same quarter last year. Analysts forecast that Affiliated Managers Group, Inc. will post 22.86 EPS for the current year.

Affiliated Managers Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were issued a $0.01 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.04 annualized dividend and a yield of 0.0%. Affiliated Managers Group's dividend payout ratio (DPR) is 0.29%.

Affiliated Managers Group Company Profile

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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