Affiliated Managers Group (NYSE:AMG) Reaches New 1-Year High on Earnings Beat

Key Points

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Affiliated Managers Group, Inc. (NYSE:AMG - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $220.00 and last traded at $216.50, with a volume of 95173 shares trading hands. The stock had previously closed at $210.53.

The asset manager reported $5.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.26 by $0.13. The company had revenue of $493.20 million during the quarter, compared to analyst estimates of $506.46 million. Affiliated Managers Group had a net margin of 21.79% and a return on equity of 16.03%. Affiliated Managers Group's quarterly revenue was down 1.4% compared to the same quarter last year. During the same period last year, the business earned $4.67 EPS.

Affiliated Managers Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 25th. Stockholders of record on Monday, August 11th will be paid a $0.01 dividend. The ex-dividend date is Monday, August 11th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. Affiliated Managers Group's payout ratio is currently 0.29%.

Analysts Set New Price Targets

A number of brokerages have recently commented on AMG. Wall Street Zen lowered shares of Affiliated Managers Group from a "buy" rating to a "hold" rating in a research note on Friday, June 27th. TD Cowen decreased their price objective on shares of Affiliated Managers Group from $187.00 to $168.00 and set a "hold" rating on the stock in a research report on Wednesday, April 9th. The Goldman Sachs Group raised shares of Affiliated Managers Group from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $197.00 to $218.00 in a report on Friday, June 27th. Barrington Research reissued an "outperform" rating and issued a $200.00 target price on shares of Affiliated Managers Group in a report on Tuesday. Finally, Cowen restated a "hold" rating on shares of Affiliated Managers Group in a research report on Monday, July 28th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $197.80.

Institutional Trading of Affiliated Managers Group

A number of hedge funds have recently added to or reduced their stakes in the business. Guinness Asset Management LTD lifted its position in shares of Affiliated Managers Group by 2.4% during the second quarter. Guinness Asset Management LTD now owns 3,196 shares of the asset manager's stock valued at $629,000 after buying an additional 74 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Affiliated Managers Group during the second quarter valued at about $916,000. Envestnet Asset Management Inc. lifted its position in shares of Affiliated Managers Group by 9.3% during the second quarter. Envestnet Asset Management Inc. now owns 58,721 shares of the asset manager's stock valued at $11,554,000 after buying an additional 4,994 shares during the last quarter. MQS Management LLC purchased a new stake in shares of Affiliated Managers Group during the second quarter valued at about $499,000. Finally, Cullen Frost Bankers Inc. lifted its position in shares of Affiliated Managers Group by 79.4% during the second quarter. Cullen Frost Bankers Inc. now owns 601 shares of the asset manager's stock valued at $118,000 after buying an additional 266 shares during the last quarter. 95.30% of the stock is owned by hedge funds and other institutional investors.

Affiliated Managers Group Stock Down 1.4%

The firm has a market capitalization of $5.88 billion, a PE ratio of 15.10, a price-to-earnings-growth ratio of 0.63 and a beta of 1.09. The company's 50-day simple moving average is $194.32 and its 200 day simple moving average is $178.55.

About Affiliated Managers Group

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.