Affiliated Managers Group (NYSE:AMG) Reaches New 12-Month High on Strong Earnings

Key Points

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

The asset manager reported $5.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.26 by $0.13. The company had revenue of $493.20 million for the quarter, compared to analysts' expectations of $506.46 million. Affiliated Managers Group had a return on equity of 16.03% and a net margin of 21.79%. The firm's revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.67 earnings per share.

Affiliated Managers Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 25th. Shareholders of record on Monday, August 11th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.0%. The ex-dividend date of this dividend is Monday, August 11th. Affiliated Managers Group's payout ratio is 0.29%.

Wall Street Analysts Forecast Growth

AMG has been the topic of several recent analyst reports. Wall Street Zen downgraded shares of Affiliated Managers Group from a "buy" rating to a "hold" rating in a research note on Friday, June 27th. The Goldman Sachs Group raised shares of Affiliated Managers Group from a "neutral" rating to a "buy" rating and upped their price target for the stock from $197.00 to $218.00 in a research note on Friday, June 27th. Cowen reaffirmed a "hold" rating on shares of Affiliated Managers Group in a research note on Monday, July 28th. TD Cowen upgraded shares of Affiliated Managers Group from a "hold" rating to a "buy" rating and upped their price objective for the stock from $214.00 to $255.00 in a report on Monday. Finally, Barrington Research reiterated an "outperform" rating and issued a $200.00 price objective on shares of Affiliated Managers Group in a report on Tuesday, July 29th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $215.20.

Institutional Investors Weigh In On Affiliated Managers Group

Hedge funds have recently made changes to their positions in the stock. Millstone Evans Group LLC lifted its stake in Affiliated Managers Group by 154.5% during the first quarter. Millstone Evans Group LLC now owns 168 shares of the asset manager's stock worth $28,000 after purchasing an additional 102 shares during the period. Versant Capital Management Inc increased its holdings in shares of Affiliated Managers Group by 70.8% in the first quarter. Versant Capital Management Inc now owns 181 shares of the asset manager's stock valued at $30,000 after purchasing an additional 75 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Affiliated Managers Group in the first quarter valued at approximately $36,000. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of Affiliated Managers Group by 80.3% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 229 shares of the asset manager's stock valued at $45,000 after purchasing an additional 102 shares in the last quarter. Finally, Private Trust Co. NA boosted its stake in Affiliated Managers Group by 38.1% in the first quarter. Private Trust Co. NA now owns 301 shares of the asset manager's stock valued at $51,000 after acquiring an additional 83 shares during the last quarter. Institutional investors own 95.30% of the company's stock.

Affiliated Managers Group Price Performance

The stock has a market capitalization of $6.09 billion, a P/E ratio of 15.63, a PEG ratio of 0.62 and a beta of 1.14. The business's 50 day simple moving average is $194.32 and its 200-day simple moving average is $178.44.

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.