Affiliated Managers Group (NYSE:AMG) Trading Down 9.1% - Here's What Happened

Key Points

• Shares fell 9.1% intraday to $273.96 from a prior close of $301.30, with trading of ~111,117 shares—about a 72% drop from the average daily volume.
• Analysts remain broadly positive (seven Buy, one Hold) with an average rating of "Moderate Buy" and an average price target of $350.14.
• Most recent quarter: EPS beat at $9.48 versus $8.75 expected but revenue missed ($556.6M vs. $578.54M); company insiders sold shares recently and the stock pays a negligible dividend.

Shares of Affiliated Managers Group, Inc. (NYSE:AMG - Get Free Report) were down 9.1% during mid-day trading on Thursday . The stock traded as low as $280.12 and last traded at $273.96. Approximately 111,117 shares were traded during trading, a decline of 72% from the average daily volume of 395,202 shares. The stock had previously closed at $301.30.

Analysts Set New Price Targets

Several equities research analysts have issued reports on AMG shares. Wall Street Zen cut Affiliated Managers Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, April 4th. Weiss Ratings restated a "buy (b-)" rating on shares of Affiliated Managers Group in a research report on Wednesday, January 21st. Deutsche Bank Aktiengesellschaft set a $408.00 price target on Affiliated Managers Group and gave the stock a "buy" rating in a research report on Friday, February 13th. TD Cowen restated a "buy" rating on shares of Affiliated Managers Group in a research report on Thursday, April 9th. Finally, The Goldman Sachs Group raised their price target on Affiliated Managers Group from $300.00 to $341.00 and gave the stock a "buy" rating in a research report on Tuesday, January 6th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Affiliated Managers Group currently has an average rating of "Moderate Buy" and an average price target of $350.14.

Affiliated Managers Group Stock Performance

The firm has a 50-day moving average price of $291.46 and a 200 day moving average price of $281.78. The firm has a market capitalization of $7.44 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 0.55 and a beta of 1.20. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.64.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last released its quarterly earnings results on Thursday, February 12th. The asset manager reported $9.48 EPS for the quarter, topping the consensus estimate of $8.75 by $0.73. Affiliated Managers Group had a return on equity of 18.45% and a net margin of 34.55%.The business had revenue of $556.60 million during the quarter, compared to analyst estimates of $578.54 million. During the same period last year, the business posted $6.53 earnings per share. The company's quarterly revenue was up 6.2% on a year-over-year basis. Research analysts expect that Affiliated Managers Group, Inc. will post 30.49 earnings per share for the current year.

Affiliated Managers Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Monday, February 23rd were issued a $0.01 dividend. The ex-dividend date was Monday, February 23rd. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. Affiliated Managers Group's dividend payout ratio (DPR) is 0.17%.

Insiders Place Their Bets

In related news, COO Thomas M. Wojcik sold 8,000 shares of Affiliated Managers Group stock in a transaction on Friday, March 6th. The stock was sold at an average price of $286.30, for a total value of $2,290,400.00. Following the completion of the transaction, the chief operating officer directly owned 159,465 shares in the company, valued at approximately $45,654,829.50. This trade represents a 4.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Kavita Padiyar sold 2,200 shares of Affiliated Managers Group stock in a transaction on Monday, March 9th. The shares were sold at an average price of $278.24, for a total value of $612,128.00. Following the completion of the transaction, the general counsel owned 42,672 shares of the company's stock, valued at approximately $11,873,057.28. This trade represents a 4.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 4.20% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of AMG. Leonteq Securities AG purchased a new position in Affiliated Managers Group in the fourth quarter valued at $30,000. Root Financial Partners LLC purchased a new position in Affiliated Managers Group in the third quarter valued at $33,000. Meeder Asset Management Inc. purchased a new position in Affiliated Managers Group in the third quarter valued at $34,000. Hantz Financial Services Inc. boosted its holdings in Affiliated Managers Group by 189.8% in the third quarter. Hantz Financial Services Inc. now owns 142 shares of the asset manager's stock valued at $34,000 after purchasing an additional 93 shares during the period. Finally, Millstone Evans Group LLC boosted its holdings in Affiliated Managers Group by 41.9% in the third quarter. Millstone Evans Group LLC now owns 176 shares of the asset manager's stock valued at $42,000 after purchasing an additional 52 shares during the period. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

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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