Affiliated Managers Group (NYSE:AMG) Stock Rating Upgraded by TD Cowen

Key Points

• Affiliated Managers Group (NYSE:AMG) has been upgraded to a "buy" rating by TD Cowen, with a new target price set at $255.00, implying a potential upside of 23.29% from the current stock price.
• The company's quarterly earnings report showed a beat with $5.39 EPS, surpassing expectations of $5.26, although revenue of $493.20 million fell short of the projected $506.46 million.
• Institutional investors own approximately 95.30% of the company's stock, indicating strong institutional confidence in Affiliated Managers Group.

Affiliated Managers Group (NYSE:AMG - Get Free Report) was upgraded by analysts at TD Cowen from a "hold" rating to a "buy" rating in a report issued on Monday, MarketBeat.com reports. The firm currently has a $255.00 price objective on the asset manager's stock, up from their previous price objective of $214.00. TD Cowen's price objective would indicate a potential upside of 20.52% from the stock's previous close.

Several other equities research analysts also recently issued reports on the company. Wall Street Zen downgraded Affiliated Managers Group from a "buy" rating to a "hold" rating in a report on Friday, June 27th. The Goldman Sachs Group raised shares of Affiliated Managers Group from a "neutral" rating to a "buy" rating and increased their price objective for the company from $197.00 to $218.00 in a research report on Friday, June 27th. Cowen reaffirmed a "hold" rating on shares of Affiliated Managers Group in a report on Monday, July 28th. Finally, Barrington Research reiterated an "outperform" rating and issued a $200.00 price target on shares of Affiliated Managers Group in a research note on Tuesday, July 29th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Affiliated Managers Group has an average rating of "Moderate Buy" and a consensus price target of $215.20.

Affiliated Managers Group Stock Performance

AMG traded up $1.82 on Monday, hitting $211.58. 102,738 shares of the company were exchanged, compared to its average volume of 229,493. The stock's fifty day moving average is $197.28 and its 200-day moving average is $179.26. Affiliated Managers Group has a 12 month low of $139.22 and a 12 month high of $220.00. The company has a market cap of $6.01 billion, a PE ratio of 15.44, a PEG ratio of 0.61 and a beta of 1.14.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The asset manager reported $5.39 earnings per share for the quarter, topping the consensus estimate of $5.26 by $0.13. The company had revenue of $493.20 million for 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 revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the previous year, the business earned $4.67 EPS. As a group, equities research analysts expect that Affiliated Managers Group will post 22.86 EPS for the current fiscal year.

Institutional Trading of Affiliated Managers Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Clarkston Capital Partners LLC increased its holdings in Affiliated Managers Group by 0.8% in the 1st quarter. Clarkston Capital Partners LLC now owns 1,585,324 shares of the asset manager's stock worth $266,382,000 after purchasing an additional 13,135 shares in the last quarter. Millennium Management LLC raised its holdings in Affiliated Managers Group by 314.3% in the 1st quarter. Millennium Management LLC now owns 1,265,655 shares of the asset manager's stock valued at $212,668,000 after buying an additional 960,158 shares during the last quarter. LSV Asset Management grew its holdings in Affiliated Managers Group by 10.4% during the 1st quarter. LSV Asset Management now owns 468,084 shares of the asset manager's stock worth $78,652,000 after acquiring an additional 44,090 shares during the last quarter. Northern Trust Corp increased its holdings in Affiliated Managers Group by 10.2% in the first quarter. Northern Trust Corp now owns 385,292 shares of the asset manager's stock valued at $64,741,000 after purchasing an additional 35,681 shares during the period. Finally, Allianz Asset Management GmbH raised its position in Affiliated Managers Group by 10.8% during the 2nd quarter. Allianz Asset Management GmbH now owns 342,942 shares of the asset manager's stock worth $67,481,000 after purchasing an additional 33,415 shares during the last quarter. Institutional investors own 95.30% of the company's stock.

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.