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

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 research analysts at TD Cowen from a "hold" rating to a "buy" rating in a research report issued on Monday,Benzinga reports. The brokerage currently has a $255.00 target price on the asset manager's stock, up from their prior target price of $214.00. TD Cowen's price objective would suggest a potential upside of 23.29% from the stock's current price.

Other research analysts have also recently issued research reports about the company. Cowen reaffirmed a "hold" rating on shares of Affiliated Managers Group in a research report on Monday, July 28th. Wall Street Zen downgraded shares of Affiliated Managers Group from a "buy" rating to a "hold" rating in a report on Friday, June 27th. Barrington Research reiterated an "outperform" rating and issued a $200.00 target price on shares of Affiliated Managers Group in a report on Tuesday, July 29th. Finally, The Goldman Sachs Group upgraded shares of Affiliated Managers Group from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $197.00 to $218.00 in a report on Friday, June 27th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $215.20.

Affiliated Managers Group Trading Down 1.4%

Shares of AMG stock opened at $206.83 on Monday. Affiliated Managers Group has a 12 month low of $139.22 and a 12 month high of $220.00. The firm has a market capitalization of $5.88 billion, a PE ratio of 15.10, a price-to-earnings-growth ratio of 0.62 and a beta of 1.14. The firm has a fifty day simple moving average of $194.32 and a two-hundred day simple moving average of $178.44.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The asset manager reported $5.39 earnings per share for the quarter, beating the consensus estimate of $5.26 by $0.13. The business had revenue of $493.20 million for the quarter, compared to analysts' expectations of $506.46 million. Affiliated Managers Group had a net margin of 21.79% and a return on equity of 16.03%. The firm's revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter last year, the firm earned $4.67 EPS. On average, equities analysts predict that Affiliated Managers Group will post 22.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Affiliated Managers Group

Several institutional investors have recently bought and sold shares of AMG. Clarkston Capital Partners LLC increased its position in Affiliated Managers Group by 0.8% in the first quarter. Clarkston Capital Partners LLC now owns 1,585,324 shares of the asset manager's stock worth $266,382,000 after buying an additional 13,135 shares during the last quarter. Millennium Management LLC lifted its holdings in Affiliated Managers Group by 314.3% during the first quarter. Millennium Management LLC now owns 1,265,655 shares of the asset manager's stock valued at $212,668,000 after purchasing an additional 960,158 shares during the last quarter. LSV Asset Management boosted its position in Affiliated Managers Group by 10.4% during the first quarter. LSV Asset Management now owns 468,084 shares of the asset manager's stock worth $78,652,000 after purchasing an additional 44,090 shares during the period. Northern Trust Corp increased its stake in shares of Affiliated Managers Group by 10.2% in the first quarter. Northern Trust Corp now owns 385,292 shares of the asset manager's stock worth $64,741,000 after purchasing an additional 35,681 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its stake in shares of Affiliated Managers Group by 10.8% in the second 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 in the last quarter. Hedge funds and other institutional investors own 95.30% of the company's stock.

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.

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