Affiliated Managers Group (NYSE:AMG) Cut to Hold at Zacks Research

Key Points

• Zacks Research downgraded Affiliated Managers Group from “strong buy” to “hold,” although analyst sentiment remains broadly positive with seven Buy ratings, one Hold rating, and a $379.14 average price target.
• AMG shares opened at $365.42, down 1.4%, with a market capitalization of approximately $9.45 billion and a 52-week range of $230.10 to $392.92.
• The asset manager exceeded quarterly expectations, reporting $8.29 in earnings per share versus the $7.90 consensus and revenue of $640.70 million versus $590.94 million; institutional investors own 95.3% of the stock.

Affiliated Managers Group (NYSE:AMG - Get Free Report) was downgraded by research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Tuesday, Zacks reports.

Other research analysts have also issued reports about the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Affiliated Managers Group in a report on Tuesday, September 22nd. Wall Street Zen downgraded shares of Affiliated Managers Group from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 30th. Barrington Research set a $425.00 price target on Affiliated Managers Group in a research report on Friday, July 31st. Finally, TD Cowen reaffirmed a "buy" rating and issued a $512.00 target price on shares of Affiliated Managers Group in a report on Tuesday. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Affiliated Managers Group currently has an average rating of "Moderate Buy" and an average price target of $379.14.

Affiliated Managers Group Trading Down 1.4%

AMG opened at $365.42 on Tuesday. The firm has a 50 day simple moving average of $363.80 and a 200 day simple moving average of $331.51. The company has a market cap of $9.45 billion, a price-to-earnings ratio of 12.66, a price-to-earnings-growth ratio of 0.50 and a beta of 1.10. Affiliated Managers Group has a fifty-two week low of $230.10 and a fifty-two week high of $392.92. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.24 and a quick ratio of 1.24.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The asset manager reported $8.29 earnings per share for the quarter, beating analysts' consensus estimates of $7.90 by $0.39. Affiliated Managers Group had a return on equity of 21.94% and a net margin of 37.72%.The company had revenue of $640.70 million for the quarter, compared to the consensus estimate of $590.94 million. During the same quarter in the prior year, the business posted $5.39 EPS. The firm's quarterly revenue was up .0% on a year-over-year basis. On average, sell-side analysts anticipate that Affiliated Managers Group will post 36.69 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Affiliated Managers Group during the second quarter worth $938,294,000. Bank of America Corp DE bought a new stake in Affiliated Managers Group in the second quarter worth approximately $146,331,000. Norges Bank acquired a new position in shares of Affiliated Managers Group during the fourth quarter valued at about $113,743,000. Bank of New York Mellon Corp bought a new position in shares of Affiliated Managers Group in the 2nd quarter worth $95,418,000. Finally, Bruni J V & Co. Co. acquired a new position in Affiliated Managers Group during the 2nd quarter valued at about $71,095,810. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Affiliated Managers Group Company Profile

Affiliated Managers Group, Inc NYSE: AMG is a global asset management company that invests in and partners with a diverse group of boutique investment management firms. AMG provides strategic support, distribution resources, technology, and other business services while allowing its affiliated managers to retain substantial autonomy over their investment processes, brands, and day-to-day operations.

Through its affiliated firms, AMG offers a broad range of investment strategies across public and private markets.

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