Affiliated Managers Group (NYSE:AMG) Price Target Raised to $523.00

Key Points

• TD Cowen raised AMG’s price target to $523 from $512 and maintained a “buy” rating, implying 34.61% upside from the prior close.
• AMG shares traded at $388.52, near their 12-month high of $395.00. The stock has a “Moderate Buy” consensus rating, with six analysts recommending Buy and one recommending Hold.
• The company exceeded quarterly expectations, reporting $8.29 in EPS versus the $7.90 consensus and $640.70 million in revenue versus $590.94 million expected; institutional investors own 95.30% of its shares.

Affiliated Managers Group (NYSE:AMG - Get Free Report) had its target price upped by equities research analysts at TD Cowen from $512.00 to $523.00 in a report released on Monday, Benzinga reports. The firm presently has a "buy" rating on the asset manager's stock. TD Cowen's target price points to a potential upside of 34.61% from the stock's previous close.

AMG has been the topic of a number of other reports. Barrington Research set a $425.00 price target on Affiliated Managers Group in a report on Friday, July 31st. Weiss Ratings upgraded Affiliated Managers Group from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday. Zacks Research lowered Affiliated Managers Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 29th. Finally, Wall Street Zen cut Affiliated Managers Group from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 30th. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $388.33.

Affiliated Managers Group Stock Performance

Shares of Affiliated Managers Group stock traded up $1.26 during mid-day trading on Monday, hitting $388.52. 22,137 shares of the stock were exchanged, compared to its average volume of 341,042. Affiliated Managers Group has a 12 month low of $231.53 and a 12 month high of $395.00. The company has a 50-day simple moving average of $366.27 and a 200 day simple moving average of $336.62. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.24 and a current ratio of 1.24. The company has a market capitalization of $10.05 billion, a P/E ratio of 13.47, a P/E/G ratio of 0.51 and a beta of 1.07.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last announced its earnings results on Thursday, July 30th. The asset manager reported $8.29 earnings per share for the quarter, topping analysts' consensus estimates of $7.90 by $0.39. The firm had revenue of $640.70 million for the quarter, compared to the consensus estimate of $590.94 million. Affiliated Managers Group had a return on equity of 21.94% and a net margin of 37.72%. The company's revenue was up .0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.39 EPS. Sell-side analysts anticipate that Affiliated Managers Group will post 36.75 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. Danske Bank A S bought a new position in shares of Affiliated Managers Group in the second quarter valued at approximately $622,000. Bank of America Corp DE purchased a new position in Affiliated Managers Group during the second quarter valued at approximately $146,331,000. Engineers Gate Manager LP increased its holdings in Affiliated Managers Group by 161.4% during the 2nd quarter. Engineers Gate Manager LP now owns 51,861 shares of the asset manager's stock worth $17,550,000 after acquiring an additional 32,023 shares during the period. Sei Investments Co. increased its holdings in Affiliated Managers Group by 5.2% during the 1st quarter. Sei Investments Co. now owns 107,654 shares of the asset manager's stock worth $29,787,000 after acquiring an additional 5,357 shares during the period. Finally, Tidal Investments LLC increased its holdings in Affiliated Managers Group by 129.8% during the 2nd quarter. Tidal Investments LLC now owns 6,355 shares of the asset manager's stock worth $2,151,000 after acquiring an additional 3,589 shares during the period. Hedge funds and other institutional investors own 95.30% of the company's stock.

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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