Affiliated Managers Group (NYSE:AMG) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Affiliated Managers Group from “strong buy” to “buy,” although the broader analyst consensus remains “Buy,” with an average price target of $370.86.
• AMG shares opened at $371.22, near their 52-week high of $392.92, with a market capitalization of approximately $9.6 billion.
• The company exceeded quarterly expectations, reporting EPS of $8.29 versus the $7.90 consensus and revenue of $640.7 million versus estimates of $590.94 million; institutional investors own 95.3% of the stock.

Affiliated Managers Group (NYSE:AMG - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report issued on Sunday.

Several other research firms have also issued reports on AMG. The Goldman Sachs Group restated a "buy" rating and issued a $405.00 target price on shares of Affiliated Managers Group in a report on Monday, May 4th. Barrington Research set a $425.00 price target on Affiliated Managers Group in a report on Friday, July 31st. TD Cowen reissued a "buy" rating and issued a $454.00 price objective on shares of Affiliated Managers Group in a research report on Wednesday, May 13th. Zacks Research raised Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 4th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $400.00 price objective on shares of Affiliated Managers Group in a research note on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company's stock. According to MarketBeat.com, Affiliated Managers Group has an average rating of "Buy" and an average price target of $370.86.

Affiliated Managers Group Price Performance

Shares of NYSE AMG opened at $371.22 on Friday. The business has a fifty day moving average price of $360.58 and a two-hundred day moving average price of $322.25. The stock has a market capitalization of $9.60 billion, a PE ratio of 12.86, a P/E/G ratio of 0.50 and a beta of 1.11. 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 has a fifty-two week low of $223.44 and a fifty-two week high of $392.92.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last issued its earnings results on Thursday, July 30th. The asset manager reported $8.29 EPS for the quarter, beating the consensus estimate of $7.90 by $0.39. Affiliated Managers Group had a net margin of 37.72% and a return on equity of 21.94%. The company had revenue of $640.70 million during the quarter, compared to analysts' expectations of $590.94 million. During the same period in the previous year, the company earned $5.39 EPS. The business's revenue for the quarter was up .0% compared to the same quarter last year. As a group, equities analysts predict that Affiliated Managers Group will post 36.69 earnings per share for the current fiscal year.

Insider Transactions at Affiliated Managers Group

In other Affiliated Managers Group news, Director Annette Franqui bought 750 shares of the business's stock in a transaction on Monday, June 1st. The stock was purchased at an average price of $304.88 per share, for a total transaction of $228,660.00. Following the completion of the transaction, the director directly owned 1,962 shares of the company's stock, valued at $598,174.56. This trade represents a 61.88% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Jay C. Horgen sold 17,500 shares of Affiliated Managers Group stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $338.27, for a total transaction of $5,919,725.00. Following the completion of the transaction, the chief executive officer owned 204,706 shares of the company's stock, valued at $69,245,898.62. The trade was a 7.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Affiliated Managers Group

A number of large investors have recently modified their holdings of the company. California State Teachers Retirement System increased its holdings in Affiliated Managers Group by 30,051.3% during the 2nd quarter. California State Teachers Retirement System now owns 9,905,306 shares of the asset manager's stock worth $3,351,956,000 after acquiring an additional 9,872,454 shares during the period. BlackRock Inc. bought a new position in Affiliated Managers Group in the 2nd quarter valued at $938,294,000. Bank of America Corp DE bought a new position in Affiliated Managers Group in the 2nd quarter valued at $146,331,000. Norges Bank purchased a new position in shares of Affiliated Managers Group during the 4th quarter valued at $113,743,000. Finally, Balyasny Asset Management L.P. grew its position in shares of Affiliated Managers Group by 3,811.8% during the 2nd quarter. Balyasny Asset Management L.P. now owns 311,383 shares of the asset manager's stock valued at $61,271,000 after purchasing an additional 303,423 shares in the last quarter. 95.30% of the stock is currently owned by institutional investors.

Affiliated Managers Group Company Profile

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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