Bank of America Upgrades Affiliated Managers Group (NYSE:AMG) to "Buy"

Key Points

• Bank of America upgraded Affiliated Managers Group (AMG) from a "neutral" to a "buy" rating, setting a new price target of $331.00, indicating a potential upside of 47.26% from its previous close.
• Multiple analysts have also boosted their ratings on AMG, with Goldman Sachs raising its target from $197.00 to $218.00 and Zacks Research upgrading to a "strong-buy" rating, reflecting a strong overall sentiment among analysts.
• Affiliated Managers Group recently reported quarterly earnings of $5.39 per share, exceeding estimates, though revenue fell slightly compared to the previous year, impacting investor confidence.

Affiliated Managers Group (NYSE:AMG - Get Free Report) was upgraded by Bank of America from a "neutral" rating to a "buy" rating in a report released on Tuesday,Benzinga reports. The firm presently has a $331.00 price target on the asset manager's stock, up from their prior price target of $236.00. Bank of America's price objective points to a potential upside of 47.26% from the stock's previous close.

Several other equities research analysts also recently weighed in on the company. The Goldman Sachs Group raised Affiliated Managers Group from a "neutral" rating to a "buy" rating and increased their price target for the stock from $197.00 to $218.00 in a research report on Friday, June 27th. Wall Street Zen downgraded Affiliated Managers Group from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. Zacks Research raised Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 22nd. Cowen raised Affiliated Managers Group from a "hold" rating to a "buy" rating in a research report on Monday, August 4th. Finally, TD Cowen upgraded Affiliated Managers Group from a "hold" rating to a "buy" rating and raised their target price for the company from $214.00 to $255.00 in a research report on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. According to MarketBeat.com, Affiliated Managers Group currently has an average rating of "Buy" and an average target price of $242.40.

Affiliated Managers Group Price Performance

Shares of AMG stock opened at $224.77 on Tuesday. The business has a fifty day moving average of $210.58 and a 200 day moving average of $183.93. The firm has a market capitalization of $6.39 billion, a price-to-earnings ratio of 16.41, a price-to-earnings-growth ratio of 0.62 and a beta of 1.19. Affiliated Managers Group has a 1 year low of $139.22 and a 1 year high of $229.40.

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, topping the consensus estimate of $5.26 by $0.13. The company had revenue of $493.20 million for the quarter, compared to the consensus estimate of $506.46 million. Affiliated Managers Group had a return on equity of 16.11% and a net margin of 21.79%.The firm's revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period last year, the firm earned $4.67 EPS. As a group, equities research analysts expect that Affiliated Managers Group will post 22.86 earnings per share for the current year.

Institutional Investors Weigh In On Affiliated Managers Group

Institutional investors have recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Affiliated Managers Group by 428.0% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 132 shares of the asset manager's stock worth $26,000 after buying an additional 107 shares during the last quarter. Millstone Evans Group LLC boosted its holdings in Affiliated Managers Group by 154.5% in the 1st quarter. Millstone Evans Group LLC now owns 168 shares of the asset manager's stock worth $28,000 after buying an additional 102 shares during the last quarter. Versant Capital Management Inc boosted its holdings in Affiliated Managers Group by 70.8% in the 1st quarter. Versant Capital Management Inc now owns 181 shares of the asset manager's stock worth $30,000 after buying an additional 75 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Affiliated Managers Group in the 1st quarter worth approximately $36,000. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its stake in Affiliated Managers Group by 80.3% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 229 shares of the asset manager's stock worth $45,000 after purchasing an additional 102 shares in the last quarter. 95.30% of the stock is currently owned by institutional investors and hedge funds.

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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