Nuveen LLC Invests $16.06 Million in Affiliated Managers Group, Inc. $AMG

Key Points

• Nuveen LLC acquired 95,577 shares of Affiliated Managers Group, Inc. ($AMG) during Q1, increasing its ownership to approximately 0.33% and valuing the purchase at about $16 million.
• A number of hedge funds, including Envestnet Asset Management and Private Trust Co. NA, have increased their positions in Affiliated Managers Group, with institutional investors now holding 95.30% of the stock.
• Analysts show a positive outlook with five upgrades to "Buy" ratings and a consensus rating of "Moderate Buy," alongside an average price target of $215.20 for the stock.

Nuveen LLC bought a new stake in shares of Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 95,577 shares of the asset manager's stock, valued at approximately $16,060,000. Nuveen LLC owned 0.33% of Affiliated Managers Group at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Millstone Evans Group LLC raised its position in shares of Affiliated Managers Group by 154.5% in the 1st quarter. Millstone Evans Group LLC now owns 168 shares of the asset manager's stock valued at $28,000 after acquiring an additional 102 shares during the period. Versant Capital Management Inc raised its position in shares of Affiliated Managers Group by 70.8% in the 1st quarter. Versant Capital Management Inc now owns 181 shares of the asset manager's stock valued at $30,000 after acquiring an additional 75 shares during the period. Private Trust Co. NA raised its position in shares of Affiliated Managers Group by 38.1% in the 1st quarter. Private Trust Co. NA now owns 301 shares of the asset manager's stock valued at $51,000 after acquiring an additional 83 shares during the period. Cullen Frost Bankers Inc. acquired a new stake in shares of Affiliated Managers Group in the 1st quarter valued at approximately $56,000. Finally, Rossby Financial LCC acquired a new stake in shares of Affiliated Managers Group in the 1st quarter valued at approximately $56,000. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AMG. Cowen upgraded shares of Affiliated Managers Group from a "hold" rating to a "buy" rating in a research report on Monday, August 4th. Wall Street Zen downgraded shares of Affiliated Managers Group from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. The Goldman Sachs Group upgraded shares of Affiliated Managers Group from a "neutral" rating to a "buy" rating and increased their price target for the company from $197.00 to $218.00 in a research report on Friday, June 27th. Barrington Research reiterated an "outperform" rating and issued a $200.00 price target on shares of Affiliated Managers Group in a research report on Tuesday, July 29th. Finally, TD Cowen upgraded shares of Affiliated Managers Group from a "hold" rating to a "buy" rating and raised their target price for the stock from $214.00 to $255.00 in a report on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Affiliated Managers Group has a consensus rating of "Buy" and a consensus target price of $215.20.

Affiliated Managers Group Stock Performance

AMG stock traded up $2.45 during mid-day trading on Tuesday, hitting $226.83. 190,029 shares of the company were exchanged, compared to its average volume of 166,826. The firm has a market cap of $6.44 billion, a P/E ratio of 16.56, a P/E/G ratio of 0.62 and a beta of 1.14. The firm's 50 day simple moving average is $207.23 and its 200 day simple moving average is $182.31. Affiliated Managers Group, Inc. has a 1-year low of $139.22 and a 1-year high of $226.85.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last announced its earnings results on Thursday, July 31st. The asset manager reported $5.39 EPS for the quarter, topping the consensus estimate of $5.26 by $0.13. The firm had revenue of $493.20 million for the quarter, compared to the consensus estimate of $506.46 million. Affiliated Managers Group had a net margin of 21.79% and a return on equity of 16.11%. The business's quarterly revenue was down 1.4% on a year-over-year basis. During the same period last year, the company posted $4.67 EPS. On average, equities research analysts predict that Affiliated Managers Group, Inc. will post 22.86 EPS for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. The ex-dividend date of this dividend was Monday, August 11th. Affiliated Managers Group's dividend payout ratio (DPR) is currently 0.29%.

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.