Affiliated Managers Group, Inc. $AMG Shares Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon increased its stake in Affiliated Managers Group by 21.5% in the first quarter, ending with 300,265 shares valued at about $83.1 million.
• Affiliated Managers Group reported strong first-quarter results, with EPS of $8.23 beating estimates and revenue of $544.9 million slightly ahead of expectations. Revenue also rose 9.7% from a year earlier.
• Analysts remain broadly bullish on AMG, with seven Buy ratings and one Hold, and a consensus price target of $362.29. Several firms recently reaffirmed or upgraded positive ratings on the stock.

Bank of New York Mellon Corp increased its stake in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 21.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 300,265 shares of the asset manager's stock after purchasing an additional 53,076 shares during the period. Bank of New York Mellon Corp owned 1.13% of Affiliated Managers Group worth $83,083,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AMG. Illinois Municipal Retirement Fund grew its stake in Affiliated Managers Group by 46.6% during the 1st quarter. Illinois Municipal Retirement Fund now owns 21,367 shares of the asset manager's stock worth $5,912,000 after buying an additional 6,795 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its stake in Affiliated Managers Group by 9.7% in the first quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 34,950 shares of the asset manager's stock valued at $9,671,000 after buying an additional 3,100 shares during the last quarter. State of Michigan Retirement System lifted its stake in Affiliated Managers Group by 1.5% in the first quarter. State of Michigan Retirement System now owns 6,719 shares of the asset manager's stock valued at $1,859,000 after buying an additional 100 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Affiliated Managers Group by 3.8% during the first quarter. Principal Financial Group Inc. now owns 62,786 shares of the asset manager's stock valued at $17,373,000 after acquiring an additional 2,283 shares during the period. Finally, Chicago Partners Investment Group LLC boosted its holdings in shares of Affiliated Managers Group by 18.4% during the first quarter. Chicago Partners Investment Group LLC now owns 1,146 shares of the asset manager's stock valued at $345,000 after acquiring an additional 178 shares during the period. Institutional investors and hedge funds own 95.30% of the company's stock.

Affiliated Managers Group Price Performance

Shares of NYSE AMG opened at $340.52 on Wednesday. Affiliated Managers Group, Inc. has a fifty-two week low of $200.00 and a fifty-two week high of $382.75. The firm's 50-day simple moving average is $336.22 and its 200 day simple moving average is $311.79. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.73. The stock has a market cap of $8.99 billion, a P/E ratio of 13.78, a P/E/G ratio of 0.56 and a beta of 1.12.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last announced its earnings results on Friday, May 1st. The asset manager reported $8.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $8.10 by $0.13. The firm had revenue of $544.90 million during the quarter, compared to analyst estimates of $544.01 million. Affiliated Managers Group had a net margin of 35.55% and a return on equity of 20.17%. Affiliated Managers Group's revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.37 EPS. Equities analysts expect that Affiliated Managers Group, Inc. will post 35.48 EPS for the current year.

Affiliated Managers Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 11th were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. The ex-dividend date of this dividend was Monday, May 11th. Affiliated Managers Group's dividend payout ratio is currently 0.16%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on AMG shares. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $405.00 price objective on shares of Affiliated Managers Group in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $400.00 target price on shares of Affiliated Managers Group in a research note on Monday, May 4th. Wall Street Zen upgraded shares of Affiliated Managers Group from a "hold" rating to a "buy" rating in a research report on Sunday, June 28th. TD Cowen restated a "buy" rating and issued a $454.00 price target on shares of Affiliated Managers Group in a research note on Wednesday, May 13th. Finally, Barrington Research reaffirmed an "outperform" rating and set a $365.00 price target on shares of Affiliated Managers Group in a report on Monday, April 27th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Affiliated Managers Group presently has an average rating of "Moderate Buy" and a consensus target price of $362.29.

Insider Buying and Selling

In other Affiliated Managers Group news, Director David Christopher Ryan sold 3,402 shares of the company's stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $305.06, for a total value of $1,037,814.12. Following the completion of the sale, the director directly owned 1,092 shares in the company, valued at $333,125.52. This represents a 75.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Rodriguez Felix V. Matos sold 1,000 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $300.18, for a total value of $300,180.00. Following the transaction, the director directly owned 4,369 shares of the company's stock, valued at approximately $1,311,486.42. The trade was a 18.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 21,902 shares of company stock worth $7,257,719. Company insiders own 2.90% of the company's stock.

About Affiliated Managers Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.