Affiliated Managers Group, Inc. $AMG Shares Purchased by Illinois Municipal Retirement Fund

Key Points

• Illinois Municipal Retirement Fund increased its stake in Affiliated Managers Group by 46.6% in the first quarter, buying 6,795 additional shares and bringing its total holdings to 21,367 shares worth about $5.9 million.
• Wall Street remains upbeat on AMG, with seven analysts rating the stock a Buy and one a Hold; the consensus price target is $362.29, according to MarketBeat.
• AMG posted solid quarterly results, reporting EPS of $8.23 versus estimates of $8.10 and revenue of $544.9 million, while revenue rose 9.7% year over year.

Illinois Municipal Retirement Fund raised its holdings in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 46.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,367 shares of the asset manager's stock after buying an additional 6,795 shares during the quarter. Illinois Municipal Retirement Fund owned approximately 0.08% of Affiliated Managers Group worth $5,912,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of AMG. Boston Partners boosted its position in shares of Affiliated Managers Group by 2.1% in the third quarter. Boston Partners now owns 1,157,344 shares of the asset manager's stock worth $275,957,000 after acquiring an additional 24,217 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Affiliated Managers Group by 2.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 699,448 shares of the asset manager's stock worth $201,640,000 after purchasing an additional 15,332 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its position in Affiliated Managers Group by 20.2% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 685,588 shares of the asset manager's stock worth $197,641,000 after purchasing an additional 115,313 shares during the last quarter. Geode Capital Management LLC raised its stake in Affiliated Managers Group by 8.1% during the fourth quarter. Geode Capital Management LLC now owns 551,153 shares of the asset manager's stock worth $158,916,000 after purchasing an additional 41,322 shares during the period. Finally, Allianz Asset Management GmbH raised its stake in Affiliated Managers Group by 8.5% during the fourth quarter. Allianz Asset Management GmbH now owns 426,649 shares of the asset manager's stock worth $122,994,000 after purchasing an additional 33,488 shares during the period. Institutional investors and hedge funds own 95.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. The Goldman Sachs Group reiterated 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 restated an "outperform" rating and set a $365.00 price target on shares of Affiliated Managers Group in a research note on Monday, April 27th. Weiss Ratings restated a "buy (b)" rating on shares of Affiliated Managers Group in a report on Friday, June 26th. TD Cowen reaffirmed a "buy" rating and issued a $454.00 price objective on shares of Affiliated Managers Group in a research note on Wednesday, May 13th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $400.00 target price on shares of Affiliated Managers Group in a report on Monday, May 4th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $362.29.

Insider Buying and Selling

In related news, Director David Christopher Ryan sold 3,402 shares of the firm's stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $305.06, for a total transaction of $1,037,814.12. Following the sale, the director directly owned 1,092 shares in the company, valued at approximately $333,125.52. This trade represents a 75.70% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jay C. Horgen sold 17,500 shares of the business's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $338.27, for a total value of $5,919,725.00. Following the transaction, the chief executive officer directly owned 204,706 shares in the company, valued at $69,245,898.62. This trade represents a 7.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 21,902 shares of company stock valued at $7,257,719. 2.90% of the stock is owned by insiders.

Affiliated Managers Group Stock Performance

Shares of AMG stock opened at $369.96 on Friday. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.73. The company has a market cap of $9.77 billion, a PE ratio of 14.97, a P/E/G ratio of 0.58 and a beta of 1.12. The company's fifty day simple moving average is $334.13 and its 200-day simple moving average is $310.75. Affiliated Managers Group, Inc. has a 52 week low of $200.00 and a 52 week high of $382.75.

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

Affiliated Managers Group Announces Dividend

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

Affiliated Managers Group 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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