Raymond James Financial Inc. Cuts Stake in Affiliated Managers Group, Inc. $AMG

Key Points

• Raymond James Financial Inc. reduced its stake in Affiliated Managers Group, Inc. by 19.8% in the 1st quarter, owning approximately $21 million worth of shares after the sale.
• Affiliated Managers Group recently received multiple upgrades from analysts, with Goldman Sachs raising its price target from $197 to $218 and Zacks upgrading the stock to a "strong-buy" rating.
• The company reported a net margin of 21.79% and earnings per share of $5.39, surpassing analysts' expectations, though quarterly revenue declined by 1.4% year-over-year.

Raymond James Financial Inc. lowered its stake in shares of Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 19.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 125,048 shares of the asset manager's stock after selling 30,791 shares during the quarter. Raymond James Financial Inc. owned 0.43% of Affiliated Managers Group worth $21,012,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Envestnet Asset Management Inc. grew its holdings in Affiliated Managers Group by 18.4% during the first quarter. Envestnet Asset Management Inc. now owns 53,727 shares of the asset manager's stock worth $9,028,000 after buying an additional 8,361 shares in the last quarter. Private Trust Co. NA grew its stake in 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 purchasing an additional 83 shares during the period. Farther Finance Advisors LLC grew its stake in Affiliated Managers Group by 785.2% in the 1st quarter. Farther Finance Advisors LLC now owns 1,859 shares of the asset manager's stock valued at $315,000 after purchasing an additional 1,649 shares during the period. XTX Topco Ltd grew its stake in Affiliated Managers Group by 189.9% in the 1st quarter. XTX Topco Ltd now owns 14,695 shares of the asset manager's stock valued at $2,469,000 after purchasing an additional 9,626 shares during the period. Finally, Goodman Financial Corp grew its stake in Affiliated Managers Group by 1.6% in the 1st quarter. Goodman Financial Corp now owns 80,806 shares of the asset manager's stock valued at $13,578,000 after purchasing an additional 1,301 shares during the period. Institutional investors own 95.30% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on AMG. Barrington Research restated an "outperform" rating and issued a $200.00 price objective on shares of Affiliated Managers Group in a research note on Tuesday, July 29th. TD Cowen upgraded Affiliated Managers Group from a "hold" rating to a "buy" rating and upped their price objective for the company from $214.00 to $255.00 in a research note on Monday, August 4th. Zacks Research upgraded Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. The Goldman Sachs Group upgraded Affiliated Managers Group from a "neutral" rating to a "buy" rating and upped their price objective for the company from $197.00 to $218.00 in a research note on Friday, June 27th. Finally, Cowen upgraded Affiliated Managers Group from a "hold" rating to a "buy" rating in a research note on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $215.20.

Affiliated Managers Group Price Performance

Shares of NYSE:AMG traded down $2.65 on Monday, hitting $224.77. The company's stock had a trading volume of 137,166 shares, compared to its average volume of 165,287. The company has a 50-day simple moving average of $210.58 and a 200 day simple moving average of $183.93. Affiliated Managers Group, Inc. has a 1 year low of $139.22 and a 1 year high of $229.40. The company has a market capitalization of $6.39 billion, a PE ratio of 16.41, a PEG ratio of 0.62 and a beta of 1.19.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The asset manager reported $5.39 earnings per share for the quarter, beating the consensus estimate of $5.26 by $0.13. Affiliated Managers Group had a return on equity of 16.11% and a net margin of 21.79%.The firm had revenue of $493.20 million for the quarter, compared to analysts' expectations of $506.46 million. During the same quarter last year, the firm posted $4.67 EPS. The company's revenue was down 1.4% compared to the same quarter last year. On average, equities research analysts expect that Affiliated Managers Group, Inc. will post 22.86 earnings per share 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. Shareholders of record on Monday, August 11th were issued a $0.01 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. Affiliated Managers Group's dividend payout ratio (DPR) is presently 0.29%.

Affiliated Managers Group Company Profile

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.