Raymond James Financial Inc. Reduces Stock Position 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. trimmed its position in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 19.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,048 shares of the asset manager's stock after selling 30,791 shares during the period. Raymond James Financial Inc. owned approximately 0.43% of Affiliated Managers Group worth $21,012,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AMG. Millennium Management LLC increased its position in Affiliated Managers Group by 119.2% in the 4th quarter. Millennium Management LLC now owns 305,497 shares of the asset manager's stock valued at $56,493,000 after buying an additional 166,144 shares in the last quarter. Bank of America Corp DE increased its position in Affiliated Managers Group by 541.7% in the 4th quarter. Bank of America Corp DE now owns 186,030 shares of the asset manager's stock valued at $34,401,000 after buying an additional 157,042 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Affiliated Managers Group by 186.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 227,296 shares of the asset manager's stock valued at $42,033,000 after buying an additional 148,079 shares in the last quarter. GAMMA Investing LLC increased its holdings in Affiliated Managers Group by 14,091.8% during the 1st quarter. GAMMA Investing LLC now owns 126,023 shares of the asset manager's stock worth $21,176,000 after purchasing an additional 125,135 shares in the last quarter. Finally, Nuveen LLC bought a new stake in Affiliated Managers Group during the 1st quarter worth approximately $16,060,000. 95.30% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Zacks Research raised Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a report on Friday, August 22nd. Wall Street Zen lowered Affiliated Managers Group from a "buy" rating to a "hold" rating in a report on Friday, June 27th. Cowen raised Affiliated Managers Group from a "hold" rating to a "buy" rating in a report on Monday, August 4th. TD Cowen raised Affiliated Managers Group from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $214.00 to $255.00 in a report on Monday, August 4th. Finally, The Goldman Sachs Group raised Affiliated Managers Group from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $197.00 to $218.00 in a report on Friday, June 27th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $215.20.

Affiliated Managers Group Price Performance

Shares of NYSE AMG traded down $2.65 during midday trading on Friday, reaching $224.77. The company's stock had a trading volume of 137,166 shares, compared to its average volume of 168,278. Affiliated Managers Group, Inc. has a 12-month low of $139.22 and a 12-month high of $229.40. The firm has a 50 day moving average price of $209.76 and a 200-day moving average price of $183.32. The stock has a market capitalization of $6.39 billion, a P/E ratio of 16.41, a PEG ratio of 0.63 and a beta of 1.14.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The asset manager reported $5.39 EPS for the quarter, beating the consensus estimate of $5.26 by $0.13. The business 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%.Affiliated Managers Group's revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.67 earnings per share. On average, equities analysts predict that Affiliated Managers Group, Inc. will post 22.86 EPS for the current year.

Affiliated Managers Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were given a dividend of $0.01 per share. The ex-dividend date 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 is currently 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.