Affiliated Managers Group, Inc. $AMG Shares Sold by Royal Bank of Canada

Key Points

• Royal Bank of Canada cut its AMG position by 26.9% in the first quarter, selling 4,500 shares and retaining 12,216 shares worth approximately $3.38 million. Institutional investors collectively own 95.3% of the company.
• AMG reported quarterly EPS of $8.29, exceeding the $7.90 consensus estimate, while revenue reached $640.7 million versus expectations of $590.94 million.
• Analysts maintain a favorable outlook, with a consensus “Buy” rating and average price target of $370.86; shares recently traded at $373.90, near their 52-week high of $392.92.

Royal Bank of Canada decreased its position in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 26.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 12,216 shares of the asset manager's stock after selling 4,500 shares during the period. Royal Bank of Canada's holdings in Affiliated Managers Group were worth $3,380,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in AMG. Fisher Asset Management LLC increased its position in Affiliated Managers Group by 19.7% in the 4th quarter. Fisher Asset Management LLC now owns 243,830 shares of the asset manager's stock valued at $70,291,000 after acquiring an additional 40,107 shares during the period. Sei Investments Co. raised its stake in Affiliated Managers Group by 5.2% during the 1st quarter. Sei Investments Co. now owns 107,654 shares of the asset manager's stock valued at $29,787,000 after acquiring an additional 5,357 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its position in Affiliated Managers Group by 20.8% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 24,774 shares of the asset manager's stock worth $7,149,000 after acquiring an additional 4,258 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in Affiliated Managers Group during the 1st quarter worth $7,164,000. Finally, Chase Investment Counsel Corp bought a new position in shares of Affiliated Managers Group in the fourth quarter worth $4,962,000. Institutional investors and hedge funds own 95.30% of the company's stock.

Insider Buying and Selling

In related news, CEO Jay C. Horgen sold 17,500 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $338.27, for a total transaction of $5,919,725.00. Following the completion of the sale, the chief executive officer directly owned 204,706 shares in the company, valued at approximately $69,245,898.62. This trade represents a 7.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Annette Franqui purchased 750 shares of the firm's stock in a transaction on Monday, June 1st. The stock was acquired at an average price of $304.88 per share, for a total transaction of $228,660.00. Following the transaction, the director owned 1,962 shares of the company's stock, valued at $598,174.56. The trade was a 61.88% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on AMG shares. Barrington Research set a $425.00 price target on Affiliated Managers Group in a report on Friday, July 31st. 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. 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. 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. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Affiliated Managers Group in a research report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $370.86.

Affiliated Managers Group Trading Up 1.9%

Shares of Affiliated Managers Group stock opened at $373.90 on Friday. The business has a fifty day simple moving average of $357.57 and a 200-day simple moving average of $318.48. Affiliated Managers Group, Inc. has a fifty-two week low of $215.00 and a fifty-two week high of $392.92. The firm has a market cap of $9.67 billion, a price-to-earnings ratio of 12.95, a price-to-earnings-growth ratio of 0.53 and a beta of 1.11. The company has a quick ratio of 1.79, a current ratio of 1.24 and a debt-to-equity ratio of 0.76.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last released its earnings results on Thursday, July 30th. The asset manager reported $8.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $7.90 by $0.39. Affiliated Managers Group had a return on equity of 21.94% and a net margin of 37.72%.The firm had revenue of $640.70 million for the quarter, compared to analyst estimates of $590.94 million. During the same period in the previous year, the company earned $5.39 earnings per share. Affiliated Managers Group's revenue was up .0% compared to the same quarter last year. On average, equities analysts forecast that Affiliated Managers Group, Inc. will post 36.25 EPS for the current fiscal year.

Affiliated Managers Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 10th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. Affiliated Managers Group's payout ratio is currently 0.14%.

Affiliated Managers Group Company 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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