Los Angeles Capital Management LLC Cuts Stock Position in Affiliated Managers Group, Inc. (NYSE:AMG)

Los Angeles Capital Management LLC reduced its position in shares of Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 5.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,213 shares of the asset manager's stock after selling 4,156 shares during the period. Los Angeles Capital Management LLC owned 0.26% of Affiliated Managers Group worth $12,470,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AMG. Norges Bank purchased a new position in Affiliated Managers Group in the fourth quarter valued at approximately $68,683,000. LSV Asset Management raised its stake in shares of Affiliated Managers Group by 79.1% during the 4th quarter. LSV Asset Management now owns 423,994 shares of the asset manager's stock worth $78,405,000 after buying an additional 187,290 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Affiliated Managers Group by 119.2% during the fourth quarter. Millennium Management LLC now owns 305,497 shares of the asset manager's stock valued at $56,493,000 after acquiring an additional 166,144 shares during the last quarter. Bank of America Corp DE lifted its position in Affiliated Managers Group by 541.7% during the fourth quarter. Bank of America Corp DE now owns 186,030 shares of the asset manager's stock worth $34,401,000 after buying an additional 157,042 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Affiliated Managers Group during the 4th quarter valued at $28,818,000. Institutional investors and hedge funds own 95.30% of the company's stock.

Affiliated Managers Group Price Performance

NYSE AMG traded down $3.62 during trading on Monday, hitting $206.33. 206,486 shares of the company's stock traded hands, compared to its average volume of 219,551. The stock has a fifty day moving average of $188.30 and a two-hundred day moving average of $176.50. Affiliated Managers Group, Inc. has a 12-month low of $139.22 and a 12-month high of $219.17. The firm has a market cap of $5.87 billion, a P/E ratio of 15.68, a PEG ratio of 0.63 and a beta of 1.09.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The asset manager reported $5.20 earnings per share for the quarter, beating the consensus estimate of $5.10 by $0.10. Affiliated Managers Group had a return on equity of 15.91% and a net margin of 21.31%. The company had revenue of $496.60 million for the quarter, compared to analyst estimates of $508.00 million. During the same period in the previous year, the company posted $5.37 earnings per share. As a group, analysts expect that Affiliated Managers Group, Inc. will post 22.86 earnings per share for the current fiscal year.

Affiliated Managers Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were paid a $0.01 dividend. The ex-dividend date was Monday, May 19th. This represents a $0.04 annualized dividend and a yield of 0.02%. Affiliated Managers Group's payout ratio is 0.30%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AMG. The Goldman Sachs Group raised shares of Affiliated Managers Group from a "neutral" rating to a "buy" rating and boosted their price target for the company from $197.00 to $218.00 in a report on Friday, June 27th. Cowen reaffirmed a "hold" rating on shares of Affiliated Managers Group in a research report on Wednesday, May 14th. Barrington Research lowered their price objective on shares of Affiliated Managers Group from $215.00 to $200.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 8th. TD Cowen cut their target price on Affiliated Managers Group from $187.00 to $168.00 and set a "hold" rating for the company in a research report on Wednesday, April 9th. Finally, Wall Street Zen lowered Affiliated Managers Group from a "buy" rating to a "hold" rating in a research note on Friday, June 27th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $197.80.

About Affiliated Managers Group

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.