Amundi Trims Stake in Affiliated Managers Group, Inc. $AMG

Key Points

• Amundi cut its Affiliated Managers Group stake by 71% in the first quarter, selling 7,338 shares and retaining 2,997 shares valued at approximately $829,000. Despite the reduction, institutional investors collectively own 95.3% of AMG.
• Analysts remain broadly bullish, with one Strong Buy and seven Buy ratings. The consensus price target is $370.86, while Barrington Research and Deutsche Bank set targets of $425 and $400, respectively.
• AMG’s latest quarterly results exceeded expectations, with earnings of $8.29 per share versus the $7.90 consensus and revenue of $640.7 million versus estimates of $590.94 million. The company also declared a quarterly dividend of $0.01 per share.

Amundi reduced its stake in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 71.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,997 shares of the asset manager's stock after selling 7,338 shares during the period. Amundi's holdings in Affiliated Managers Group were worth $829,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Altfest L J & Co. Inc. purchased a new position in Affiliated Managers Group during the fourth quarter valued at $1,179,000. Fisher Asset Management LLC grew its position in shares of 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 worth $70,291,000 after buying an additional 40,107 shares during the period. Sei Investments Co. grew its position in shares of Affiliated Managers Group by 5.2% in the 1st quarter. Sei Investments Co. now owns 107,654 shares of the asset manager's stock worth $29,787,000 after buying an additional 5,357 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of Affiliated Managers Group by 20.8% in 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 in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Affiliated Managers Group in the 1st quarter worth about $7,164,000. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on AMG. Weiss Ratings reissued a "buy (b)" rating on shares of Affiliated Managers Group in a research note on Friday, June 26th. Wall Street Zen upgraded shares of Affiliated Managers Group from a "hold" rating to a "buy" rating in a report on Sunday, June 28th. Zacks Research raised Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 4th. Barrington Research set a $425.00 price target on Affiliated Managers Group in a research note on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $400.00 price objective on shares of Affiliated Managers Group in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company. According to data from MarketBeat.com, Affiliated Managers Group currently has an average rating of "Buy" and a consensus target price of $370.86.

Insider Activity

In related news, Director Annette Franqui purchased 750 shares of the company's stock in a transaction dated Monday, June 1st. The shares were purchased at an average price of $304.88 per share, with a total value of $228,660.00. Following the acquisition, the director directly owned 1,962 shares in the company, valued at $598,174.56. The trade was a 61.88% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jay C. Horgen sold 17,500 shares of Affiliated Managers Group stock in a transaction that occurred on Monday, June 8th. The stock was 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 owned 204,706 shares of the company's stock, valued at $69,245,898.62. This represents a 7.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.90% of the stock is currently owned by company insiders.

Affiliated Managers Group Stock Performance

AMG stock opened at $369.34 on Monday. The stock has a market capitalization of $9.76 billion, a PE ratio of 12.79, a price-to-earnings-growth ratio of 0.53 and a beta of 1.11. Affiliated Managers Group, Inc. has a 12-month low of $210.87 and a 12-month high of $392.92. The company has a current ratio of 1.24, a quick ratio of 1.79 and a debt-to-equity ratio of 0.76. The stock's 50 day simple moving average is $353.04 and its 200 day simple moving average is $316.99.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last posted its earnings results on Thursday, July 30th. The asset manager reported $8.29 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 business had revenue of $640.70 million during the quarter, compared to analyst estimates of $590.94 million. During the same quarter last year, the company earned $5.39 EPS. The company's quarterly revenue was up .0% compared to the same quarter last year. As a group, research analysts forecast that Affiliated Managers Group, Inc. will post 36.25 earnings per share for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 10th will be given a dividend of $0.01 per share. 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 dividend payout ratio (DPR) is 0.14%.

About Affiliated Managers Group

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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