Ariel Investments LLC Sells 16,776 Shares of Affiliated Managers Group, Inc. $AMG

Key Points

• Ariel Investments LLC reduced its stake in Affiliated Managers Group by 1.2%, selling 16,776 shares, leaving them with 1,407,151 shares, which represents 2.8% of their portfolio.
• Multiple institutional investors have increased their positions in Affiliated Managers Group, with Bank of America Corp DE boosting its stake by 541.7% during the fourth quarter.
• Affiliated Managers Group's stock has recently received upgrades from several analysts, with a new price target range between $200.00 and $255.00, reflecting positive market sentiment towards the company.

Ariel Investments LLC trimmed its position in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 1.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,407,151 shares of the asset manager's stock after selling 16,776 shares during the period. Affiliated Managers Group makes up about 2.8% of Ariel Investments LLC's portfolio, making the stock its 6th largest holding. Ariel Investments LLC owned 4.89% of Affiliated Managers Group worth $236,444,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Redwood Investment Management LLC raised its stake in Affiliated Managers Group by 0.9% during the 1st quarter. Redwood Investment Management LLC now owns 7,775 shares of the asset manager's stock valued at $1,306,000 after purchasing an additional 69 shares during the period. Cetera Investment Advisers boosted its holdings in Affiliated Managers Group by 2.5% during the fourth quarter. Cetera Investment Advisers now owns 2,898 shares of the asset manager's stock valued at $536,000 after acquiring an additional 70 shares during the period. Parallel Advisors LLC lifted its stake in shares of Affiliated Managers Group by 6.8% in the first quarter. Parallel Advisors LLC now owns 1,170 shares of the asset manager's stock valued at $197,000 after buying an additional 75 shares during the period. Versant Capital Management Inc lifted its stake in shares of Affiliated Managers Group by 70.8% in the first quarter. Versant Capital Management Inc now owns 181 shares of the asset manager's stock valued at $30,000 after buying an additional 75 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its position in Affiliated Managers Group by 11.8% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 737 shares of the asset manager's stock worth $124,000 after purchasing an additional 78 shares in the last quarter. Institutional investors own 95.30% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on AMG. Barrington Research reaffirmed an "outperform" rating and set a $200.00 price objective on shares of Affiliated Managers Group in a report on Tuesday, July 29th. Bank of America raised shares of Affiliated Managers Group from a "neutral" rating to a "buy" rating and raised their price objective for the company from $236.00 to $331.00 in a research note on Tuesday, September 2nd. Cowen raised shares of Affiliated Managers Group from a "hold" rating to a "buy" rating in a research note on Monday, August 4th. Wall Street Zen cut shares of Affiliated Managers Group from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. Finally, The Goldman Sachs Group raised shares of Affiliated Managers Group from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $197.00 to $218.00 in a research report on Friday, June 27th. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to data from MarketBeat, Affiliated Managers Group presently has a consensus rating of "Buy" and an average target price of $242.40.

Affiliated Managers Group Stock Down 1.3%

Shares of NYSE:AMG traded down $2.97 during midday trading on Friday, reaching $230.09. 119,627 shares of the company were exchanged, compared to its average volume of 162,403. Affiliated Managers Group, Inc. has a fifty-two week low of $139.22 and a fifty-two week high of $235.00. The stock has a fifty day simple moving average of $213.73 and a two-hundred day simple moving average of $185.52. The firm has a market cap of $6.54 billion, a PE ratio of 16.79, a P/E/G ratio of 0.61 and a beta of 1.19.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The asset manager reported $5.39 EPS for the quarter, topping analysts' consensus estimates of $5.26 by $0.13. Affiliated Managers Group had a net margin of 21.79% and a return on equity of 16.11%. The business had revenue of $493.20 million for the quarter, compared to analyst estimates of $506.46 million. During the same period last year, the business posted $4.67 earnings per share. The firm's quarterly revenue was down 1.4% on a year-over-year basis. As a group, analysts forecast that Affiliated Managers Group, Inc. will post 22.86 earnings per share for the current year.

Affiliated Managers Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.0%. The ex-dividend date was Monday, August 11th. Affiliated Managers Group's payout ratio is presently 0.29%.

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.