Assenagon Asset Management S.A. Invests $1.02 Million in Affiliated Managers Group, Inc. $AMG

Key Points

• Assenagon Asset Management purchased 3,011 shares of Affiliated Managers Group, valued at approximately $1.02 million. Institutional investors collectively own 95.3% of AMG’s outstanding stock.
• AMG shares opened at $373.90, near their 52-week high of $392.92. The company exceeded quarterly earnings expectations, reporting $8.29 in EPS versus the $7.90 consensus and revenue of $640.7 million.
• Analysts maintain a bullish outlook, with the stock carrying an average “Buy” rating and a consensus price target of $370.86; recent targets range from $405 to $454.

Assenagon Asset Management S.A. bought a new stake in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 3,011 shares of the asset manager's stock, valued at approximately $1,019,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AMG. Fisher Asset Management LLC increased its position in Affiliated Managers Group by 19.7% during the 4th quarter. Fisher Asset Management LLC now owns 243,830 shares of the asset manager's stock worth $70,291,000 after purchasing an additional 40,107 shares in the last quarter. Sei Investments Co. lifted its holdings in Affiliated Managers Group by 5.2% in the 1st quarter. Sei Investments Co. now owns 107,654 shares of the asset manager's stock valued at $29,787,000 after purchasing an additional 5,357 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in 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 valued at $7,149,000 after purchasing an additional 4,258 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Affiliated Managers Group in the 1st quarter valued at about $7,164,000. Finally, Chase Investment Counsel Corp acquired a new stake in shares of Affiliated Managers Group during the 4th quarter worth about $4,962,000. Hedge funds and other institutional investors own 95.30% of the company's stock.

Affiliated Managers Group Trading Up 1.9%

Shares of AMG stock opened at $373.90 on Friday. The stock has a 50 day simple moving average of $357.57 and a 200 day simple moving average of $318.48. Affiliated Managers Group, Inc. has a 1 year low of $215.00 and a 1 year 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 has a market cap of $9.67 billion, a P/E ratio of 12.95, a price-to-earnings-growth ratio of 0.53 and a beta of 1.11.

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

Affiliated Managers Group Announces Dividend

The company 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 yield of 0.0%. Affiliated Managers Group's dividend payout ratio is currently 0.14%.

Insider Transactions at Affiliated Managers Group

In other news, CEO Jay C. Horgen sold 17,500 shares of the business'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 value of $5,919,725.00. Following the completion of the transaction, the chief executive officer directly owned 204,706 shares in the company, valued at approximately $69,245,898.62. The trade was a 7.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Annette Franqui purchased 750 shares of the business's stock in a transaction dated Monday, June 1st. The shares were purchased at an average cost of $304.88 per share, with a total value of $228,660.00. Following the acquisition, the director owned 1,962 shares in the company, valued at $598,174.56. This trade represents a 61.88% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 2.90% of the company's stock.

Wall Street Analyst Weigh In

AMG has been the topic of several recent analyst reports. Barrington Research set a $425.00 price objective on shares of Affiliated Managers Group in a research note on Friday, July 31st. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $405.00 target price on shares of Affiliated Managers Group in a research note on Monday, May 4th. Zacks Research upgraded Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 4th. Weiss Ratings reissued a "buy (b)" rating on shares of Affiliated Managers Group in a research note on Friday, June 26th. Finally, TD Cowen restated a "buy" rating and set a $454.00 price objective on shares of Affiliated Managers Group in a report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $370.86.

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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