Bank of America Corp DE Acquires 176,246 Shares of Affiliated Managers Group, Inc. $AMG

Key Points

• Bank of America increased its Affiliated Managers Group stake by 75.5% in the first quarter, acquiring 176,246 shares and bringing its holdings to 409,578 shares worth approximately $113.3 million. Institutional investors and hedge funds collectively own 95.3% of AMG.
• AMG reported quarterly earnings of $8.29 per share, exceeding the $7.90 analyst estimate, while revenue of $640.7 million also topped expectations. Shares opened at $369.34, near the consensus analyst target of $370.86.
• Analyst sentiment remains positive, with a consensus “Buy” rating and price targets as high as $425. The company also declared a quarterly dividend of $0.01 per share, equivalent to $0.04 annually.

Bank of America Corp DE boosted its stake in shares of Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 75.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 409,578 shares of the asset manager's stock after purchasing an additional 176,246 shares during the quarter. Bank of America Corp DE owned about 1.55% of Affiliated Managers Group worth $113,330,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Altfest L J & Co. Inc. acquired a new position in Affiliated Managers Group in the 4th quarter valued at about $1,179,000. Fisher Asset Management LLC boosted its holdings in shares of Affiliated Managers Group by 19.7% during the fourth quarter. Fisher Asset Management LLC now owns 243,830 shares of the asset manager's stock worth $70,291,000 after acquiring an additional 40,107 shares during the period. Sei Investments Co. boosted its holdings in shares of Affiliated Managers Group by 5.2% during the first quarter. Sei Investments Co. now owns 107,654 shares of the asset manager's stock worth $29,787,000 after acquiring an additional 5,357 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Affiliated Managers Group by 20.8% in the fourth 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 during the last quarter. Finally, Chase Investment Counsel Corp acquired a new position in shares of Affiliated Managers Group in the fourth quarter valued at approximately $4,962,000. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Affiliated Managers Group

In other news, Director Annette Franqui purchased 750 shares of the business's stock in a transaction dated Monday, June 1st. The stock was bought at an average price 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 approximately $598,174.56. The trade was a 61.88% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jay C. Horgen sold 17,500 shares of Affiliated Managers Group 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 transaction, the chief executive officer directly owned 204,706 shares in the company, valued at $69,245,898.62. This trade 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 insiders.

Affiliated Managers Group Trading Down 0.8%

Shares of NYSE:AMG opened at $369.34 on Friday. The business's 50 day simple moving average is $353.04 and its 200 day simple moving average is $317.06. Affiliated Managers Group, Inc. has a 1 year low of $210.87 and a 1 year high of $392.92. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.24 and a quick ratio of 1.79. The company has a market capitalization of $9.75 billion, a P/E ratio of 12.79, a P/E/G ratio of 0.53 and a beta of 1.11.

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 for the quarter, beating analysts' consensus estimates of $7.90 by $0.39. The firm had revenue of $640.70 million during the quarter, compared to the consensus estimate 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 revenue was up .0% compared to the same quarter last year. During the same period in the prior year, the company posted $5.39 EPS. On average, research analysts anticipate that Affiliated Managers Group, Inc. will post 36.25 EPS for the current fiscal year.

Affiliated Managers Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 10th will be given a $0.01 dividend. The ex-dividend date 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 presently 0.14%.

Analysts Set New Price Targets

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

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.

Want to see what other hedge funds are holding AMG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Affiliated Managers Group, Inc. (NYSE:AMG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source