Bank of America Corp DE Invests $146.33 Million in Affiliated Managers Group, Inc. $AMG

Bank of America Corp DE bought a new position in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 432,420 shares of the asset manager's stock, valued at approximately $146,331,000. Bank of America Corp DE owned approximately 1.67% of Affiliated Managers Group at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in Affiliated Managers Group by 2.2% during the second quarter. GAMMA Investing LLC now owns 1,593 shares of the asset manager's stock worth $539,000 after buying an additional 34 shares in the last quarter. AlphaCore Capital LLC raised its position in shares of Affiliated Managers Group by 3.4% during the fourth quarter. AlphaCore Capital LLC now owns 1,083 shares of the asset manager's stock worth $312,000 after purchasing an additional 36 shares during the period. Parallel Advisors LLC lifted its stake in Affiliated Managers Group by 4.3% during the first quarter. Parallel Advisors LLC now owns 1,016 shares of the asset manager's stock valued at $281,000 after buying an additional 42 shares in the last quarter. Allworth Financial LP lifted its position in shares of Affiliated Managers Group by 10.3% in the 4th quarter. Allworth Financial LP now owns 482 shares of the asset manager's stock valued at $139,000 after acquiring an additional 45 shares in the last quarter. Finally, Coldstream Capital Management Inc. boosted its position in shares of Affiliated Managers Group by 2.0% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,400 shares of the asset manager's stock worth $692,000 after buying an additional 46 shares during the period. 95.30% of the stock is owned by institutional investors and hedge funds.

Affiliated Managers Group Stock Performance

AMG opened at $352.51 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.76. The stock's 50 day moving average price is $363.31 and its two-hundred day moving average price is $326.78. The firm has a market capitalization of $9.12 billion, a P/E ratio of 12.21, a price-to-earnings-growth ratio of 0.46 and a beta of 1.10. Affiliated Managers Group, Inc. has a 12-month low of $230.10 and a 12-month high of $392.92.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last issued its quarterly 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 company had revenue of $640.70 million during the quarter, compared to analyst estimates of $590.94 million. During the same period in the previous year, the company earned $5.39 earnings per share. The company's quarterly revenue was up .0% compared to the same quarter last year. On average, equities analysts forecast that Affiliated Managers Group, Inc. will post 36.69 earnings per share for the current year.

Affiliated Managers Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 10th were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.0%. The ex-dividend date was Monday, August 10th. Affiliated Managers Group's dividend payout ratio is presently 0.14%.

Analysts Set New Price Targets

AMG has been the topic of several recent research reports. Zacks Research raised shares of 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. Wall Street Zen lowered Affiliated Managers Group from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 30th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Affiliated Managers Group in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company's stock. According to data from MarketBeat, Affiliated Managers Group has a consensus rating of "Buy" and a consensus target price of $370.86.

Affiliated Managers Group Profile

Affiliated Managers Group, Inc NYSE: AMG is a global asset management company that partners with a diverse group of independent investment management firms. Through its affiliated managers, the company provides investment strategies for institutional investors, financial intermediaries, and private wealth clients.

AMG's affiliated firms offer a broad range of products and services, including actively managed equity and fixed-income portfolios, alternative investments, multi-asset strategies, private-market investments, and customized wealth management solutions.

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