Bank of New York Mellon Corp Boosts Position in Affiliated Managers Group, Inc. $AMG

Key Points

• Bank of New York Mellon increased its stake in Affiliated Managers Group by 1.2% in the fourth quarter, bringing its holdings to 247,189 shares valued at about $71.3 million. Institutional ownership remains high, with roughly 95.3% of AMG owned by institutions and hedge funds.
• Analysts are broadly constructive on AMG, with seven Buy ratings and one Hold rating, resulting in a Moderate Buy consensus. The average price target stands at $362.29, while TD Cowen recently set a high target of $454.
• AMG reported strong quarterly results, beating EPS estimates with $8.23 per share and posting revenue of $544.9 million, up 9.7% year over year. However, CEO Jay C. Horgen recently sold 17,500 shares, while Director Annette Franqui bought 750 shares.

Bank of New York Mellon Corp raised its holdings in shares of Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 1.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 247,189 shares of the asset manager's stock after buying an additional 3,046 shares during the period. Bank of New York Mellon Corp owned about 0.88% of Affiliated Managers Group worth $71,260,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Leonteq Securities AG purchased a new stake in shares of Affiliated Managers Group during the 4th quarter valued at about $30,000. Hantz Financial Services Inc. boosted its stake in shares of Affiliated Managers Group by 189.8% in the third quarter. Hantz Financial Services Inc. now owns 142 shares of the asset manager's stock valued at $34,000 after purchasing an additional 93 shares during the period. Highlander Partners L.P. purchased a new position in shares of Affiliated Managers Group in the fourth quarter valued at $68,000. Jones Financial Companies Lllp lifted its stake in shares of Affiliated Managers Group by 51.9% in the third quarter. Jones Financial Companies Lllp now owns 246 shares of the asset manager's stock worth $59,000 after acquiring an additional 84 shares in the last quarter. Finally, Tema Etfs LLC acquired a new position in shares of Affiliated Managers Group in the fourth quarter worth about $73,000. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. 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. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $400.00 price objective on shares of Affiliated Managers Group in a research note on Monday, May 4th. The Goldman Sachs Group reiterated a "buy" rating and set a $405.00 price objective on shares of Affiliated Managers Group in a research note on Monday, May 4th. Barrington Research reissued an "outperform" rating and set a $365.00 target price on shares of Affiliated Managers Group in a report on Monday, April 27th. Finally, Wall Street Zen cut shares of Affiliated Managers Group from a "strong-buy" rating to a "buy" rating in a report on Saturday, April 4th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $362.29.

Affiliated Managers Group Stock Performance

Shares of AMG opened at $343.06 on Wednesday. Affiliated Managers Group, Inc. has a 52-week low of $179.79 and a 52-week high of $348.15. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.73. The firm has a 50-day moving average price of $297.89 and a 200 day moving average price of $295.33. The firm has a market capitalization of $9.06 billion, a PE ratio of 13.88, a P/E/G ratio of 0.57 and a beta of 1.13.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The asset manager reported $8.23 earnings per share for the quarter, beating the consensus estimate of $8.10 by $0.13. Affiliated Managers Group had a net margin of 35.55% and a return on equity of 20.17%. The company had revenue of $544.90 million during the quarter, compared to analyst estimates of $544.01 million. During the same quarter last year, the firm posted $5.37 EPS. The business's revenue for the quarter was up 9.7% on a year-over-year basis. On average, sell-side analysts anticipate that Affiliated Managers Group, Inc. will post 34.71 earnings per share for the current fiscal year.

Affiliated Managers Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Monday, May 11th were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. The ex-dividend date was Monday, May 11th. Affiliated Managers Group's dividend payout ratio (DPR) is presently 0.16%.

Insider Buying and Selling

In other Affiliated Managers Group news, CEO Jay C. Horgen sold 17,500 shares of the firm's stock in a transaction dated 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 $69,245,898.62. This trade represents a 7.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Annette Franqui bought 750 shares of the firm's stock in a transaction on Monday, June 1st. The stock was purchased at an average price of $304.88 per share, with a total value of $228,660.00. Following the completion of the acquisition, the director owned 1,962 shares of the company's stock, valued at approximately $598,174.56. This trade represents a 61.88% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders sold 21,902 shares of company stock valued at $7,257,719. Company insiders own 2.90% of the company's stock.

Affiliated Managers Group 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.

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.