Bank of New York Mellon Corp Purchases New Holdings in Affiliated Managers Group, Inc. $AMG

Key Points

• Bank of New York Mellon acquired 281,967 shares of Affiliated Managers Group in the second quarter, valued at approximately $95.4 million, giving it a 1.07% stake. Institutional investors and hedge funds collectively own 95.3% of AMG.
• Analysts remain bullish, with the stock receiving an average “Buy” rating and an average price target of $370.86; individual targets range from $405 to $454.
• AMG beat quarterly earnings expectations, reporting $8.29 in EPS versus the $7.90 consensus and $640.7 million in revenue versus $590.94 million expected. The company also declared a quarterly dividend of $0.01 per share.

Bank of New York Mellon Corp acquired a new position in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 281,967 shares of the asset manager's stock, valued at approximately $95,418,000. Bank of New York Mellon Corp owned 1.07% of Affiliated Managers Group as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in shares of Affiliated Managers Group by 2.2% in 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 during the period. Captrust Financial Advisors increased its holdings in shares of Affiliated Managers Group by 3.5% in the 4th quarter. Captrust Financial Advisors now owns 1,003 shares of the asset manager's stock valued at $289,000 after purchasing an additional 34 shares during the period. AlphaCore Capital LLC boosted its holdings 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 boosted its holdings in shares of Affiliated Managers Group by 4.3% during the first quarter. Parallel Advisors LLC now owns 1,016 shares of the asset manager's stock worth $281,000 after purchasing an additional 42 shares during the period. Finally, Allworth Financial LP grew its position in Affiliated Managers Group by 10.3% during the fourth quarter. Allworth Financial LP now owns 482 shares of the asset manager's stock valued at $139,000 after purchasing an additional 45 shares in the last quarter. 95.30% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Affiliated Managers Group Stock Performance

Shares of NYSE AMG opened at $359.08 on Tuesday. The business's 50-day simple moving average is $359.42 and its 200-day simple moving average is $320.56. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.24 and a current ratio of 1.24. Affiliated Managers Group, Inc. has a 52 week low of $223.44 and a 52 week high of $392.92. The firm has a market cap of $9.29 billion, a price-to-earnings ratio of 12.44, a P/E/G ratio of 0.48 and a beta of 1.11.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The asset manager reported $8.29 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $590.94 million. During the same quarter last year, the company posted $5.39 earnings per share. The company's revenue for the quarter was up .0% compared to the same quarter last year. As a group, equities research analysts expect that Affiliated Managers Group, Inc. will post 36.69 earnings per share for the current fiscal year.

Affiliated Managers Group Announces Dividend

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

Insider Transactions at Affiliated Managers Group

In other Affiliated Managers Group news, Director Annette Franqui purchased 750 shares of the stock in a transaction dated Monday, June 1st. The shares were bought at an average cost of $304.88 per share, with a total value of $228,660.00. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jay C. Horgen sold 17,500 shares of Affiliated Managers Group stock in a transaction dated Monday, June 8th. The stock was 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 owned 204,706 shares in the company, valued at $69,245,898.62. The trade was a 7.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.90% of the stock is owned by corporate insiders.

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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