Basswood Capital Management L.L.C. Acquires Shares of 34,501 Affiliated Managers Group, Inc. $AMG

Basswood Capital Management L.L.C. purchased a new stake in shares of Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 34,501 shares of the asset manager's stock, valued at approximately $11,675,000. Basswood Capital Management L.L.C. owned approximately 0.13% of Affiliated Managers Group as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. N.E.W. Advisory Services LLC acquired a new position in shares of Affiliated Managers Group during the 2nd quarter worth $25,000. Leonteq Securities AG bought a new position in shares of Affiliated Managers Group during the 4th quarter valued at $30,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Affiliated Managers Group in the 2nd quarter valued at $48,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Affiliated Managers Group in the 4th quarter valued at $42,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Affiliated Managers Group by 45.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 179 shares of the asset manager's stock valued at $50,000 after purchasing an additional 56 shares during the last quarter. 95.30% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Jay C. Horgen sold 17,500 shares of the 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 owned 204,706 shares of the company's stock, valued at $69,245,898.62. This represents a 7.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Annette Franqui purchased 750 shares of the business's stock in a transaction on Monday, June 1st. The shares were acquired at an average price of $304.88 per share, with a total value of $228,660.00. Following the purchase, 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. 2.90% of the stock is currently owned by insiders.

Affiliated Managers Group Stock Performance

Shares of NYSE AMG opened at $371.40 on Thursday. The firm has a market capitalization of $9.60 billion, a price-to-earnings ratio of 12.86, a PEG ratio of 0.50 and a beta of 1.11. Affiliated Managers Group, Inc. has a one year low of $223.44 and a one year high of $392.92. The business has a fifty day simple moving average of $359.89 and a 200 day simple moving average of $321.44. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.76.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The asset manager reported $8.29 earnings per share for the quarter, topping analysts' consensus estimates of $7.90 by $0.39. The firm had revenue of $640.70 million for the quarter, compared to the consensus estimate of $590.94 million. Affiliated Managers Group had a net margin of 37.72% and a return on equity of 21.94%. The business's revenue was up .0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.39 earnings per share. Sell-side analysts expect that Affiliated Managers Group, Inc. will post 36.69 EPS for the current year.

Affiliated Managers Group Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have commented on AMG shares. Weiss Ratings reissued a "buy (b)" rating on shares of Affiliated Managers Group in a research report on Friday, June 26th. Barrington Research set a $425.00 price target on Affiliated Managers Group in a research report on Friday, July 31st. TD Cowen reiterated a "buy" rating and set a $454.00 price target on shares of Affiliated Managers Group in a research note on Wednesday, May 13th. The Goldman Sachs Group reiterated a "buy" rating and set a $405.00 price target on shares of Affiliated Managers Group in a research note on Monday, May 4th. Finally, Wall Street Zen raised Affiliated Managers Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 22nd. One research analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the company. According to MarketBeat.com, Affiliated Managers Group presently has a consensus rating of "Buy" and an average target price of $370.86.

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.

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