Chase Investment Counsel Corp Purchases Shares of 17,215 Affiliated Managers Group, Inc. $AMG

Key Points

• Chase Investment Counsel Corp opened a new position in Affiliated Managers Group in the fourth quarter, buying 17,215 shares valued at about $4.96 million. The stake represented 1.4% of Chase’s holdings and about 0.06% of AMG.
• AMG reported better-than-expected quarterly results, with EPS of $8.23 versus the $8.10 estimate and revenue of $544.9 million, up 9.7% year over year. Analysts now expect the company to earn 34.27 EPS for the full year.
• The company also announced a quarterly dividend of $0.01 per share, while insiders have been net sellers recently, including director Rodriguez Felix V. Matos and General Counsel Kavita Padiyar. Analysts remain mostly positive, with seven Buy ratings and a consensus target price of $362.29.

Chase Investment Counsel Corp purchased a new stake in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 17,215 shares of the asset manager's stock, valued at approximately $4,962,000. Affiliated Managers Group comprises 1.4% of Chase Investment Counsel Corp's holdings, making the stock its 27th biggest holding. Chase Investment Counsel Corp owned about 0.06% of Affiliated Managers Group at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Boston Partners raised its stake in Affiliated Managers Group by 2.1% in the third quarter. Boston Partners now owns 1,157,344 shares of the asset manager's stock valued at $275,957,000 after buying an additional 24,217 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Affiliated Managers Group by 1.2% in the third quarter. Dimensional Fund Advisors LP now owns 684,116 shares of the asset manager's stock valued at $163,113,000 after buying an additional 7,891 shares during the last quarter. LSV Asset Management raised its stake in Affiliated Managers Group by 0.7% in the third quarter. LSV Asset Management now owns 479,624 shares of the asset manager's stock valued at $114,357,000 after buying an additional 3,400 shares during the last quarter. Allianz Asset Management GmbH raised its stake in Affiliated Managers Group by 14.6% in the third quarter. Allianz Asset Management GmbH now owns 393,161 shares of the asset manager's stock valued at $93,741,000 after buying an additional 50,219 shares during the last quarter. Finally, UBS Group AG raised its stake in Affiliated Managers Group by 97.4% in the third quarter. UBS Group AG now owns 350,212 shares of the asset manager's stock valued at $83,501,000 after buying an additional 172,771 shares during the last quarter. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Affiliated Managers Group Trading Down 0.1%

Shares of NYSE:AMG opened at $293.75 on Monday. Affiliated Managers Group, Inc. has a 52-week low of $172.54 and a 52-week high of $334.78. The stock has a market cap of $7.76 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 0.51 and a beta of 1.14. 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 business has a 50-day moving average price of $286.55 and a 200-day moving average price of $288.21.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The asset manager reported $8.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.10 by $0.13. Affiliated Managers Group had a return on equity of 20.17% and a net margin of 35.55%.The firm had revenue of $544.90 million during the quarter, compared to analysts' expectations of $544.01 million. During the same period last year, the business posted $5.37 earnings per share. The company's revenue for the quarter was up 9.7% compared to the same quarter last year. Equities analysts predict that Affiliated Managers Group, Inc. will post 34.27 EPS for the current year.

Affiliated Managers Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 26th. Investors of record on Monday, May 11th will be given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.0%. The ex-dividend date is Monday, May 11th. Affiliated Managers Group's dividend payout ratio (DPR) is currently 0.16%.

Insider Activity at Affiliated Managers Group

In other Affiliated Managers Group news, Director Rodriguez Felix V. Matos sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $300.18, for a total value of $300,180.00. Following the sale, the director directly owned 4,369 shares of the company's stock, valued at approximately $1,311,486.42. This trade represents a 18.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Kavita Padiyar sold 2,200 shares of the firm's stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $278.24, for a total value of $612,128.00. Following the completion of the sale, the general counsel directly owned 42,672 shares in the company, valued at approximately $11,873,057.28. The trade was a 4.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 14,602 shares of company stock valued at $4,240,522 in the last 90 days. 2.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on AMG shares. TD Cowen reiterated a "buy" rating and issued a $454.00 price target on shares of Affiliated Managers Group in a research note on Wednesday, May 13th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $400.00 price objective on shares of Affiliated Managers Group in a research note on Monday, May 4th. Barrington Research restated an "outperform" rating and issued a $365.00 price objective on shares of Affiliated Managers Group in a research note on Monday, April 27th. Wall Street Zen cut Affiliated Managers Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, April 4th. Finally, The Goldman Sachs Group restated a "buy" rating and issued a $405.00 price objective on shares of Affiliated Managers Group in a research note on Monday, May 4th. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $362.29.

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.

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