Convergence Investment Partners LLC Takes Position in Affiliated Managers Group, Inc. $AMG

Key Points

• Convergence Investment Partners disclosed a new position in Affiliated Managers Group, buying 7,066 shares worth about $2.0 million in the fourth quarter.
• Affiliated Managers Group beat earnings expectations for the latest quarter, reporting $8.23 EPS versus the $8.10 estimate, with revenue also slightly ahead of forecasts and up 9.7% year over year.
• The stock has seen mixed signals from the market: it fell 2.8% in recent trading, while analysts remain broadly positive with a Moderate Buy consensus and an average price target of $362.29.

Convergence Investment Partners LLC bought a new stake in shares of Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 7,066 shares of the asset manager's stock, valued at approximately $2,037,000.

Several other institutional investors have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Affiliated Managers Group by 28,466.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 193,392 shares of the asset manager's stock valued at $58,240,000 after purchasing an additional 192,715 shares in the last quarter. Arbejdsmarkedets Tillaegspension purchased a new position in shares of Affiliated Managers Group during the 4th quarter valued at approximately $24,736,000. Allworth Financial LP increased its holdings in shares of Affiliated Managers Group by 10.3% during the 4th 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. Bailard Inc. purchased a new position in shares of Affiliated Managers Group during the 4th quarter valued at approximately $310,000. Finally, Long Road Investment Counsel LLC increased its holdings in shares of Affiliated Managers Group by 3.2% during the 4th quarter. Long Road Investment Counsel LLC now owns 15,581 shares of the asset manager's stock valued at $4,492,000 after purchasing an additional 485 shares in the last quarter. 95.30% of the stock is owned by hedge funds and other institutional investors.

Affiliated Managers Group Trading Down 2.8%

Shares of AMG opened at $293.75 on Friday. Affiliated Managers Group, Inc. has a 52-week low of $172.54 and a 52-week high of $334.78. 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's fifty day moving average is $286.55 and its two-hundred day moving average is $287.88. The stock has a market cap of $7.76 billion, a PE ratio of 11.88, a price-to-earnings-growth ratio of 0.52 and a beta of 1.14.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last announced its earnings results 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 net margin of 35.55% and a return on equity of 20.17%. The company had revenue of $544.90 million for the quarter, compared to analysts' expectations of $544.01 million. During the same quarter in the previous year, the company posted $5.37 EPS. The firm's quarterly revenue was up 9.7% on a year-over-year basis. Research analysts forecast that Affiliated Managers Group, Inc. will post 34.27 earnings per share for the current fiscal year.

Affiliated Managers Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Shareholders of record on Monday, May 11th will be 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 of this dividend is Monday, May 11th. Affiliated Managers Group's payout ratio is 0.16%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AMG. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Affiliated Managers Group in a report on Wednesday, January 21st. Wall Street Zen lowered shares of Affiliated Managers Group from a "strong-buy" rating to a "buy" rating in a report on Saturday, April 4th. TD Cowen reissued a "buy" rating and issued a $454.00 price target on shares of Affiliated Managers Group in a research note on Wednesday. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $400.00 price target on shares of Affiliated Managers Group in a research note on Monday, May 4th. Finally, The Goldman Sachs Group reissued a "buy" rating and issued a $405.00 price target 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. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $362.29.

Insider Activity at Affiliated Managers Group

In other Affiliated Managers Group news, Director Rodriguez Felix V. Matos sold 1,000 shares of Affiliated Managers Group stock in a transaction on Friday, May 8th. The shares were sold at an average price of $300.18, for a total transaction of $300,180.00. Following the sale, the director owned 4,369 shares of the company's stock, valued at $1,311,486.42. The trade was a 18.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director G. Staley Cates bought 1,500 shares of the stock in a transaction on Wednesday, May 6th. The shares were acquired at an average cost of $305.83 per share, for a total transaction of $458,745.00. Following the purchase, the director owned 6,405 shares in the company, valued at $1,958,841.15. The trade was a 30.58% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 14,602 shares of company stock worth $4,240,522 over the last 90 days. Corporate insiders own 2.90% of the company's stock.

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.

Want to see what other hedge funds are holding AMG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Affiliated Managers Group, Inc. (NYSE:AMG - Free Report).

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.