Geode Capital Management LLC Grows Position in Affiliated Managers Group, Inc. $AMG

Key Points

• Geode Capital Management increased its stake in Affiliated Managers Group by 8.1% in the fourth quarter, bringing its holdings to 551,153 shares worth about $158.9 million.
• Affiliated Managers Group reported better-than-expected quarterly earnings of $8.23 per share, topping estimates, while revenue rose 9.7% year over year to $544.9 million.
• Despite recent insider selling, Wall Street remains largely bullish on AMG, with seven Buy ratings, one Hold, and a consensus price target of $362.29.

Geode Capital Management LLC lifted its stake in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 8.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 551,153 shares of the asset manager's stock after buying an additional 41,322 shares during the quarter. Geode Capital Management LLC owned approximately 1.96% of Affiliated Managers Group worth $158,916,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of AMG. Leonteq Securities AG purchased a new position in shares of Affiliated Managers Group in the fourth quarter worth $30,000. Hantz Financial Services Inc. lifted its holdings 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 worth $34,000 after buying an additional 93 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Affiliated Managers Group by 89.9% in the second quarter. EverSource Wealth Advisors LLC now owns 281 shares of the asset manager's stock worth $55,000 after buying an additional 133 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings 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 buying an additional 84 shares in the last quarter. Finally, Highlander Partners L.P. purchased a new position in shares of Affiliated Managers Group in the fourth quarter worth $68,000. Hedge funds and other institutional investors own 95.30% of the company's stock.

Affiliated Managers Group Price Performance

Affiliated Managers Group stock opened at $312.54 on Thursday. The company has a market cap of $8.25 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 0.52 and a beta of 1.13. The firm's fifty day moving average is $292.88 and its 200 day moving average is $292.95. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.73. Affiliated Managers Group, Inc. has a 52-week low of $179.04 and a 52-week high of $334.78.

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 analysts' consensus estimates 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 business 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 business posted $5.37 earnings per share. The business's revenue was up 9.7% compared to the same quarter last year. Sell-side analysts forecast that Affiliated Managers Group, Inc. will post 34.71 EPS for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Monday, May 11th were given a dividend of $0.01 per share. The ex-dividend date was Monday, May 11th. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. Affiliated Managers Group's payout ratio is 0.16%.

Insider Buying and Selling at Affiliated Managers Group

In other Affiliated Managers Group news, Director David Christopher Ryan sold 3,402 shares of the business's stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $305.06, for a total transaction of $1,037,814.12. Following the transaction, the director owned 1,092 shares in the company, valued at $333,125.52. The trade was a 75.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Thomas M. Wojcik sold 8,000 shares of the business's stock in a transaction on Friday, March 6th. The shares were sold at an average price of $286.30, for a total transaction of $2,290,400.00. Following the transaction, the chief operating officer owned 159,465 shares in the company, valued at $45,654,829.50. This trade represents a 4.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 14,602 shares of company stock valued at $4,240,522. Insiders own 2.90% of the company's stock.

Wall Street Analyst Weigh In

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

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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