Goodman Financial Corp Decreases Position in Affiliated Managers Group, Inc. $AMG

Key Points

• Goodman Financial Corp cut its stake in Affiliated Managers Group by 51.8% in the first quarter, selling 34,982 shares and leaving it with 32,492 shares worth about $8.99 million.
• Insider activity was mixed: Director David Christopher Ryan sold 3,402 shares, while director G. Staley Cates bought 1,500 shares. Over the past three months, insiders have sold a net 21,902 shares.
• Affiliated Managers Group reported solid quarterly results, with EPS of $8.23 beating expectations and revenue rising 9.7% year over year. Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $362.29.

Goodman Financial Corp decreased its holdings in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 51.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,492 shares of the asset manager's stock after selling 34,982 shares during the period. Goodman Financial Corp owned about 0.12% of Affiliated Managers Group worth $8,990,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Oak Thistle LLC raised its position in Affiliated Managers Group by 194.1% in the 4th quarter. Oak Thistle LLC now owns 8,700 shares of the asset manager's stock valued at $2,508,000 after purchasing an additional 5,742 shares in the last quarter. Altfest L J & Co. Inc. acquired a new position in shares of Affiliated Managers Group during the fourth quarter worth about $1,179,000. Fisher Asset Management LLC grew its position in shares of Affiliated Managers Group by 19.7% during the fourth quarter. Fisher Asset Management LLC now owns 243,830 shares of the asset manager's stock worth $70,291,000 after buying an additional 40,107 shares in the last quarter. Chase Investment Counsel Corp purchased a new stake in shares of Affiliated Managers Group during the fourth quarter worth approximately $4,962,000. Finally, Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of Affiliated Managers Group by 20.8% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 24,774 shares of the asset manager's stock worth $7,149,000 after buying an additional 4,258 shares during the period. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director David Christopher Ryan sold 3,402 shares of the firm's stock in a transaction that occurred 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 directly owned 1,092 shares in the company, valued at approximately $333,125.52. This trade represents a 75.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director G. Staley Cates purchased 1,500 shares of Affiliated Managers Group stock in a transaction that occurred on Wednesday, May 6th. The stock was acquired at an average price of $305.83 per share, with a total value of $458,745.00. Following the transaction, 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. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders sold 21,902 shares of company stock valued at $7,257,719. 2.90% of the stock is owned by insiders.

Affiliated Managers Group Price Performance

Shares of AMG opened at $376.62 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.79 and a quick ratio of 1.79. Affiliated Managers Group, Inc. has a 1-year low of $200.00 and a 1-year high of $382.75. The stock has a market cap of $9.95 billion, a PE ratio of 15.24, a price-to-earnings-growth ratio of 0.58 and a beta of 1.12. The firm has a fifty day moving average price of $332.79 and a 200 day moving average price of $310.33.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last posted its earnings results on Friday, May 1st. The asset manager reported $8.23 EPS for the quarter, topping analysts' consensus estimates 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 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 firm earned $5.37 earnings per share. The business's revenue was up 9.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Affiliated Managers Group, Inc. will post 35.48 EPS for the current 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 paid a $0.01 dividend. 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 currently 0.16%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on AMG. Barrington Research reiterated an "outperform" rating and issued a $365.00 price target on shares of Affiliated Managers Group in a research note on Monday, April 27th. Weiss Ratings restated a "buy (b)" rating on shares of Affiliated Managers Group in a report on Friday, June 26th. Wall Street Zen raised shares of Affiliated Managers Group from a "hold" rating to a "buy" rating in a research report on Sunday, June 28th. The Goldman Sachs Group reiterated a "buy" rating and set a $405.00 target price on shares of Affiliated Managers Group in a research note on Monday, May 4th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $400.00 target price on shares of Affiliated Managers Group in a report on Monday, May 4th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average 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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