Great Lakes Advisors LLC Reduces Position in Affiliated Managers Group, Inc. $AMG

Key Points

• Great Lakes Advisors LLC reduced its stake in Affiliated Managers Group by 3.4%, selling 3,717 shares during the first quarter, bringing its total ownership to 106,270 shares valued at approximately $17.86 million.
• Affiliated Managers Group reported $5.39 earnings per share for the last quarter, exceeding analysts' expectations by $0.13, although revenue declined 1.4% year-over-year.
• The company's stock received several analyst upgrades, with TD Cowen raising its target price from $214 to $255 and maintaining a buy rating.

Great Lakes Advisors LLC lowered its position in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 3.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 106,270 shares of the asset manager's stock after selling 3,717 shares during the period. Great Lakes Advisors LLC owned approximately 0.37% of Affiliated Managers Group worth $17,857,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Millstone Evans Group LLC lifted its stake in Affiliated Managers Group by 154.5% in the first quarter. Millstone Evans Group LLC now owns 168 shares of the asset manager's stock worth $28,000 after purchasing an additional 102 shares during the last quarter. Versant Capital Management Inc raised its stake in shares of Affiliated Managers Group by 70.8% during the first quarter. Versant Capital Management Inc now owns 181 shares of the asset manager's stock valued at $30,000 after acquiring an additional 75 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Affiliated Managers Group during the first quarter valued at approximately $36,000. Private Trust Co. NA raised its stake in shares of Affiliated Managers Group by 38.1% during the first quarter. Private Trust Co. NA now owns 301 shares of the asset manager's stock valued at $51,000 after acquiring an additional 83 shares in the last quarter. Finally, Cullen Frost Bankers Inc. bought a new stake in shares of Affiliated Managers Group during the first quarter valued at approximately $56,000. Institutional investors own 95.30% of the company's stock.

Affiliated Managers Group Stock Performance

NYSE:AMG traded down $0.14 during trading hours on Friday, reaching $235.82. The company's stock had a trading volume of 206,428 shares, compared to its average volume of 174,180. The company has a market capitalization of $6.70 billion, a P/E ratio of 17.21, a price-to-earnings-growth ratio of 0.62 and a beta of 1.19. Affiliated Managers Group, Inc. has a 12 month low of $139.22 and a 12 month high of $238.29. The stock has a 50 day moving average price of $217.10 and a two-hundred day moving average price of $187.98.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The asset manager reported $5.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.26 by $0.13. Affiliated Managers Group had a net margin of 21.79% and a return on equity of 16.11%. The business had revenue of $493.20 million for the quarter, compared to analyst estimates of $506.46 million. During the same period in the previous year, the company earned $4.67 earnings per share. The business's revenue for the quarter was down 1.4% on a year-over-year basis. As a group, analysts predict that Affiliated Managers Group, Inc. will post 22.86 EPS for the current fiscal year.

Affiliated Managers Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.0%. The ex-dividend date of this dividend was Monday, August 11th. Affiliated Managers Group's payout ratio is currently 0.29%.

Insider Transactions at Affiliated Managers Group

In other Affiliated Managers Group news, COO Thomas M. Wojcik sold 16,000 shares of Affiliated Managers Group stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $231.03, for a total value of $3,696,480.00. Following the transaction, the chief operating officer directly owned 158,710 shares of the company's stock, valued at approximately $36,666,771.30. The trade was a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.20% of the company's stock.

Analysts Set New Price Targets

AMG has been the subject of several research analyst reports. Wall Street Zen downgraded shares of Affiliated Managers Group from a "buy" rating to a "hold" rating in a research note on Saturday. Cowen raised shares of Affiliated Managers Group from a "hold" rating to a "buy" rating in a research note on Monday, August 4th. Barrington Research reissued an "outperform" rating and issued a $200.00 price objective on shares of Affiliated Managers Group in a research note on Tuesday, July 29th. The Goldman Sachs Group raised shares of Affiliated Managers Group from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $197.00 to $218.00 in a research note on Friday, June 27th. Finally, Zacks Research raised shares of Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $242.40.

Affiliated Managers Group Company Profile

Affiliated Managers Group, Inc, through its affiliates, operates as an investment management company providing investment management services to mutual funds, institutional clients,retails and high net worth individuals in the United States. It provides advisory or sub-advisory services to mutual funds.