Ieq Capital LLC Purchases Shares of 9,036 Affiliated Managers Group, Inc. $AMG

Key Points

• Ieq Capital purchased 9,036 shares of Affiliated Managers Group worth approximately $3.06 million during the second quarter. Institutional investors own a substantial 95.3% of AMG’s outstanding stock.
• Analysts remain bullish, with AMG carrying a consensus “Buy” rating and an average price target of $370.86. Recent upgrades included Zacks Research and Wall Street Zen moving the stock to “Strong Buy.”
• AMG reported quarterly earnings of $8.29 per share, surpassing estimates of $7.90, while revenue of $640.7 million also exceeded expectations. The company’s shares opened at $359.08, near their 52-week high of $392.92.

Ieq Capital LLC purchased a new position in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 9,036 shares of the asset manager's stock, valued at approximately $3,058,000.

A number of other hedge funds have also recently modified their holdings of AMG. BlackRock Inc. purchased a new stake in shares of Affiliated Managers Group during the second quarter worth about $938,294,000. Norges Bank purchased a new position in Affiliated Managers Group during the 4th quarter valued at about $113,743,000. Balyasny Asset Management L.P. increased its holdings in Affiliated Managers Group by 3,811.8% during the 2nd quarter. Balyasny Asset Management L.P. now owns 311,383 shares of the asset manager's stock valued at $61,271,000 after purchasing an additional 303,423 shares during the period. Alyeska Investment Group L.P. bought a new position in Affiliated Managers Group during the 3rd quarter valued at approximately $70,356,000. Finally, Bank of New York Mellon Corp bought a new position in Affiliated Managers Group during the 2nd quarter valued at approximately $95,418,000. Hedge funds and other institutional investors own 95.30% of the company's stock.

Insiders Place Their Bets

In other news, CEO Jay C. Horgen sold 17,500 shares of the company's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $338.27, for a total value of $5,919,725.00. Following the sale, the chief executive officer directly owned 204,706 shares of the company's stock, valued at $69,245,898.62. This represents a 7.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Annette Franqui purchased 750 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The stock was acquired at an average price of $304.88 per share, with a total value of $228,660.00. Following the completion of the purchase, the director owned 1,962 shares in the company, valued at $598,174.56. This represents a 61.88% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 2.90% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Zacks Research upgraded Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $400.00 price target on shares of Affiliated Managers Group in a research note on Monday, May 4th. Barrington Research set a $425.00 price target on shares of Affiliated Managers Group in a report on Friday, July 31st. The Goldman Sachs Group reissued a "buy" rating and set a $405.00 price objective on shares of Affiliated Managers Group in a research report on Monday, May 4th. Finally, Wall Street Zen upgraded shares of Affiliated Managers Group from a "buy" rating to a "strong-buy" rating in a report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $370.86.

Affiliated Managers Group Stock Up 0.8%

Shares of NYSE:AMG opened at $359.08 on Tuesday. Affiliated Managers Group, Inc. has a 52-week low of $223.44 and a 52-week high of $392.92. The firm has a market capitalization of $9.29 billion, a P/E ratio of 12.44, a P/E/G ratio of 0.48 and a beta of 1.11. The stock has a 50 day moving average price of $359.42 and a 200-day moving average price of $320.56. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.24 and a current ratio of 1.24.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The asset manager reported $8.29 earnings per share for the quarter, beating the consensus estimate of $7.90 by $0.39. The company had revenue of $640.70 million for the quarter, compared to analyst estimates of $590.94 million. Affiliated Managers Group had a return on equity of 21.94% and a net margin of 37.72%.The firm's revenue was up .0% on a year-over-year basis. During the same period in the previous year, the company posted $5.39 earnings per share. As a group, equities research analysts anticipate that Affiliated Managers Group, Inc. will post 36.69 EPS for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 10th were issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. The ex-dividend date was Monday, August 10th. Affiliated Managers Group's payout ratio is 0.14%.

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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