Invesco Ltd. Trims Stock Holdings in Affiliated Managers Group, Inc. $AMG

Key Points

• Invesco Ltd. significantly reduced its stake in Affiliated Managers Group by 49.8% in the first quarter, owning approximately 0.47% of the company worth $22.58 million after the sale.
• Affiliated Managers Group reported an EPS of $5.39 for the last quarter, surpassing analysts' expectations, but revenue decreased by 1.4% year-over-year.
• The stock has received various ratings from analysts, with Goldman Sachs upgrading it to a "buy" and setting a new target price of $218.00, while the overall consensus rating remains a "Moderate Buy."

Invesco Ltd. reduced its stake in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 49.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 134,384 shares of the asset manager's stock after selling 133,402 shares during the period. Invesco Ltd. owned approximately 0.47% of Affiliated Managers Group worth $22,581,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. LSV Asset Management grew its position in Affiliated Managers Group by 10.4% in the 1st quarter. LSV Asset Management now owns 468,084 shares of the asset manager's stock valued at $78,652,000 after acquiring an additional 44,090 shares in the last quarter. Northern Trust Corp grew its position in Affiliated Managers Group by 8.4% in the 4th quarter. Northern Trust Corp now owns 349,611 shares of the asset manager's stock valued at $64,650,000 after acquiring an additional 26,990 shares in the last quarter. Millennium Management LLC grew its position in Affiliated Managers Group by 119.2% in the 4th quarter. Millennium Management LLC now owns 305,497 shares of the asset manager's stock valued at $56,493,000 after acquiring an additional 166,144 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Affiliated Managers Group by 186.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 227,296 shares of the asset manager's stock valued at $42,033,000 after acquiring an additional 148,079 shares in the last quarter. Finally, First Trust Advisors LP grew its position in Affiliated Managers Group by 69.7% in the 4th quarter. First Trust Advisors LP now owns 217,571 shares of the asset manager's stock valued at $40,233,000 after acquiring an additional 89,395 shares in the last quarter. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Affiliated Managers Group Stock Performance

Shares of Affiliated Managers Group stock opened at $216.9550 on Thursday. Affiliated Managers Group, Inc. has a one year low of $139.22 and a one year high of $224.30. The company has a market cap of $6.16 billion, a PE ratio of 15.84, a P/E/G ratio of 0.60 and a beta of 1.14. The business has a 50-day simple moving average of $204.01 and a 200-day simple moving average of $181.16.

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

Affiliated Managers Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 25th. Investors of record on Monday, August 11th will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. The ex-dividend date of this dividend is Monday, August 11th. Affiliated Managers Group's dividend payout ratio is 0.29%.

Analysts Set New Price Targets

Several research firms have weighed in on AMG. Wall Street Zen downgraded Affiliated Managers Group from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. The Goldman Sachs Group raised Affiliated Managers Group from a "neutral" rating to a "buy" rating and lifted their target price for the company from $197.00 to $218.00 in a research report on Friday, June 27th. Cowen raised Affiliated Managers Group from a "hold" rating to a "buy" rating in a research report on Monday, August 4th. Barrington Research reaffirmed an "outperform" rating and issued a $200.00 target price on shares of Affiliated Managers Group in a research report on Tuesday, July 29th. Finally, TD Cowen raised Affiliated Managers Group from a "hold" rating to a "buy" rating and lifted their target price for the company from $214.00 to $255.00 in a research report on Monday, August 4th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $215.20.

Affiliated Managers Group 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.