Janney Montgomery Scott LLC Makes New Investment in Affiliated Managers Group, Inc. $AMG

Key Points

• Janney Montgomery Scott LLC opened a new position in Affiliated Managers Group during the first quarter, buying 10,778 shares worth about $2.98 million.
• Institutional ownership in AMG remains very high, with 95.3% of the stock held by hedge funds and other institutions; several other funds also increased their stakes in the quarter.
• Insider activity was mixed, but recent trades were notable: Director G. Staley Cates bought 1,500 shares while Director David Christopher Ryan sold 3,402 shares, and analysts currently rate the stock a Moderate Buy with a consensus price target of $362.29.

Janney Montgomery Scott LLC acquired a new position in shares of Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 10,778 shares of the asset manager's stock, valued at approximately $2,982,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Pictet Asset Management Holding SA increased its holdings in shares of Affiliated Managers Group by 3.8% in the 1st quarter. Pictet Asset Management Holding SA now owns 4,394 shares of the asset manager's stock valued at $1,216,000 after acquiring an additional 159 shares during the period. OLD National Bancorp IN lifted its holdings in Affiliated Managers Group by 6.6% in the 1st quarter. OLD National Bancorp IN now owns 1,159 shares of the asset manager's stock valued at $321,000 after purchasing an additional 72 shares in the last quarter. Louisiana State Employees Retirement System purchased a new stake in Affiliated Managers Group in the 1st quarter worth approximately $2,269,000. Ritholtz Wealth Management lifted its position in Affiliated Managers Group by 119.3% during the first quarter. Ritholtz Wealth Management now owns 7,486 shares of the asset manager's stock worth $2,071,000 after buying an additional 4,073 shares during the period. Finally, BTC Capital Management Inc. grew its holdings in Affiliated Managers Group by 6.5% in the first quarter. BTC Capital Management Inc. now owns 1,596 shares of the asset manager's stock valued at $442,000 after purchasing an additional 97 shares during the period. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director G. Staley Cates bought 1,500 shares of the business's stock in a transaction that occurred on Wednesday, May 6th. The stock was acquired at an average price of $305.83 per share, for a total transaction of $458,745.00. Following the transaction, the director directly owned 6,405 shares of the company's stock, valued at $1,958,841.15. This represents a 30.58% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David Christopher Ryan sold 3,402 shares of the business's stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $305.06, for a total value of $1,037,814.12. Following the completion of the transaction, the director directly 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 SEC filing for this sale provides additional information. Insiders have sold a total of 21,902 shares of company stock valued at $7,257,719 over the last 90 days. Company insiders own 2.90% of the company's stock.

Affiliated Managers Group Trading Up 0.9%

Shares of Affiliated Managers Group stock opened at $359.88 on Wednesday. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.73. The firm has a market cap of $9.50 billion, a price-to-earnings ratio of 14.56, a price-to-earnings-growth ratio of 0.60 and a beta of 1.12. Affiliated Managers Group, Inc. has a fifty-two week low of $199.59 and a fifty-two week high of $363.89. The business has a fifty day simple moving average of $322.89 and a 200-day simple moving average of $306.39.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The asset manager reported $8.23 EPS for the quarter, beating analysts' consensus estimates of $8.10 by $0.13. The firm had revenue of $544.90 million for the quarter, compared to the consensus estimate of $544.01 million. Affiliated Managers Group had a net margin of 35.55% and a return on equity of 20.17%. The firm's revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the firm posted $5.37 earnings per share. On average, equities analysts forecast that Affiliated Managers Group, Inc. will post 34.88 EPS for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Monday, May 11th were paid a $0.01 dividend. The ex-dividend date of this dividend 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 presently 0.16%.

Analyst Upgrades and Downgrades

Several research firms recently commented on AMG. Barrington Research restated an "outperform" rating and issued a $365.00 price target on shares of Affiliated Managers Group in a report on Monday, April 27th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $400.00 target price on shares of Affiliated Managers Group in a research report on Monday, May 4th. Wall Street Zen raised shares of Affiliated Managers Group from a "hold" rating to a "buy" rating in a report on Sunday, June 28th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Affiliated Managers Group in a research report on Friday, June 26th. Finally, The Goldman Sachs Group reiterated a "buy" rating and set a $405.00 price objective on shares of Affiliated Managers Group in a research note on Monday, May 4th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Affiliated Managers Group presently has a consensus rating of "Moderate Buy" and an average price target of $362.29.

Affiliated Managers Group 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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