L2 Asset Management LLC Makes New $1.62 Million Investment in Affiliated Managers Group, Inc. $AMG

Key Points

• L2 Asset Management acquired 4,781 shares of Affiliated Managers Group worth approximately $1.62 million during the second quarter. Institutional investors collectively own 95.3% of AMG’s outstanding shares.
• AMG reported quarterly earnings of $8.29 per share, beating estimates of $7.90, while revenue reached $640.7 million versus the $590.94 million consensus forecast.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Buy” rating and an average price target of $370.86, compared with its reported price of $359.08.

L2 Asset Management LLC purchased a new stake in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 4,781 shares of the asset manager's stock, valued at approximately $1,618,000.

Other institutional investors also recently made changes to their positions in the company. Cetera Trust Company N.A purchased a new position in shares of Affiliated Managers Group in the 2nd quarter worth $555,000. Algert Global LLC increased its stake in Affiliated Managers Group by 4.0% during the second quarter. Algert Global LLC now owns 23,607 shares of the asset manager's stock worth $7,989,000 after acquiring an additional 900 shares during the last quarter. PEAK6 LLC acquired a new stake in Affiliated Managers Group during the second quarter worth about $10,001,000. Meiji Yasuda Asset Management Co Ltd. purchased a new position in shares of Affiliated Managers Group in the 2nd quarter worth about $207,000. Finally, Kiltearn Partners LLP purchased a new position in shares of Affiliated Managers Group in the 2nd quarter worth about $62,464,000. 95.30% of the stock is owned by hedge funds and other institutional investors.

Affiliated Managers Group Trading Up 0.8%

Shares of AMG opened at $359.08 on Tuesday. The stock's 50-day moving average is $359.42 and its two-hundred day moving average is $320.56. The stock has a market cap of $9.29 billion, a PE ratio of 12.44, a P/E/G ratio of 0.48 and a beta of 1.11. Affiliated Managers Group, Inc. has a 12 month low of $223.44 and a 12 month high of $392.92. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.24 and a quick ratio of 1.24.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last issued its earnings results on Thursday, July 30th. The asset manager reported $8.29 earnings per share for the quarter, topping the consensus estimate of $7.90 by $0.39. The company had revenue of $640.70 million during the quarter, compared to the consensus estimate of $590.94 million. Affiliated Managers Group had a return on equity of 21.94% and a net margin of 37.72%.The company's revenue was up .0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.39 earnings per share. Equities analysts forecast that Affiliated Managers Group, Inc. will post 36.69 earnings per share for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 10th were given a $0.01 dividend. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.04 annualized dividend and a yield of 0.0%. Affiliated Managers Group's dividend payout ratio (DPR) is 0.14%.

Analyst Ratings Changes

AMG has been the topic of several research analyst reports. Barrington Research set a $425.00 price objective on Affiliated Managers Group in a research note on Friday, July 31st. Weiss Ratings reissued a "buy (b)" rating on shares of Affiliated Managers Group in a research report on Friday, June 26th. Zacks Research upgraded shares of Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $400.00 price target on shares of Affiliated Managers Group in a research report on Monday, May 4th. Finally, TD Cowen reiterated a "buy" rating and set a $454.00 price objective on shares of Affiliated Managers Group in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the stock. According to MarketBeat.com, Affiliated Managers Group presently has an average rating of "Buy" and a consensus price target of $370.86.

Insider Activity at Affiliated Managers Group

In other news, CEO Jay C. Horgen sold 17,500 shares of the business's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $338.27, for a total transaction of $5,919,725.00. Following the transaction, the chief executive officer directly owned 204,706 shares of the company's stock, valued at approximately $69,245,898.62. The trade was a 7.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Annette Franqui bought 750 shares of the firm's stock in a transaction dated Monday, June 1st. The stock was purchased 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 directly owned 1,962 shares of the company's stock, valued at approximately $598,174.56. This trade represents a 61.88% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.90% of the stock is owned by company insiders.

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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