Mackenzie Financial Corp Sells 3,961 Shares of Affiliated Managers Group, Inc. (NYSE:AMG)

Key Points

• Mackenzie Financial Corp sold 3,961 shares of Affiliated Managers Group, reducing its holdings by 50.6%, leaving it with 3,873 shares worth approximately $651,000.
• Various institutional investors, including LPL Financial LLC and Wells Fargo, have been actively buying or increasing their stakes in Affiliated Managers Group, with institutional ownership at around 95.30%.
• Affiliated Managers Group reported earnings of $5.39 per share for the last quarter, exceeding analyst estimates, while also announcing a quarterly dividend of $0.01 per share to be paid on August 25th.

Mackenzie Financial Corp trimmed its position in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 50.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,873 shares of the asset manager's stock after selling 3,961 shares during the period. Mackenzie Financial Corp's holdings in Affiliated Managers Group were worth $651,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of AMG. Millstone Evans Group LLC grew its stake in shares of Affiliated Managers Group by 154.5% in the first quarter. Millstone Evans Group LLC now owns 168 shares of the asset manager's stock valued at $28,000 after buying an additional 102 shares in the last quarter. Versant Capital Management Inc increased its position in shares of Affiliated Managers Group by 70.8% in the first quarter. Versant Capital Management Inc now owns 181 shares of the asset manager's stock worth $30,000 after purchasing an additional 75 shares during the period. Private Trust Co. NA raised its stake in Affiliated Managers Group by 38.1% during the first quarter. Private Trust Co. NA now owns 301 shares of the asset manager's stock worth $51,000 after acquiring an additional 83 shares in the last quarter. Rossby Financial LCC acquired a new position in Affiliated Managers Group during the first quarter worth about $56,000. Finally, Cullen Frost Bankers Inc. acquired a new position in shares of Affiliated Managers Group in the first quarter valued at approximately $56,000. 95.30% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the company. Wall Street Zen cut Affiliated Managers Group from a "buy" rating to a "hold" rating in a report on Friday, June 27th. The Goldman Sachs Group raised Affiliated Managers Group from a "neutral" rating to a "buy" rating and upped their target price for the stock from $197.00 to $218.00 in a research report on Friday, June 27th. TD Cowen raised Affiliated Managers Group from a "hold" rating to a "buy" rating and upped their target price for the stock from $214.00 to $255.00 in a research report on Monday, August 4th. Barrington Research reaffirmed an "outperform" rating and set a $200.00 target price on shares of Affiliated Managers Group in a research report on Tuesday, July 29th. Finally, Cowen raised Affiliated Managers Group from a "hold" rating to a "buy" rating in a research report on Monday, August 4th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $215.20.

Affiliated Managers Group Stock Up 0.9%

NYSE AMG traded up $1.82 on Friday, reaching $211.58. The company had a trading volume of 102,738 shares, compared to its average volume of 186,600. The stock has a market capitalization of $6.02 billion, a P/E ratio of 15.44, a P/E/G ratio of 0.60 and a beta of 1.14. The company's fifty day moving average is $197.99 and its 200 day moving average is $179.37. Affiliated Managers Group, Inc. has a 52-week low of $139.22 and a 52-week high of $220.00.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The asset manager reported $5.39 EPS for the quarter, beating analysts' consensus estimates of $5.26 by $0.13. The business had revenue of $493.20 million during the quarter, compared to analyst estimates of $506.46 million. Affiliated Managers Group had a return on equity of 16.03% and a net margin of 21.79%. Affiliated Managers Group's quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.67 EPS. On average, research analysts expect that Affiliated Managers Group, Inc. will post 22.86 EPS for the current year.

Affiliated Managers Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 25th. Stockholders of record on Monday, August 11th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Monday, August 11th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. Affiliated Managers Group's dividend payout ratio (DPR) is currently 0.29%.

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.