Northern Trust Corp Acquires 35,681 Shares of Affiliated Managers Group, Inc. $AMG

Key Points

• Northern Trust Corp has increased its stake in Affiliated Managers Group by 10.2%, owning 385,292 shares valued at approximately $64.74 million.
• Affiliated Managers Group reported $5.39 EPS for the last quarter, exceeding analysts' expectations, though its revenue of $493.20 million was below the anticipated $506.46 million.
• The company declared a quarterly dividend of $0.01 per share, with a payout ratio of 0.29%, reflecting a low annual yield.

Northern Trust Corp increased its stake in shares of Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 10.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 385,292 shares of the asset manager's stock after purchasing an additional 35,681 shares during the quarter. Northern Trust Corp owned approximately 1.34% of Affiliated Managers Group worth $64,741,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. increased its position in Affiliated Managers Group by 18.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 53,727 shares of the asset manager's stock worth $9,028,000 after purchasing an additional 8,361 shares in the last quarter. Private Trust Co. NA increased its position in Affiliated Managers Group by 38.1% during the 1st quarter. Private Trust Co. NA now owns 301 shares of the asset manager's stock worth $51,000 after purchasing an additional 83 shares in the last quarter. Farther Finance Advisors LLC increased its position in Affiliated Managers Group by 785.2% in the 1st quarter. Farther Finance Advisors LLC now owns 1,859 shares of the asset manager's stock valued at $315,000 after acquiring an additional 1,649 shares during the period. XTX Topco Ltd increased its position in Affiliated Managers Group by 189.9% in the 1st quarter. XTX Topco Ltd now owns 14,695 shares of the asset manager's stock valued at $2,469,000 after acquiring an additional 9,626 shares during the period. Finally, Goodman Financial Corp increased its position in Affiliated Managers Group by 1.6% in the 1st quarter. Goodman Financial Corp now owns 80,806 shares of the asset manager's stock valued at $13,578,000 after acquiring an additional 1,301 shares during the period. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AMG has been the subject of several recent research reports. Barrington Research restated an "outperform" rating and issued a $200.00 price target on shares of Affiliated Managers Group in a research report on Tuesday, July 29th. TD Cowen upgraded shares of Affiliated Managers Group from a "hold" rating to a "buy" rating and upped their price target for the company from $214.00 to $255.00 in a research report on Monday, August 4th. Zacks Research upgraded shares of Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 22nd. Wall Street Zen cut shares of Affiliated Managers Group from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. Finally, The Goldman Sachs Group upgraded shares of Affiliated Managers Group from a "neutral" rating to a "buy" rating and upped their price target for the company from $197.00 to $218.00 in a research report on Friday, June 27th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Affiliated Managers Group presently has a consensus rating of "Buy" and a consensus price target of $215.20.

Affiliated Managers Group Stock Performance

Shares of NYSE:AMG traded down $0.99 during trading on Thursday, reaching $226.80. The stock had a trading volume of 174,343 shares, compared to its average volume of 173,653. The firm's fifty day moving average is $208.95 and its 200 day moving average is $182.97. Affiliated Managers Group, Inc. has a 52 week low of $139.22 and a 52 week high of $229.40. The stock has a market cap of $6.44 billion, a price-to-earnings ratio of 16.55, a P/E/G ratio of 0.63 and a beta of 1.14.

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

Affiliated Managers Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.04 annualized dividend and a yield of 0.0%. Affiliated Managers Group's dividend payout ratio is currently 0.29%.

Affiliated Managers Group Company 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.