Price T Rowe Associates Inc. MD Purchases 5,685 Shares of Affiliated Managers Group, Inc. $AMG

Key Points

• Price T Rowe Associates Inc. increased its stake in Affiliated Managers Group, Inc. by 2.5%, acquiring 5,685 additional shares and now owns 232,981 shares valued at approximately $39.15 million.
• Affiliated Managers Group reported earnings per share of $5.39, exceeding analysts' expectations of $5.26, though its revenue of $493.2 million fell short of the forecasted $506.46 million.
• Several brokerages have upgraded their ratings for Affiliated Managers Group, with TD Cowen raising its target price from $214 to $255, reflecting positive market sentiment towards the stock.

Price T Rowe Associates Inc. MD increased its position in shares of Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 232,981 shares of the asset manager's stock after purchasing an additional 5,685 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 0.81% of Affiliated Managers Group worth $39,149,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Millstone Evans Group LLC raised its position in Affiliated Managers Group by 154.5% in the first quarter. Millstone Evans Group LLC now owns 168 shares of the asset manager's stock worth $28,000 after acquiring an additional 102 shares during the period. Versant Capital Management Inc raised its position in 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 acquiring an additional 75 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Affiliated Managers Group in the first quarter worth about $36,000. Private Trust Co. NA raised its position in Affiliated Managers Group by 38.1% in 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 during the period. Finally, Rossby Financial LCC bought a new stake in Affiliated Managers Group in the first quarter worth about $56,000. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Affiliated Managers Group Trading Up 2.2%

Shares of AMG stock traded up $5.00 during trading on Tuesday, reaching $229.82. 307,217 shares of the company's stock traded hands, compared to its average volume of 153,520. The company has a market capitalization of $6.53 billion, a P/E ratio of 16.78, a PEG ratio of 0.62 and a beta of 1.19. The firm's 50-day moving average is $211.44 and its 200 day moving average is $184.24. Affiliated Managers Group, Inc. has a 1 year low of $139.22 and a 1 year high of $230.61.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last posted its earnings results on Thursday, July 31st. The asset manager reported $5.39 earnings per share for the quarter, topping analysts' consensus estimates 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 quarter in the prior year, the firm posted $4.67 EPS. As a group, sell-side analysts predict that Affiliated Managers Group, Inc. will post 22.86 earnings per share for the current fiscal year.

Affiliated Managers Group Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages have commented on AMG. The Goldman Sachs Group raised shares of Affiliated Managers Group from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $197.00 to $218.00 in a research report on Friday, June 27th. Bank of America raised shares of Affiliated Managers Group from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $236.00 to $331.00 in a research report on Tuesday. Barrington Research reissued 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 note on Monday, August 4th. Finally, Zacks Research upgraded shares of Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. According to data from MarketBeat, Affiliated Managers Group currently has an average rating of "Buy" and an average price target of $242.40.

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.