Principal Financial Group Inc. Lowers Stock Holdings in Affiliated Managers Group, Inc. (NYSE:AMG)

Principal Financial Group Inc. lowered its position in shares of Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 2.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,381 shares of the asset manager's stock after selling 1,902 shares during the quarter. Principal Financial Group Inc. owned approximately 0.23% of Affiliated Managers Group worth $11,322,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in AMG. Boston Partners raised its holdings in shares of Affiliated Managers Group by 46.1% during the fourth quarter. Boston Partners now owns 1,184,130 shares of the asset manager's stock valued at $218,975,000 after acquiring an additional 373,696 shares during the last quarter. Norges Bank acquired a new position in shares of Affiliated Managers Group during the fourth quarter valued at approximately $68,683,000. LSV Asset Management raised its holdings in shares of Affiliated Managers Group by 79.1% during the fourth quarter. LSV Asset Management now owns 423,994 shares of the asset manager's stock valued at $78,405,000 after acquiring an additional 187,290 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Affiliated Managers Group by 119.2% during the fourth quarter. Millennium Management LLC now owns 305,497 shares of the asset manager's stock valued at $56,493,000 after acquiring an additional 166,144 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Affiliated Managers Group by 541.7% during the fourth quarter. Bank of America Corp DE now owns 186,030 shares of the asset manager's stock valued at $34,401,000 after acquiring an additional 157,042 shares during the last quarter. Institutional investors and hedge funds own 95.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Cowen reaffirmed a "hold" rating on shares of Affiliated Managers Group in a report on Wednesday, May 14th. Wall Street Zen cut Affiliated Managers Group from a "buy" rating to a "hold" rating in a report on Friday, June 27th. Barrington Research cut their price target on Affiliated Managers Group from $215.00 to $200.00 and set an "outperform" rating for the company in a report on Tuesday, April 8th. TD Cowen cut their price target on Affiliated Managers Group from $187.00 to $168.00 and set a "hold" rating for the company in a report on Wednesday, April 9th. Finally, Bank of America cut their price target on Affiliated Managers Group from $211.00 to $195.00 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $197.80.

Affiliated Managers Group Trading Up 3.7%

Affiliated Managers Group stock traded up $7.44 during mid-day trading on Thursday, hitting $211.07. The company's stock had a trading volume of 311,816 shares, compared to its average volume of 219,666. The firm has a market capitalization of $6.00 billion, a PE ratio of 16.04, a price-to-earnings-growth ratio of 0.62 and a beta of 1.09. Affiliated Managers Group, Inc. has a 1 year low of $139.22 and a 1 year high of $211.72. The stock's fifty day moving average is $187.69 and its two-hundred day moving average is $176.45.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The asset manager reported $5.20 earnings per share for the quarter, topping the consensus estimate of $5.10 by $0.10. The company had revenue of $496.60 million during the quarter, compared to analyst estimates of $508.00 million. Affiliated Managers Group had a return on equity of 15.91% and a net margin of 21.31%. During the same period in the prior year, the business posted $5.37 earnings per share. On average, equities analysts expect that Affiliated Managers Group, Inc. will post 22.86 EPS for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were given a $0.01 dividend. The ex-dividend date was Monday, May 19th. This represents a $0.04 annualized dividend and a yield of 0.02%. Affiliated Managers Group's payout ratio is 0.30%.

About Affiliated Managers Group

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.