Reinhart Partners LLC. Sells 5,833 Shares of Affiliated Managers Group, Inc. $AMG

Key Points

• Reinhart Partners LLC reduced its holdings in Affiliated Managers Group, Inc. by 8.3%, selling 5,833 shares during the second quarter, and now owns about 0.23% of the company, valued at $12.67 million.
• Affiliated Managers Group reported $5.39 EPS for the quarter, outperforming analysts' estimates, although its revenue of $493.20 million fell short of expectations.
• Several analysts have recently upgraded the stock ratings for Affiliated Managers Group, with Cowen and Bank of America raising their target prices to $255.00 and $331.00, respectively.

Reinhart Partners LLC. reduced its stake in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 8.3% during the second quarter, according to its most recent filing with the SEC. The fund owned 64,410 shares of the asset manager's stock after selling 5,833 shares during the quarter. Reinhart Partners LLC. owned 0.23% of Affiliated Managers Group worth $12,674,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Envestnet Asset Management Inc. boosted its holdings in shares of Affiliated Managers Group by 18.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 53,727 shares of the asset manager's stock worth $9,028,000 after buying an additional 8,361 shares during the last quarter. Private Trust Co. NA raised its stake in Affiliated Managers Group by 38.1% in the 1st quarter. Private Trust Co. NA now owns 301 shares of the asset manager's stock valued at $51,000 after acquiring an additional 83 shares during the period. Farther Finance Advisors LLC raised its stake 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 raised its stake 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 raised its stake 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 owned by hedge funds and other institutional investors.

Insider Transactions at Affiliated Managers Group

In other Affiliated Managers Group news, COO Thomas M. Wojcik sold 16,000 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $231.03, for a total value of $3,696,480.00. Following the completion of the transaction, the chief operating officer owned 158,710 shares in the company, valued at approximately $36,666,771.30. This represents a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 4.20% of the company's stock.

Affiliated Managers Group Trading Down 0.5%

Shares of NYSE:AMG traded down $1.26 during trading on Friday, reaching $243.08. 328,724 shares of the company traded hands, compared to its average volume of 193,661. The business's fifty day moving average is $220.64 and its 200-day moving average is $190.35. The firm has a market capitalization of $6.91 billion, a price-to-earnings ratio of 17.74, a P/E/G ratio of 0.64 and a beta of 1.19. Affiliated Managers Group, Inc. has a 52-week low of $139.22 and a 52-week high of $245.96.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The asset manager reported $5.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.26 by $0.13. The business had revenue of $493.20 million during the quarter, compared to the consensus estimate of $506.46 million. Affiliated Managers Group had a return on equity of 16.11% and a net margin of 21.79%.The firm's quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.67 earnings per share. On average, 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 disclosed a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were issued a $0.01 dividend. The ex-dividend date was Monday, August 11th. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. Affiliated Managers Group's dividend payout ratio is 0.29%.

Wall Street Analysts Forecast Growth

AMG has been the topic of a number of research reports. Zacks Research upgraded Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. Cowen upgraded Affiliated Managers Group from a "hold" rating to a "buy" rating in a research note on Monday, August 4th. TD Cowen upgraded Affiliated Managers Group from a "hold" rating to a "buy" rating and boosted their price objective for the company from $214.00 to $255.00 in a research note on Monday, August 4th. Barrington Research restated an "outperform" rating and issued a $200.00 price objective on shares of Affiliated Managers Group in a research note on Tuesday, July 29th. Finally, Bank of America upgraded Affiliated Managers Group from a "neutral" rating to a "buy" rating and upped their price target for the company from $236.00 to $331.00 in a research report on Tuesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $242.40.

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.