Reinhart Partners LLC. Sells 6,628 Shares of Affiliated Managers Group, Inc. $AMG

Key Points

• Reinhart Partners cut its Affiliated Managers Group stake by 25.2% in the second quarter, selling 6,628 shares and retaining 19,657 shares valued at approximately $6.65 million. Institutional investors collectively own 95.3% of AMG.
• AMG reported quarterly EPS of $8.29, exceeding estimates of $7.90, while revenue reached $640.7 million versus expectations of $590.94 million. Analysts maintain a consensus “Buy” rating with an average price target of $370.86.
• The stock opened at $369.34, near its 52-week high of $392.92, while insider activity was mixed: CEO Jay Horgen sold 17,500 shares and director Annette Franqui purchased 750 shares.

Reinhart Partners LLC. reduced its holdings in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 25.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,657 shares of the asset manager's stock after selling 6,628 shares during the quarter. Reinhart Partners LLC. owned 0.07% of Affiliated Managers Group worth $6,652,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Norges Bank acquired a new position in shares of Affiliated Managers Group in the 4th quarter valued at approximately $113,743,000. Balyasny Asset Management L.P. lifted its stake in Affiliated Managers Group by 3,811.8% in the second quarter. Balyasny Asset Management L.P. now owns 311,383 shares of the asset manager's stock valued at $61,271,000 after buying an additional 303,423 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Affiliated Managers Group in the third quarter valued at approximately $70,356,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Affiliated Managers Group by 28,466.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 193,392 shares of the asset manager's stock valued at $58,240,000 after buying an additional 192,715 shares during the period. Finally, Bank of America Corp DE increased its position in shares of Affiliated Managers Group by 75.5% during the first quarter. Bank of America Corp DE now owns 409,578 shares of the asset manager's stock worth $113,330,000 after acquiring an additional 176,246 shares in the last quarter. Institutional investors and hedge funds own 95.30% of the company's stock.

Affiliated Managers Group Trading Down 0.8%

Shares of NYSE:AMG opened at $369.34 on Friday. The company's 50-day moving average price is $353.04 and its two-hundred day moving average price is $317.06. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.24 and a quick ratio of 1.79. Affiliated Managers Group, Inc. has a one year low of $210.87 and a one year high of $392.92. The stock has a market capitalization of $9.75 billion, a PE ratio of 12.79, a price-to-earnings-growth ratio of 0.53 and a beta of 1.11.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The asset manager reported $8.29 EPS for the quarter, topping analysts' consensus estimates of $7.90 by $0.39. The company had revenue of $640.70 million during the quarter, compared to the consensus estimate of $590.94 million. Affiliated Managers Group had a net margin of 37.72% and a return on equity of 21.94%. The company's quarterly revenue was up .0% on a year-over-year basis. During the same period in the prior year, the business posted $5.39 EPS. On average, equities analysts forecast that Affiliated Managers Group, Inc. will post 36.25 EPS for the current fiscal year.

Affiliated Managers Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 10th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. The ex-dividend date is Monday, August 10th. Affiliated Managers Group's dividend payout ratio (DPR) is currently 0.14%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on AMG shares. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $405.00 price objective on shares of Affiliated Managers Group in a research report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $400.00 target price on shares of Affiliated Managers Group in a report on Monday, May 4th. Wall Street Zen upgraded Affiliated Managers Group from a "hold" rating to a "buy" rating in a report on Sunday, June 28th. Zacks Research raised Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Affiliated Managers Group in a report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the stock. According to data from MarketBeat.com, Affiliated Managers Group presently has a consensus rating of "Buy" and a consensus target price of $370.86.

Insider Buying and Selling

In related news, CEO Jay C. Horgen sold 17,500 shares of the firm's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $338.27, for a total value of $5,919,725.00. Following the completion of the transaction, the chief executive officer directly owned 204,706 shares of the company's stock, valued at approximately $69,245,898.62. This trade represents a 7.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Annette Franqui bought 750 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were purchased at an average price of $304.88 per share, for a total transaction of $228,660.00. Following the completion of the acquisition, the director owned 1,962 shares of the company's stock, valued at $598,174.56. The trade was a 61.88% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.90% of the stock is owned by company insiders.

About Affiliated Managers Group

Affiliated Managers Group, Inc NYSE: AMG is a global asset management holding company that partners with boutique investment firms. Founded in 1993 and headquartered in West Palm Beach, Florida, AMG invests in and collaborates with independent investment managers to foster growth while preserving their entrepreneurial culture. Through equity stakes and strategic support, the company aims to enhance its affiliates' distribution capabilities, operational infrastructure and access to capital.

The company's core business activities include providing capital solutions, distribution services and operational support to affiliated investment firms.

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