Strs Ohio Acquires New Position in Affiliated Managers Group, Inc. $AMG

Key Points

• Strs Ohio has taken a new position in Affiliated Managers Group, acquiring 12,805 shares valued at approximately $2.15 million in the first quarter.
• Several other institutional investors have also increased their stakes in Affiliated Managers Group, with approximately 95.30% of the shares now owned by institutional investors and hedge funds.
• Affiliated Managers Group received upgrades from multiple analysts, with some boosting the target price, including Bank of America raising it from $236 to $331.

Strs Ohio purchased a new position in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 12,805 shares of the asset manager's stock, valued at approximately $2,152,000.

Several other institutional investors have also modified their holdings of the business. Cetera Investment Advisers increased its position in Affiliated Managers Group by 2.5% during the fourth quarter. Cetera Investment Advisers now owns 2,898 shares of the asset manager's stock worth $536,000 after buying an additional 70 shares during the last quarter. Focus Partners Wealth acquired a new stake in shares of Affiliated Managers Group in the fourth quarter valued at about $683,000. NorthRock Partners LLC acquired a new stake in shares of Affiliated Managers Group in the fourth quarter valued at about $221,000. Nomura Holdings Inc. acquired a new stake in shares of Affiliated Managers Group in the fourth quarter valued at about $1,278,000. Finally, Quantinno Capital Management LP grew its position in shares of Affiliated Managers Group by 21.9% in the fourth quarter. Quantinno Capital Management LP now owns 14,705 shares of the asset manager's stock valued at $2,719,000 after purchasing an additional 2,639 shares during the last quarter. Institutional investors and hedge funds own 95.30% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on AMG. The Goldman Sachs Group raised Affiliated Managers Group from a "neutral" rating to a "buy" rating and raised their price target for the company from $197.00 to $218.00 in a research report on Friday, June 27th. TD Cowen raised Affiliated Managers Group from a "hold" rating to a "buy" rating and raised their price target for the company from $214.00 to $255.00 in a research report on Monday, August 4th. Bank of America raised Affiliated Managers Group from a "neutral" rating to a "buy" rating and raised their price target for the company from $236.00 to $331.00 in a research report on Tuesday, September 2nd. Wall Street Zen cut shares of Affiliated Managers Group from a "buy" rating to a "hold" rating in a research note on Saturday, September 13th. Finally, Zacks Research raised Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 22nd. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $242.40.

Affiliated Managers Group Price Performance

Shares of AMG traded down $1.26 on Friday, hitting $243.08. The company's stock had a trading volume of 328,724 shares, compared to its average volume of 193,661. The company has a market capitalization of $6.91 billion, a PE ratio of 17.74, a PEG ratio of 0.65 and a beta of 1.19. Affiliated Managers Group, Inc. has a fifty-two week low of $139.22 and a fifty-two week high of $245.96. The company has a 50 day moving average price of $220.64 and a 200 day moving average price of $190.19.

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 for the quarter, topping the consensus estimate of $5.26 by $0.13. The firm had revenue of $493.20 million during the quarter, compared to analysts' expectations 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 previous year, the company posted $4.67 EPS. On average, equities analysts forecast that Affiliated Managers Group, Inc. will post 22.86 EPS for the current year.

Affiliated Managers Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 25th. Shareholders 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 was Monday, August 11th. Affiliated Managers Group's dividend payout ratio is 0.29%.

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 dated Tuesday, September 9th. The stock was sold at an average price of $231.03, for a total transaction 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.20% of the company's stock.

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.