The Manufacturers Life Insurance Company Makes New $6.23 Million Investment in Affiliated Managers Group, Inc. $AMG

Key Points

• The Manufacturers Life Insurance Company initiated a $6.23 million position in Affiliated Managers Group during the second quarter, while institutional investors collectively own 95.3% of AMG.
• AMG exceeded quarterly expectations, reporting $8.29 in EPS versus the $7.90 consensus and $640.7 million in revenue against estimates of $590.94 million.
• Analysts maintain a favorable outlook, with the stock carrying a consensus “Buy” rating and a $370.86 price target; AMG recently traded at $371.22.

The Manufacturers Life Insurance Company bought a new position in shares of Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 18,406 shares of the asset manager's stock, valued at approximately $6,229,000. The Manufacturers Life Insurance Company owned approximately 0.07% of Affiliated Managers Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Manning & Napier Advisors LLC acquired a new stake in shares of Affiliated Managers Group in the 2nd quarter valued at about $366,000. L2 Asset Management LLC purchased a new stake in Affiliated Managers Group in the second quarter valued at approximately $1,618,000. Cetera Trust Company N.A purchased a new stake in Affiliated Managers Group in the second quarter valued at approximately $555,000. Algert Global LLC boosted its holdings in shares of Affiliated Managers Group by 4.0% in the second quarter. Algert Global LLC now owns 23,607 shares of the asset manager's stock valued at $7,989,000 after acquiring an additional 900 shares during the period. Finally, PEAK6 LLC purchased a new position in shares of Affiliated Managers Group during the second quarter worth approximately $10,001,000. 95.30% of the stock is owned by hedge funds and other institutional investors.

Affiliated Managers Group Stock Performance

AMG opened at $371.22 on Monday. The stock has a market cap of $9.60 billion, a P/E ratio of 12.86, a P/E/G ratio of 0.50 and a beta of 1.11. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.24 and a quick ratio of 1.24. The stock's 50 day simple moving average is $360.58 and its 200 day simple moving average is $322.37. Affiliated Managers Group, Inc. has a 1-year low of $223.44 and a 1-year high of $392.92.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The asset manager reported $8.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.90 by $0.39. The firm had revenue of $640.70 million during the quarter, compared to analysts' expectations of $590.94 million. Affiliated Managers Group had a return on equity of 21.94% and a net margin of 37.72%.Affiliated Managers Group's revenue was up .0% on a year-over-year basis. During the same period in the previous year, the firm posted $5.39 earnings per share. As a group, equities analysts anticipate that Affiliated Managers Group, Inc. will post 36.69 EPS for the current fiscal year.

Affiliated Managers Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 10th were given a $0.01 dividend. The ex-dividend date was Monday, August 10th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. Affiliated Managers Group's payout ratio is currently 0.14%.

Insider Buying and Selling

In other Affiliated Managers Group news, CEO Jay C. Horgen sold 17,500 shares of the firm's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $338.27, for a total transaction of $5,919,725.00. Following the completion of the transaction, the chief executive officer directly owned 204,706 shares in the company, valued at approximately $69,245,898.62. This trade represents a 7.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on AMG shares. Wall Street Zen cut shares of Affiliated Managers Group from a "strong-buy" rating to a "buy" rating in a research note on Sunday. Zacks Research raised shares of Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 4th. TD Cowen reissued a "buy" rating and set a $454.00 price target on shares of Affiliated Managers Group in a report on Wednesday, May 13th. Barrington Research set a $425.00 price target on Affiliated Managers Group in a research report on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $400.00 price objective on shares of Affiliated Managers Group in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $370.86.

Affiliated Managers Group Company Profile

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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