United Services Automobile Association Makes New $321,000 Investment in Affiliated Managers Group, Inc. $AMG

Key Points

• United Services Automobile Association invested approximately $321,000 in Affiliated Managers Group, acquiring 1,919 shares during the first quarter.
• Several institutional investors have increased their stakes in Affiliated Managers Group, with notable increases including Millstone Evans Group's holdings up by 154.5%.
• Brokerages have generally upgraded Affiliated Managers Group's stock rating to "buy," with the consensus price target adjusted to $242.40.

United Services Automobile Association purchased a new position in shares of Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 1,919 shares of the asset manager's stock, valued at approximately $321,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AMG. Millstone Evans Group LLC raised its stake in shares of Affiliated Managers Group by 154.5% during the 1st quarter. Millstone Evans Group LLC now owns 168 shares of the asset manager's stock worth $28,000 after purchasing an additional 102 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of Affiliated Managers Group by 70.8% during the 1st quarter. Versant Capital Management Inc now owns 181 shares of the asset manager's stock worth $30,000 after purchasing an additional 75 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Affiliated Managers Group during the 1st quarter worth about $36,000. Private Trust Co. NA boosted its stake in shares of Affiliated Managers Group by 38.1% during the 1st quarter. Private Trust Co. NA now owns 301 shares of the asset manager's stock worth $51,000 after acquiring an additional 83 shares in the last quarter. Finally, Rossby Financial LCC acquired a new position in shares of Affiliated Managers Group during the 1st quarter valued at about $56,000. 95.30% of the stock is owned by hedge funds and other institutional investors.

Affiliated Managers Group Trading Up 2.5%

NYSE:AMG traded up $6.00 during mid-day trading on Thursday, hitting $244.28. 267,978 shares of the company's stock traded hands, compared to its average volume of 184,900. The firm has a 50 day moving average of $219.87 and a two-hundred day moving average of $189.62. Affiliated Managers Group, Inc. has a 12 month low of $139.22 and a 12 month high of $245.97. The firm has a market capitalization of $6.94 billion, a price-to-earnings ratio of 17.83, a price-to-earnings-growth ratio of 0.63 and a beta of 1.19.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last announced its earnings results on Thursday, July 31st. The asset manager reported $5.39 earnings per share for the quarter, beating the consensus estimate of $5.26 by $0.13. Affiliated Managers Group had a return on equity of 16.11% and a net margin of 21.79%.The firm had revenue of $493.20 million during the quarter, compared to the consensus estimate of $506.46 million. During the same quarter in the prior year, the company earned $4.67 EPS. The firm's revenue for the quarter was down 1.4% compared to the same quarter last year. As a group, equities research analysts expect that Affiliated Managers Group, Inc. will post 22.86 earnings per share for the current year.

Affiliated Managers Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.0%. The ex-dividend date was Monday, August 11th. Affiliated Managers Group's dividend payout ratio (DPR) is currently 0.29%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AMG. Zacks Research raised Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. TD Cowen raised Affiliated Managers Group from a "hold" rating to a "buy" rating and raised their price objective for the company from $214.00 to $255.00 in a research note on Monday, August 4th. Bank of America raised Affiliated Managers Group from a "neutral" rating to a "buy" rating and raised their price objective for the company from $236.00 to $331.00 in a research note on Tuesday, September 2nd. The Goldman Sachs Group raised Affiliated Managers Group from a "neutral" rating to a "buy" rating and raised their price objective for the company from $197.00 to $218.00 in a research note on Friday, June 27th. Finally, Cowen raised Affiliated Managers Group from a "hold" rating to a "buy" rating in a research note on Monday, August 4th. One investment analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. Based on data from MarketBeat, Affiliated Managers Group currently has a consensus rating of "Buy" and an average price target of $242.40.

Insider Transactions at Affiliated Managers Group

In other Affiliated Managers Group news, COO Thomas M. Wojcik sold 16,000 shares of the firm's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $231.03, for a total value of $3,696,480.00. Following the sale, the chief operating officer directly owned 158,710 shares in the company, valued at $36,666,771.30. This trade represents a 9.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 4.20% of the stock is owned by corporate insiders.

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.