Wallace Capital Management Inc. Acquires New Stake in Affiliated Managers Group, Inc. $AMG

Wallace Capital Management Inc. bought a new position in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 58,334 shares of the asset manager's stock, valued at approximately $19,740,000. Affiliated Managers Group comprises approximately 2.2% of Wallace Capital Management Inc.'s portfolio, making the stock its 10th biggest holding. Wallace Capital Management Inc. owned 0.23% of Affiliated Managers Group at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Caisse de depot et placement du Quebec bought a new stake in shares of Affiliated Managers Group during the 2nd quarter valued at about $61,603,000. Man Group plc bought a new position in shares of Affiliated Managers Group in the second quarter worth approximately $8,136,000. Jupiter Topco LLC bought a new position in shares of Affiliated Managers Group in the second quarter worth approximately $3,699,000. Hsbc Holdings PLC purchased a new stake in Affiliated Managers Group in the second quarter valued at approximately $1,734,000. Finally, Legal & General Group Plc purchased a new stake in Affiliated Managers Group in the second quarter valued at approximately $12,712,000. Hedge funds and other institutional investors own 95.30% of the company's stock.

Affiliated Managers Group Stock Performance

NYSE:AMG opened at $371.40 on Thursday. The company has a market capitalization of $9.60 billion, a price-to-earnings ratio of 12.86, a PEG ratio of 0.50 and a beta of 1.11. The business has a 50 day moving average of $359.89 and a 200 day moving average of $321.44. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.24 and a quick ratio of 1.24. 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 results on Thursday, July 30th. The asset manager reported $8.29 EPS for the quarter, beating analysts' consensus estimates of $7.90 by $0.39. The business had revenue of $640.70 million for the quarter, compared to analysts' expectations of $590.94 million. Affiliated Managers Group had a net margin of 37.72% and a return on equity of 21.94%. The business's quarterly revenue was up .0% on a year-over-year basis. During the same period last year, the business earned $5.39 earnings per share. On average, sell-side analysts predict that Affiliated Managers Group, Inc. will post 36.69 earnings per share for the current fiscal year.

Affiliated Managers Group Dividend Announcement

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

Insider Buying and Selling at Affiliated Managers Group

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

Analysts Set New Price Targets

A number of equities analysts have commented on AMG shares. Zacks Research raised shares of Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 4th. The Goldman Sachs Group restated a "buy" rating and set a $405.00 price objective on shares of Affiliated Managers Group in a research report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $400.00 price objective on shares of Affiliated Managers Group in a report on Monday, May 4th. Weiss Ratings reiterated a "buy (b)" rating on shares of Affiliated Managers Group in a research report on Friday, June 26th. Finally, Wall Street Zen raised Affiliated Managers Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 22nd. One investment 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 has a consensus rating of "Buy" and a consensus target price of $370.86.

Affiliated Managers Group 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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