Jay Horgen Sells 17,500 Shares of Affiliated Managers Group (NYSE:AMG) Stock

Key Points

• CEO Jay Horgen sold 17,500 shares of Affiliated Managers Group stock on June 8 for about $5.92 million, trimming his position by 7.88%.
• AMG recently reported better-than-expected quarterly earnings of $8.23 per share on revenue of $544.9 million, with revenue up 9.7% from a year earlier.
• Analysts remain broadly positive on the stock, with a Moderate Buy consensus and an average price target of $362.29, while the shares traded near their 1-year high.

Affiliated Managers Group, Inc. (NYSE:AMG - Get Free Report) CEO Jay 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 sale, the chief executive officer owned 204,706 shares of the company's stock, valued at $69,245,898.62. This trade represents a 7.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Affiliated Managers Group Price Performance

AMG traded up $0.26 during midday trading on Monday, reaching $337.07. 613,040 shares of the company's stock were exchanged, compared to its average volume of 311,633. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.79 and a quick ratio of 1.79. The stock has a market capitalization of $8.90 billion, a PE ratio of 13.64, a P/E/G ratio of 0.57 and a beta of 1.13. The business's 50-day moving average price is $296.42 and its 200 day moving average price is $294.70. Affiliated Managers Group, Inc. has a 1-year low of $179.79 and a 1-year high of $345.07.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last announced its earnings results on Friday, May 1st. The asset manager reported $8.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $8.10 by $0.13. The company had revenue of $544.90 million during the quarter, compared to analysts' expectations of $544.01 million. Affiliated Managers Group had a net margin of 35.55% and a return on equity of 20.17%. The firm's quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.37 earnings per share. As a group, equities analysts anticipate that Affiliated Managers Group, Inc. will post 34.71 EPS for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Monday, May 11th were given a dividend of $0.01 per share. The ex-dividend date was Monday, May 11th. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. Affiliated Managers Group's payout ratio is presently 0.16%.

Analysts Set New Price Targets

AMG has been the subject of a number of recent research reports. Wall Street Zen downgraded shares of Affiliated Managers Group from a "strong-buy" rating to a "buy" rating in a report on Saturday, April 4th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $400.00 price target on shares of Affiliated Managers Group in a report on Monday, May 4th. TD Cowen reiterated a "buy" rating and set a $454.00 price target on shares of Affiliated Managers Group in a report on Wednesday, May 13th. The Goldman Sachs Group reiterated a "buy" rating and set a $405.00 price target on shares of Affiliated Managers Group in a report on Monday, May 4th. Finally, Barrington Research reiterated an "outperform" rating and set a $365.00 price target on shares of Affiliated Managers Group in a report on Monday, April 27th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $362.29.

Institutional Investors Weigh In On Affiliated Managers Group

Several institutional investors have recently bought and sold shares of AMG. Norges Bank acquired a new position in shares of Affiliated Managers Group during the fourth quarter worth $113,743,000. Balyasny Asset Management L.P. lifted its position in shares of Affiliated Managers Group by 3,811.8% during the second quarter. Balyasny Asset Management L.P. now owns 311,383 shares of the asset manager's stock worth $61,271,000 after purchasing an additional 303,423 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Affiliated Managers Group during the third quarter worth $70,356,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Affiliated Managers Group by 28,466.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 193,392 shares of the asset manager's stock worth $58,240,000 after purchasing an additional 192,715 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in Affiliated Managers Group by 75.5% in the first quarter. Bank of America Corp DE now owns 409,578 shares of the asset manager's stock valued at $113,330,000 after acquiring an additional 176,246 shares in the last quarter. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

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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