Affiliated Managers Group (NYSE:AMG) Hits New 1-Year High - Here's What Happened

Key Points

• Affiliated Managers Group shares reached a new 52-week high, trading as high as $396.02 before closing around $393.85, up 1.2% from the prior close.
• Analyst sentiment remains positive, with six Buy ratings and one Hold rating, resulting in a “Moderate Buy” consensus and an average price target of $388.33.
• AMG exceeded quarterly earnings expectations, reporting $8.29 in EPS versus $7.90 forecast and $640.7 million in revenue versus $590.94 million expected; institutional investors own approximately 95.3% of its stock.

Affiliated Managers Group, Inc. (NYSE:AMG - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $396.02 and last traded at $393.8450, with a volume of 29,042 shares changing hands. The stock had previously closed at $388.75.

Analyst Upgrades and Downgrades

AMG has been the subject of several recent research reports. Zacks Research downgraded Affiliated Managers Group from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 29th. Barrington Research set a $425.00 target price on shares of Affiliated Managers Group in a research note on Friday, July 31st. TD Cowen increased their target price on shares of Affiliated Managers Group from $512.00 to $523.00 and gave the company a "buy" rating in a report on Monday, October 12th. Wall Street Zen downgraded shares of Affiliated Managers Group from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 30th. Finally, Weiss Ratings raised shares of Affiliated Managers Group from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday, October 8th. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $388.33.

Affiliated Managers Group Trading Up 1.2%

The company has a market capitalization of $10.17 billion, a P/E ratio of 13.62, a price-to-earnings-growth ratio of 0.51 and a beta of 1.07. 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 firm has a fifty day moving average price of $367.64 and a 200-day moving average price of $341.91.

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, topping analysts' consensus estimates of $7.90 by $0.39. Affiliated Managers Group had a return on equity of 21.94% and a net margin of 37.72%. The business had revenue of $640.70 million for the quarter, compared to analyst estimates of $590.94 million. During the same period last year, the company posted $5.39 earnings per share. Affiliated Managers Group's quarterly revenue was up .0% compared to the same quarter last year. On average, equities research analysts anticipate that Affiliated Managers Group, Inc. will post 36.87 earnings per share for the current year.

Institutional Trading of Affiliated Managers Group

A number of large investors have recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC boosted its holdings in Affiliated Managers Group by 1.1% in the 3rd quarter. Quadrant Capital Group LLC now owns 3,262 shares of the asset manager's stock valued at $1,236,000 after purchasing an additional 37 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of Affiliated Managers Group by 3.3% in the third quarter. Nisa Investment Advisors LLC now owns 8,609 shares of the asset manager's stock worth $3,148,000 after purchasing an additional 278 shares during the period. CWA Asset Management Group LLC increased its holdings in shares of Affiliated Managers Group by 37.0% in the third quarter. CWA Asset Management Group LLC now owns 7,537 shares of the asset manager's stock worth $2,756,000 after purchasing an additional 2,036 shares during the period. Abel Hall LLC bought a new position in shares of Affiliated Managers Group in the third quarter worth $212,000. Finally, USA Financial Formulas purchased a new stake in shares of Affiliated Managers Group in the third quarter worth $151,000. Hedge funds and other institutional investors own 95.30% of the company's stock.

About Affiliated Managers Group

Affiliated Managers Group, Inc NYSE: AMG is a global asset management company that partners with a diverse group of independent investment management firms. Rather than managing a single centralized investment platform, AMG provides strategic, operational and distribution support to its affiliates while allowing them to retain their distinct investment philosophies, brands and day-to-day management.

Through its affiliated firms, AMG offers a broad range of investment strategies, including equities, fixed income, alternatives, multi-asset portfolios and wealth management solutions.

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