Affiliated Managers Group (NYSE:AMG) Reaches New 52-Week High - Should You Buy?

Key Points

• Affiliated Managers Group reached a new 52-week high, trading as high as $400.13 and closing near $397.28, above its 50-day and 200-day moving averages.
• Analysts maintain a generally positive outlook, with six Buy ratings and one Hold rating. The consensus is “Moderate Buy,” though the average price target of $388.33 is below the current share price.
• The company exceeded quarterly expectations, reporting $8.29 in EPS versus the $7.90 consensus and revenue of $640.7 million versus estimates of $590.94 million; institutional investors own 95.3% of its shares.

Affiliated Managers Group, Inc. (NYSE:AMG - Get Free Report) reached a new 52-week high during trading on Thursday. The stock traded as high as $400.13 and last traded at $397.2840, with a volume of 13,070 shares changing hands. The stock had previously closed at $393.24.

Analyst Ratings Changes

A number of research analysts have issued reports on AMG shares. Zacks Research lowered shares of Affiliated Managers Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 29th. 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. Barrington Research set a $425.00 price objective on shares of Affiliated Managers Group in a report on Friday, July 31st. TD Cowen boosted their price objective on Affiliated Managers Group from $512.00 to $523.00 and gave the company a "buy" rating in a report on Monday, October 12th. Finally, Wall Street Zen lowered shares of Affiliated Managers Group from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 30th. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $388.33.

Affiliated Managers Group Price Performance

The firm has a market capitalization of $10.21 billion, a P/E ratio of 13.63, a PEG ratio of 0.49 and a beta of 1.07. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.76. The business's 50-day simple moving average is $370.41 and its 200 day simple moving average is $331.96.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The asset manager reported $8.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $7.90 by $0.39. The business had revenue of $640.70 million for the quarter, compared to analyst estimates of $590.94 million. Affiliated Managers Group had a net margin of 37.72% and a return on equity of 21.94%. The company's revenue was up .0% on a year-over-year basis. During the same quarter last year, the firm earned $5.39 EPS. Sell-side analysts forecast that Affiliated Managers Group, Inc. will post 36.87 earnings per share for the current year.

Institutional Investors Weigh In On Affiliated Managers Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Affiliated Managers Group during the second quarter worth $938,294,000. Dimensional Fund Advisors LP boosted its stake in Affiliated Managers Group by 2.7% during the first quarter. Dimensional Fund Advisors LP now owns 718,313 shares of the asset manager's stock worth $198,746,000 after buying an additional 18,865 shares during the period. Bank of America Corp DE purchased a new stake in Affiliated Managers Group in the 2nd quarter worth about $146,331,000. Bank of New York Mellon Corp purchased a new position in Affiliated Managers Group during the 2nd quarter valued at $95,418,000. Finally, Bruni J V & Co. Co. purchased a new position in Affiliated Managers Group in the 2nd quarter worth about $71,095,810. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.