TD Cowen Lowers Affiliated Managers Group (NYSE:AMG) Price Target to $454.00

Key Points

• TD Cowen cut its price target on Affiliated Managers Group from $463 to $454 but maintained a "buy" rating, which implies about a 53% upside from the current share price.
• The stock has broad analyst support with **seven Buy** ratings and **one Hold**, a MarketBeat consensus rating of **"Moderate Buy"** and a consensus target price of **$362.29**.
• Affiliated Managers Group posted a quarterly beat with **$8.23 EPS** vs. $8.10 expected and revenue of **$544.9M** (up 9.7% year-over-year), alongside strong profitability metrics (ROE ~19.9%, net margin ~35.6%).

Affiliated Managers Group (NYSE:AMG - Get Free Report) had its price target cut by equities research analysts at TD Cowen from $463.00 to $454.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the asset manager's stock. TD Cowen's target price would suggest a potential upside of 53.24% from the company's current price.

A number of other equities research analysts also recently commented on AMG. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $400.00 target price on shares of Affiliated Managers Group in a research report on Monday. Weiss Ratings reissued a "buy (b-)" rating on shares of Affiliated Managers Group in a research note on Wednesday, January 21st. The Goldman Sachs Group reissued a "buy" rating and set a $405.00 price objective on shares of Affiliated Managers Group in a research note on Monday. Barrington Research reissued an "outperform" rating and set a $365.00 price objective on shares of Affiliated Managers Group in a research note on Monday, April 27th. Finally, Wall Street Zen cut Affiliated Managers Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, April 4th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Affiliated Managers Group has a consensus rating of "Moderate Buy" and a consensus target price of $362.29.

Affiliated Managers Group Price Performance

Shares of Affiliated Managers Group stock traded up $5.20 during trading hours on Monday, hitting $296.27. The company's stock had a trading volume of 204,407 shares, compared to its average volume of 398,656. The business has a 50 day moving average price of $287.02 and a two-hundred day moving average price of $284.23. Affiliated Managers Group has a 12-month low of $170.27 and a 12-month high of $334.78. The company has a market cap of $7.87 billion, a PE ratio of 11.99, a PEG ratio of 0.49 and a beta of 1.14. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.34.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The asset manager reported $8.23 EPS for the quarter, beating the consensus estimate of $8.10 by $0.13. Affiliated Managers Group had a return on equity of 19.92% and a net margin of 35.55%.The business had revenue of $544.90 million for the quarter, compared to the consensus estimate of $544.01 million. During the same period in the previous year, the business earned $5.37 earnings per share. The business's revenue was up 9.7% on a year-over-year basis. Analysts expect that Affiliated Managers Group will post 32.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel Kavita Padiyar sold 2,200 shares of the stock in a transaction on Monday, March 9th. The stock was sold at an average price of $278.24, for a total transaction of $612,128.00. Following the completion of the sale, the general counsel owned 42,672 shares in the company, valued at approximately $11,873,057.28. This represents a 4.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Thomas M. Wojcik sold 8,000 shares of the stock in a transaction on Friday, March 6th. The shares were sold at an average price of $286.30, for a total value of $2,290,400.00. Following the sale, the chief operating officer owned 159,465 shares of the company's stock, valued at approximately $45,654,829.50. This represents a 4.78% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Affiliated Managers Group

Hedge funds have recently made changes to their positions in the company. Carrera Capital Advisors acquired a new stake in Affiliated Managers Group during the 3rd quarter worth about $4,295,000. Skandinaviska Enskilda Banken AB publ grew its position in Affiliated Managers Group by 103.0% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 20,100 shares of the asset manager's stock worth $4,792,000 after purchasing an additional 10,200 shares during the period. Allianz Asset Management GmbH grew its position in Affiliated Managers Group by 14.6% during the 3rd quarter. Allianz Asset Management GmbH now owns 393,161 shares of the asset manager's stock worth $93,741,000 after purchasing an additional 50,219 shares during the period. Oliver Luxxe Assets LLC acquired a new stake in Affiliated Managers Group during the 3rd quarter worth about $2,673,000. Finally, Paragon Associates & Paragon Associates II Joint Venture acquired a new stake in Affiliated Managers Group during the 3rd quarter worth about $5,357,000. 95.30% of the stock is owned by institutional investors and hedge funds.

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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