Wall Street Zen Upgrades Affiliated Managers Group (NYSE:AMG) to "Buy"

Key Points

• Wall Street Zen upgraded Affiliated Managers Group (NYSE:AMG) from “hold” to “buy”, adding to an already bullish analyst backdrop. Overall, seven analysts rate the stock a Buy and one rates it Hold, with a consensus Moderate Buy and average price target of $362.29.
• AMG reported stronger-than-expected quarterly results, posting $8.23 EPS versus the $8.10 estimate and revenue of $544.9 million, slightly ahead of forecasts. Revenue rose 9.7% year over year, and the company highlighted a 20.17% return on equity.
• Insiders have been selling shares, with directors David Christopher Ryan and Rodriguez Felix V. Matos both reducing holdings in recent transactions. In the last 90 days, insiders sold 21,902 shares worth about $7.26 million.

Affiliated Managers Group (NYSE:AMG - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Sunday.

Other equities research analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $400.00 price objective on shares of Affiliated Managers Group in a research report on Monday, May 4th. Barrington Research restated an "outperform" rating and set a $365.00 target price on shares of Affiliated Managers Group in a research report on Monday, April 27th. TD Cowen reaffirmed a "buy" rating and issued a $454.00 price target on shares of Affiliated Managers Group in a report on Wednesday, May 13th. Finally, The Goldman Sachs Group reiterated a "buy" rating and issued a $405.00 price target on shares of Affiliated Managers Group in a research report on Monday, May 4th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, Affiliated Managers Group has a consensus rating of "Moderate Buy" and an average price target of $362.29.

Affiliated Managers Group Price Performance

Shares of AMG opened at $342.25 on Friday. The company's fifty day moving average price is $315.79 and its 200-day moving average price is $302.67. The firm has a market capitalization of $9.04 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 0.58 and a beta of 1.13. Affiliated Managers Group has a 1-year low of $193.99 and a 1-year high of $363.89. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.79 and a quick ratio of 1.79.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last posted its earnings results on Friday, May 1st. The asset manager reported $8.23 EPS for the quarter, topping analysts' consensus estimates of $8.10 by $0.13. Affiliated Managers Group had a return on equity of 20.17% and a net margin of 35.55%.The company 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. Affiliated Managers Group's quarterly revenue was up 9.7% compared to the same quarter last year. On average, equities research analysts predict that Affiliated Managers Group will post 34.88 EPS for the current year.

Insider Buying and Selling at Affiliated Managers Group

In related news, Director David Christopher Ryan sold 3,402 shares of the firm's stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $305.06, for a total transaction of $1,037,814.12. Following the sale, the director owned 1,092 shares in the company, valued at approximately $333,125.52. This trade represents a 75.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rodriguez Felix V. Matos sold 1,000 shares of Affiliated Managers Group stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $300.18, for a total transaction of $300,180.00. Following the completion of the sale, the director directly owned 4,369 shares of the company's stock, valued at $1,311,486.42. The trade was a 18.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 21,902 shares of company stock valued at $7,257,719. 2.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Affiliated Managers Group

A number of hedge funds and other institutional investors have recently made changes to their positions in AMG. Leonteq Securities AG acquired a new position in Affiliated Managers Group in the fourth quarter valued at $30,000. Caitong International Asset Management Co. Ltd acquired a new stake in Affiliated Managers Group in the 4th quarter worth about $42,000. EverSource Wealth Advisors LLC boosted its stake in Affiliated Managers Group by 45.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 179 shares of the asset manager's stock worth $50,000 after buying an additional 56 shares during the last quarter. Arax Advisory Partners grew its holdings in Affiliated Managers Group by 94.1% in the 4th quarter. Arax Advisory Partners now owns 198 shares of the asset manager's stock valued at $57,000 after buying an additional 96 shares during the period. Finally, WealthCollab LLC grew its holdings in Affiliated Managers Group by 40.5% in the 1st quarter. WealthCollab LLC now owns 229 shares of the asset manager's stock valued at $63,000 after buying an additional 66 shares during the period. 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 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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