Texas Permanent School Fund reduced its position in Affiliated Managers Group, Inc. (NYSE:AMG) by 4.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,904 shares of the asset manager’s stock after selling 665 shares during the period. Texas Permanent School Fund’s holdings in Affiliated Managers Group were worth $2,638,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the company. State of Alaska Department of Revenue acquired a new stake in Affiliated Managers Group during the first quarter worth $104,000. Creative Planning raised its stake in Affiliated Managers Group by 15.0% in the second quarter. Creative Planning now owns 705 shares of the asset manager’s stock worth $117,000 after buying an additional 92 shares during the last quarter. Financial Architects Inc raised its stake in Affiliated Managers Group by 5,340.0% in the first quarter. Financial Architects Inc now owns 816 shares of the asset manager’s stock worth $134,000 after buying an additional 801 shares during the last quarter. FNY Partners Fund LP acquired a new stake in Affiliated Managers Group during the first quarter worth $163,000. Finally, Pacer Advisors Inc. raised its stake in Affiliated Managers Group by 3.1% in the first quarter. Pacer Advisors Inc. now owns 1,096 shares of the asset manager’s stock worth $180,000 after buying an additional 33 shares during the last quarter. Institutional investors and hedge funds own 95.29% of the company’s stock.
Shares of Affiliated Managers Group, Inc. (NYSE AMG) traded down 0.09% during midday trading on Friday, reaching $172.84. The company’s stock had a trading volume of 267,741 shares. The company has a market cap of $9.67 billion, a P/E ratio of 19.15 and a beta of 1.65. The stock’s 50-day moving average price is $176.68 and its 200-day moving average price is $165.25. Affiliated Managers Group, Inc. has a 12-month low of $130.48 and a 12-month high of $187.08.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Thursday, August 10th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend is Tuesday, August 8th. Affiliated Managers Group’s dividend payout ratio (DPR) is presently 8.87%.
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AMG has been the topic of a number of recent research reports. Credit Suisse Group reissued a “buy” rating and set a $207.00 price target on shares of Affiliated Managers Group in a research report on Sunday, July 9th. BidaskClub raised Affiliated Managers Group from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Citigroup Inc. reissued a “buy” rating on shares of Affiliated Managers Group in a research report on Tuesday, May 2nd. Zacks Investment Research downgraded Affiliated Managers Group from a “buy” rating to a “hold” rating in a research report on Friday, July 7th. Finally, ValuEngine downgraded Affiliated Managers Group from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $195.50.
In related news, Director Dwight D. Churchill sold 3,277 shares of Affiliated Managers Group stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $163.30, for a total transaction of $535,134.10. Following the completion of the sale, the director now owns 7,301 shares of the company’s stock, valued at approximately $1,192,253.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sean M. Healey sold 56,928 shares of Affiliated Managers Group stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $161.07, for a total transaction of $9,169,392.96. Following the sale, the chief executive officer now directly owns 206,689 shares of the company’s stock, valued at approximately $33,291,397.23. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.
Affiliated Managers Group Company Profile
Affiliated Managers Group, Inc is an asset management company with equity investments in boutique investment management firms. The Company operates in three segments, which represent its principal distribution channels: Institutional, Mutual Fund and High Net Worth. The equity method investments in the Institutional distribution channel are made in relationships with public and private client entities, including foundations, endowments, sovereign wealth funds and retirement plans for corporations and municipalities.
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