Affiliated Managers Group (NYSE:AMG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage presently has a $225.00 target price on the asset manager’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.20% from the stock’s previous close.
According to Zacks, “Affiliated Managers’ shares have outperformed the industry, over the past twelve months. This was supported by the company’s impressive earnings surprise history, as it surpassed the Zacks Consensus Estimate in each of the trailing four quarters. The company remains well positioned for growth based on successful partnerships, a diverse product mix and initiatives undertaken to strengthen its retail market operations. Further, inflows are expected to get impetus with broad distribution across channels and product categories. However, pressure on revenues and high debt levels remain major near-term concerns for the company.”
AMG has been the topic of several other reports. Barrington Research reissued an “outperform” rating and set a $215.00 target price on shares of Affiliated Managers Group in a research note on Wednesday, October 4th. They noted that the move was a valuation call. Goldman Sachs Group downgraded shares of Affiliated Managers Group from a “buy” rating to a “neutral” rating and set a $216.00 target price on the stock. in a research note on Tuesday. Credit Suisse Group downgraded shares of Affiliated Managers Group from an “outperform” rating to a “neutral” rating and set a $220.00 target price on the stock. in a research note on Wednesday, January 3rd. Jefferies Group reissued a “buy” rating and set a $226.00 target price on shares of Affiliated Managers Group in a research note on Thursday, October 12th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $229.00 target price on shares of Affiliated Managers Group in a research note on Thursday, October 12th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $211.63.
Affiliated Managers Group (NYSE:AMG) last announced its earnings results on Monday, October 30th. The asset manager reported $3.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.36 by $0.05. Affiliated Managers Group had a net margin of 23.29% and a return on equity of 17.63%. The company had revenue of $585.70 million for the quarter, compared to the consensus estimate of $586.55 million. During the same period in the previous year, the business earned $3.02 EPS. The company’s revenue was up 7.5% on a year-over-year basis. sell-side analysts predict that Affiliated Managers Group will post 14.47 earnings per share for the current year.
In other news, insider Peter W. Macewen sold 10,000 shares of the company’s stock in a transaction on Tuesday, December 5th. The shares were sold at an average price of $197.67, for a total value of $1,976,700.00. Following the transaction, the insider now directly owns 37,682 shares of the company’s stock, valued at $7,448,600.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sean M. Healey sold 69,800 shares of the company’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $185.48, for a total transaction of $12,946,504.00. Following the completion of the transaction, the chief executive officer now directly owns 194,943 shares in the company, valued at $36,158,027.64. The disclosure for this sale can be found here. Insiders sold 89,585 shares of company stock worth $16,734,012 over the last ninety days. 1.40% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Tributary Capital Management LLC acquired a new position in shares of Affiliated Managers Group in the third quarter worth $100,000. Advisor Group Inc. increased its stake in shares of Affiliated Managers Group by 46.2% in the second quarter. Advisor Group Inc. now owns 722 shares of the asset manager’s stock worth $120,000 after acquiring an additional 228 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of Affiliated Managers Group by 7.9% in the second quarter. Pacer Advisors Inc. now owns 1,183 shares of the asset manager’s stock worth $196,000 after acquiring an additional 87 shares during the last quarter. Douglas Lane & Associates LLC acquired a new position in shares of Affiliated Managers Group in the third quarter worth $200,000. Finally, Conning Inc. bought a new stake in Affiliated Managers Group in the third quarter worth $203,000. 95.65% of the stock is currently owned by institutional investors and hedge funds.
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About Affiliated Managers Group
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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