Affiliated Managers Group (NYSE:AMG) Announces Quarterly Earnings Results, Beats Estimates By $0.22 EPS

Affiliated Managers Group (NYSE:AMG) released its earnings results on Monday. The asset manager reported $6.10 EPS for the quarter, beating the consensus estimate of $5.88 by $0.22, Zacks reports. Affiliated Managers Group had a net margin of 21.79% and a return on equity of 16.11%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.82 earnings per share.

Affiliated Managers Group Stock Performance

Shares of AMG stock opened at $238.32 on Monday. Affiliated Managers Group has a 52-week low of $139.22 and a 52-week high of $250.15. The stock has a market cap of $6.77 billion, a price-to-earnings ratio of 17.40, a P/E/G ratio of 0.61 and a beta of 1.21. The firm has a fifty day moving average of $236.07 and a 200-day moving average of $207.06.

Insider Activity

In other news, COO Thomas M. Wojcik sold 16,000 shares of the stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $231.03, for a total value of $3,696,480.00. Following the completion of the transaction, the chief operating officer owned 158,710 shares in the company, valued at approximately $36,666,771.30. This represents a 9.16% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Affiliated Managers Group

Hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its position in shares of Affiliated Managers Group by 89.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 281 shares of the asset manager’s stock worth $55,000 after purchasing an additional 133 shares in the last quarter. State of Wyoming acquired a new stake in shares of Affiliated Managers Group during the 2nd quarter worth about $73,000. Tidal Investments LLC acquired a new stake in shares of Affiliated Managers Group during the 2nd quarter worth about $305,000. Advisory Services Network LLC increased its position in shares of Affiliated Managers Group by 93.9% during the 2nd quarter. Advisory Services Network LLC now owns 3,547 shares of the asset manager’s stock worth $744,000 after purchasing an additional 1,718 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in shares of Affiliated Managers Group during the 2nd quarter worth about $707,000. Institutional investors and hedge funds own 95.30% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. TD Cowen upgraded shares of Affiliated Managers Group from a “hold” rating to a “buy” rating and upped their target price for the company from $214.00 to $255.00 in a research note on Monday, August 4th. Wall Street Zen cut shares of Affiliated Managers Group from a “buy” rating to a “hold” rating in a research note on Saturday, October 18th. The Goldman Sachs Group upped their target price on shares of Affiliated Managers Group from $240.00 to $280.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Bank of America upped their target price on shares of Affiliated Managers Group to $335.00 and gave the company a “buy” rating in a research note on Thursday, October 2nd. Finally, Zacks Research cut shares of Affiliated Managers Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. Seven equities research 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 a consensus target price of $272.60.

Affiliated Managers Group Company Profile

Affiliated Managers Group, Inc, through its affiliates, operates as an investment management company providing investment management services to mutual funds, institutional clients,retails and high net worth individuals in the United States. It provides advisory or sub-advisory services to mutual funds.