Affiliated Managers Group (NYSE:AMG) Reaches New 12-Month High on Earnings Beat

Shares of Affiliated Managers Group, Inc. (NYSE:AMG) hit a new 52-week high during trading on Monday after the company announced better than expected quarterly earnings. The stock traded as high as $251.56 and last traded at $251.5880, with a volume of 24633 shares changing hands. The stock had previously closed at $237.96.

The asset manager reported $6.10 earnings per share for the quarter, beating analysts’ consensus estimates of $5.88 by $0.22. Affiliated Managers Group had a net margin of 21.79% and a return on equity of 16.11%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the business posted $4.82 EPS.

Analyst Ratings Changes

A number of analysts have recently issued reports on AMG shares. Cowen upgraded shares of Affiliated Managers Group from a “hold” rating to a “buy” rating in a report on Monday, August 4th. TD Cowen raised shares of Affiliated Managers Group from a “hold” rating to a “buy” rating and raised 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 raised 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. Finally, Barrington Research raised their target price on shares of Affiliated Managers Group from $240.00 to $285.00 and gave the company an “outperform” rating in a research note on Wednesday, October 8th. 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 MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $272.60.

Insider Activity

In other news, COO Thomas M. Wojcik sold 16,000 shares of the business’s stock in a transaction dated 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 sale, the chief operating officer owned 158,710 shares of the company’s stock, valued at approximately $36,666,771.30. The trade was a 9.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Envestnet Asset Management Inc. boosted its holdings in shares of Affiliated Managers Group by 18.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 53,727 shares of the asset manager’s stock worth $9,028,000 after buying an additional 8,361 shares in the last quarter. Private Trust Co. NA boosted its holdings in shares of Affiliated Managers Group by 38.1% during the 1st quarter. Private Trust Co. NA now owns 301 shares of the asset manager’s stock worth $51,000 after buying an additional 83 shares in the last quarter. XTX Topco Ltd boosted its holdings in shares of Affiliated Managers Group by 189.9% during the 1st quarter. XTX Topco Ltd now owns 14,695 shares of the asset manager’s stock worth $2,469,000 after buying an additional 9,626 shares in the last quarter. Voya Investment Management LLC boosted its holdings in shares of Affiliated Managers Group by 52.2% during the 1st quarter. Voya Investment Management LLC now owns 28,703 shares of the asset manager’s stock worth $4,823,000 after buying an additional 9,845 shares in the last quarter. Finally, Goodman Financial Corp raised its position in shares of Affiliated Managers Group by 1.6% during the first quarter. Goodman Financial Corp now owns 80,806 shares of the asset manager’s stock worth $13,578,000 after purchasing an additional 1,301 shares during the period. Institutional investors and hedge funds own 95.30% of the company’s stock.

Affiliated Managers Group Stock Up 5.0%

The business has a 50-day moving average price of $236.07 and a two-hundred day moving average price of $207.06. The company has a market capitalization of $7.10 billion, a price-to-earnings ratio of 18.01, a price-to-earnings-growth ratio of 0.61 and a beta of 1.21.

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.