Affiliated Managers Group (NYSE:AMG) Trading Down 9.1% – Here’s What Happened

Affiliated Managers Group, Inc. (NYSE:AMG) dropped 9.1% during mid-day trading on Thursday . The company traded as low as $280.12 and last traded at $273.96. Approximately 111,117 shares were traded during trading, a decline of 72% from the average daily volume of 395,202 shares. The stock had previously closed at $301.30.

Wall Street Analysts Forecast Growth

AMG has been the subject of a number of recent analyst reports. Wall Street Zen downgraded Affiliated Managers Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, April 4th. The Goldman Sachs Group lifted their price target on Affiliated Managers Group from $300.00 to $341.00 and gave the stock a “buy” rating in a report on Tuesday, January 6th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Affiliated Managers Group in a report on Wednesday, January 21st. Deutsche Bank Aktiengesellschaft set a $408.00 price target on Affiliated Managers Group and gave the stock a “buy” rating in a report on Friday, February 13th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Affiliated Managers Group in a report on Thursday, April 9th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $350.14.

Affiliated Managers Group Price Performance

The company has a debt-to-equity ratio of 0.64, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market cap of $7.44 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 0.55 and a beta of 1.20. The stock has a 50-day moving average price of $291.46 and a 200 day moving average price of $281.78.

Affiliated Managers Group (NYSE:AMG) last posted its earnings results on Thursday, February 12th. The asset manager reported $9.48 earnings per share for the quarter, beating the consensus estimate of $8.75 by $0.73. Affiliated Managers Group had a return on equity of 18.45% and a net margin of 34.55%.The business had revenue of $556.60 million during the quarter, compared to the consensus estimate of $578.54 million. During the same period in the previous year, the business earned $6.53 EPS. The business’s quarterly revenue was up 6.2% on a year-over-year basis. As a group, equities research analysts forecast that Affiliated Managers Group, Inc. will post 30.49 earnings per share for the current fiscal year.

Affiliated Managers Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. The ex-dividend date of this dividend was Monday, February 23rd. Affiliated Managers Group’s payout ratio is presently 0.17%.

Insider Activity

In other news, COO Thomas M. Wojcik sold 8,000 shares of the business’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $286.30, for a total value of $2,290,400.00. Following the completion of the sale, the chief operating officer directly owned 159,465 shares of the company’s stock, valued at approximately $45,654,829.50. The trade was a 4.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Kavita Padiyar sold 2,200 shares of the business’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $278.24, for a total value of $612,128.00. Following the completion of the sale, the general counsel directly owned 42,672 shares of the company’s stock, valued at $11,873,057.28. The trade was a 4.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.20% of the stock is currently owned by insiders.

Institutional Trading of Affiliated Managers Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Captrust Financial Advisors lifted its holdings in shares of Affiliated Managers Group by 3.5% in the 4th quarter. Captrust Financial Advisors now owns 1,003 shares of the asset manager’s stock valued at $289,000 after purchasing an additional 34 shares during the last quarter. AlphaCore Capital LLC increased its position in Affiliated Managers Group by 3.4% in the 4th quarter. AlphaCore Capital LLC now owns 1,083 shares of the asset manager’s stock valued at $312,000 after acquiring an additional 36 shares during the period. Allworth Financial LP increased its position in Affiliated Managers Group by 10.3% in the 4th quarter. Allworth Financial LP now owns 482 shares of the asset manager’s stock valued at $139,000 after acquiring an additional 45 shares during the period. Coldstream Capital Management Inc. increased its position in Affiliated Managers Group by 2.0% in the 4th quarter. Coldstream Capital Management Inc. now owns 2,400 shares of the asset manager’s stock valued at $692,000 after acquiring an additional 46 shares during the period. Finally, Quadrant Capital Group LLC increased its position in Affiliated Managers Group by 1.4% in the 4th quarter. Quadrant Capital Group LLC now owns 3,220 shares of the asset manager’s stock valued at $928,000 after acquiring an additional 46 shares during the period. 95.30% of the stock is owned by hedge funds and other institutional investors.

Affiliated Managers Group Company Profile

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.