Principal Financial Group Inc. grew its stake in shares of Affiliated Managers Group, Inc. (NYSE:AMG – Free Report) by 3.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 62,786 shares of the asset manager’s stock after acquiring an additional 2,283 shares during the period. Principal Financial Group Inc.’s holdings in Affiliated Managers Group were worth $17,373,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the stock. Chicago Partners Investment Group LLC grew its position in shares of Affiliated Managers Group by 18.4% in the first quarter. Chicago Partners Investment Group LLC now owns 1,146 shares of the asset manager’s stock valued at $345,000 after purchasing an additional 178 shares in the last quarter. Arbejdsmarkedets Tillaegspension boosted its stake in Affiliated Managers Group by 7.2% in the 1st quarter. Arbejdsmarkedets Tillaegspension now owns 91,949 shares of the asset manager’s stock worth $25,442,000 after purchasing an additional 6,142 shares during the period. ARQ Wealth Advisors LLC bought a new position in Affiliated Managers Group in the 1st quarter worth about $603,000. Fifth Third Bancorp grew its holdings in Affiliated Managers Group by 2,863.2% during the 1st quarter. Fifth Third Bancorp now owns 9,749 shares of the asset manager’s stock valued at $2,697,000 after buying an additional 9,420 shares in the last quarter. Finally, Candriam S.C.A. purchased a new position in Affiliated Managers Group during the 1st quarter valued at about $2,553,000. 95.30% of the stock is owned by institutional investors.
Affiliated Managers Group Stock Performance
Shares of AMG opened at $346.80 on Thursday. The company has a market cap of $9.16 billion, a PE ratio of 14.03, a price-to-earnings-growth ratio of 0.52 and a beta of 1.12. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.73. The stock has a 50-day moving average price of $337.09 and a 200-day moving average price of $312.20. Affiliated Managers Group, Inc. has a 12-month low of $200.00 and a 12-month high of $382.75.
Affiliated Managers Group Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Monday, May 11th were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. The ex-dividend date of this dividend was Monday, May 11th. Affiliated Managers Group’s payout ratio is currently 0.16%.
Analysts Set New Price Targets
AMG has been the topic of a number of recent analyst reports. Barrington Research reissued an “outperform” rating and issued a $365.00 price target on shares of Affiliated Managers Group in a report on Monday, April 27th. TD Cowen reaffirmed a “buy” rating and set a $454.00 price objective on shares of Affiliated Managers Group in a research note on Wednesday, May 13th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $405.00 target price on shares of Affiliated Managers Group in a report on Monday, May 4th. Wall Street Zen upgraded shares of Affiliated Managers Group from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Affiliated Managers Group in a report on Friday, June 26th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Affiliated Managers Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $362.29.
Read Our Latest Analysis on AMG
Insider Transactions at Affiliated Managers Group
In other news, Director Rodriguez Felix V. Matos sold 1,000 shares of Affiliated Managers Group stock in a transaction on Friday, May 8th. The shares were sold at an average price of $300.18, for a total transaction of $300,180.00. Following the completion of the sale, the director directly owned 4,369 shares of the company’s stock, valued at approximately $1,311,486.42. The trade was a 18.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director G. Staley Cates bought 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average price of $305.83 per share, with a total value of $458,745.00. Following the completion of the transaction, the director directly owned 6,405 shares of the company’s stock, valued at $1,958,841.15. This represents a 30.58% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have sold 21,902 shares of company stock worth $7,257,719. Company insiders own 2.90% of the company’s stock.
About Affiliated Managers Group
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.
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