Bank of America Corp DE increased its stake in shares of Affiliated Managers Group, Inc. (NYSE:AMG – Free Report) by 75.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 409,578 shares of the asset manager’s stock after purchasing an additional 176,246 shares during the quarter. Bank of America Corp DE’s holdings in Affiliated Managers Group were worth $113,330,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Leonteq Securities AG bought a new position in shares of Affiliated Managers Group in the 4th quarter valued at $30,000. Caitong International Asset Management Co. Ltd bought a new stake in Affiliated Managers Group during the 4th quarter worth $42,000. EverSource Wealth Advisors LLC grew its position in Affiliated Managers Group by 45.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 179 shares of the asset manager’s stock worth $50,000 after acquiring an additional 56 shares during the last quarter. Arax Advisory Partners increased its holdings in Affiliated Managers Group by 94.1% in the 4th quarter. Arax Advisory Partners now owns 198 shares of the asset manager’s stock worth $57,000 after purchasing an additional 96 shares in the last quarter. Finally, WealthCollab LLC increased its holdings in Affiliated Managers Group by 40.5% in the 1st quarter. WealthCollab LLC now owns 229 shares of the asset manager’s stock worth $63,000 after purchasing an additional 66 shares in the last quarter. Institutional investors and hedge funds own 95.30% of the company’s stock.
Analyst Ratings Changes
A number of analysts have recently commented on AMG shares. Weiss Ratings reissued a “buy (b)” rating on shares of Affiliated Managers Group in a research note on Friday, June 26th. TD Cowen reaffirmed a “buy” rating and issued a $454.00 price objective on shares of Affiliated Managers Group in a research note on Wednesday, May 13th. Wall Street Zen upgraded shares of Affiliated Managers Group from a “hold” rating to a “buy” rating in a report on Sunday, June 28th. Zacks Research upgraded shares of Affiliated Managers Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $400.00 target price on shares of Affiliated Managers Group in a report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $370.86.
Insider Buying and Selling at Affiliated Managers Group
In other Affiliated Managers Group news, Director Annette Franqui purchased 750 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was purchased at an average cost of $304.88 per share, for a total transaction of $228,660.00. Following the acquisition, the director owned 1,962 shares in the company, valued at approximately $598,174.56. The trade was a 61.88% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jay C. Horgen sold 17,500 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $338.27, for a total value of $5,919,725.00. Following the sale, the chief executive officer owned 204,706 shares in the company, valued at approximately $69,245,898.62. The trade was a 7.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.90% of the company’s stock.
Affiliated Managers Group Trading Down 0.8%
Shares of AMG stock opened at $369.34 on Friday. Affiliated Managers Group, Inc. has a 1-year low of $210.87 and a 1-year high of $392.92. The company has a current ratio of 1.24, a quick ratio of 1.79 and a debt-to-equity ratio of 0.76. The stock has a market cap of $9.75 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 0.53 and a beta of 1.11. The stock has a 50-day moving average of $353.04 and a 200-day moving average of $317.06.
Affiliated Managers Group (NYSE:AMG – Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The asset manager reported $8.29 EPS for the quarter, topping analysts’ consensus estimates of $7.90 by $0.39. Affiliated Managers Group had a return on equity of 21.94% and a net margin of 37.72%.The company had revenue of $640.70 million for the quarter, compared to analyst estimates of $590.94 million. During the same period in the previous year, the firm earned $5.39 earnings per share. The firm’s quarterly revenue was up .0% on a year-over-year basis. On average, equities research analysts forecast that Affiliated Managers Group, Inc. will post 36.25 earnings per share for the current year.
Affiliated Managers Group Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 10th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. The ex-dividend date of this dividend is Monday, August 10th. Affiliated Managers Group’s dividend payout ratio is currently 0.14%.
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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