Affiliated Managers Group Stock Rating Reaffirmed by Zacks (AMG)
Affiliated Managers Group (NYSE:AMG)‘s stock had its “neutral” rating reiterated by Zacks in a report released on Friday, Analyst Ratings Network reports. They currently have a $195.00 target price on the stock. Zacks‘ price target suggests a potential upside of 4.85% from the stock’s previous close.
Zacks‘ analyst wrote, “We are initiating coverage on Affiliated Managers with a long-term Neutral recommendation. The company’s second-quarter economic net income (ENI) came in substantially ahead of the Zacks Consensus Estimate. Results benefited from solid revenue growth and a fall in expenses. Moreover, improvement in assets under management (AUM) and a stable balance sheet were the other highlights. We believe the company’s diversified product mix and footprints as well as steady growth in AUM will supplement future growth. Moreover, strong balance sheet position will enable the company to further invest in affiliates. However, high debt levels, significantly higher intangibles and rising expenses remain causes of concern.”
A number of other firms have also recently commented on AMG. Analysts at Jefferies Group reiterated a “buy” rating on shares of Affiliated Managers Group (NYSE:AMG) in a research note to investors on Monday, September 23rd. They now have a $214.00 price target on the stock, up previously from $190.00. Finally, analysts at Citigroup Inc. raised their price target on shares of Affiliated Managers Group (NYSE:AMG) from $160.00 to $180.00 in a research note to investors on Wednesday, July 31st. They now have a “neutral” rating on the stock. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Affiliated Managers Group has a consensus rating of “Buy” and an average target price of $178.30.
Shares of Affiliated Managers Group (NYSE:AMG) traded up 1.17% on Friday, hitting $188.15. 68,707 shares of the company’s stock traded hands. Affiliated Managers Group has a 1-year low of $119.84 and a 1-year high of $189.43. The stock has a 50-day moving average of $180.7 and a 200-day moving average of $167.2. The company has a market cap of $9.944 billion and a price-to-earnings ratio of 38.97.
Affiliated Managers Group (NYSE:AMG) last announced its earnings results on Tuesday, July 30th. The company reported $2.18 earnings per share for the quarter, beating the analysts’ consensus estimate of $2.10 by $0.08. The company had revenue of $541.00 million for the quarter, compared to the consensus estimate of $527.10 million. During the same quarter in the prior year, the company posted $1.66 earnings per share. The company’s quarterly revenue was up 25.9% on a year-over-year basis. On average, analysts predict that Affiliated Managers Group will post $9.46 earnings per share for the current fiscal year.
Affiliated Managers Group, Inc (NYSE:AMG) is a global asset management company with equity investments in a diverse group of boutique investment management firms (Affiliates).
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