Affiliated Managers Group Inc. (AMG) Stock Rating Lowered by Zacks Investment Research
Affiliated Managers Group Inc. (NYSE:AMG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Affiliated Managers has a positive record of earnings surprises in the recent quarters. Also, the estimates have been rising ahead of the company’s third-quarter 2016 earnings release. The company remains well positioned based on successful partnerships and global distribution capability along with a diverse product mix and initiatives undertaken to strengthen the retail market operations. Further, given its strong balance sheet and liquidity position, the company has considerable capabilities to invest in other firms. However, the company’s one of the major concerns is the continuous increase in expenses due to investment in affiliates. Further, intangible assets form a substantial part of the balance sheet and hence the company faces the risk of impairment.”
Several other brokerages have also commented on AMG. Deutsche Bank AG dropped their price target on shares of Affiliated Managers Group from $210.00 to $207.00 and set a “buy” rating for the company in a research report on Thursday, June 16th. Jefferies Group dropped their price objective on shares of Affiliated Managers Group from $195.00 to $193.00 and set a “buy” rating for the company in a research report on Tuesday. Credit Suisse Group AG reissued an “outperform” rating and issued a $212.00 price objective on shares of Affiliated Managers Group in a research report on Thursday, September 8th. Capital One Financial Corp. reissued a “buy” rating and issued a $188.00 price objective on shares of Affiliated Managers Group in a research report on Wednesday, October 5th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Affiliated Managers Group from $215.00 to $196.00 and set an “outperform” rating for the company in a research report on Tuesday, August 2nd. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $179.75.
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Shares of Affiliated Managers Group (NYSE:AMG) traded down 0.57% during midday trading on Wednesday, reaching $145.81. 469,098 shares of the company were exchanged. Affiliated Managers Group has a 52-week low of $115.97 and a 52-week high of $190.74. The company has a market capitalization of $7.86 billion, a PE ratio of 16.96 and a beta of 1.56. The stock’s 50-day moving average price is $144.93 and its 200-day moving average price is $153.47.
Affiliated Managers Group (NYSE:AMG) last issued its quarterly earnings results on Monday, August 1st. The company reported $3.06 EPS for the quarter, topping the consensus estimate of $3.01 by $0.05. Affiliated Managers Group had a net margin of 20.47% and a return on equity of 18.39%. The firm earned $646.60 million during the quarter, compared to analyst estimates of $565.16 million. During the same quarter in the prior year, the business posted $3.08 earnings per share. Affiliated Managers Group’s revenue for the quarter was down 14.3% compared to the same quarter last year. Analysts anticipate that Affiliated Managers Group will post $12.85 EPS for the current year.
Institutional investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services Inc acquired a new position in shares of Affiliated Managers Group during the first quarter valued at about $449,000. Chevy Chase Trust Holdings Inc. boosted its position in shares of Affiliated Managers Group by 0.9% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 45,968 shares of the company’s stock valued at $6,471,000 after buying an additional 411 shares in the last quarter. Atlanta Capital Management Co. L L C boosted its position in shares of Affiliated Managers Group by 41.2% in the first quarter. Atlanta Capital Management Co. L L C now owns 1,715,527 shares of the company’s stock valued at $278,601,000 after buying an additional 500,978 shares in the last quarter. Ferguson Wellman Capital Management Inc. boosted its position in shares of Affiliated Managers Group by 4.8% in the second quarter. Ferguson Wellman Capital Management Inc. now owns 70,250 shares of the company’s stock valued at $9,889,000 after buying an additional 3,195 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. boosted its position in shares of Affiliated Managers Group by 285.3% in the second quarter. NN Investment Partners Holdings N.V. now owns 31,853 shares of the company’s stock valued at $4,484,000 after buying an additional 23,585 shares in the last quarter.
About Affiliated Managers Group
Affiliated Managers Group, Inc is an asset management company with equity investments in boutique investment management firms (Affiliates). The Company is focused on investing in the boutique investment management firms globally, including traditional, alternative and wealth management firms, specializing in an array of active return-oriented investment strategies.
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