Stone Ridge Asset Management LLC acquired a new position in Affiliated Managers Group, Inc. (NYSE:AMG) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 15,740 shares of the asset manager’s stock, valued at approximately $3,230,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Advisor Group Inc. increased its holdings in shares of Affiliated Managers Group by 38.5% in the third quarter. Advisor Group Inc. now owns 1,000 shares of the asset manager’s stock worth $190,000 after buying an additional 278 shares during the period. Waldron LP bought a new stake in shares of Affiliated Managers Group in the fourth quarter worth about $201,000. IFM Investors Pty Ltd bought a new stake in shares of Affiliated Managers Group in the fourth quarter worth about $201,000. Canandaigua National Bank & Trust Co. bought a new stake in shares of Affiliated Managers Group in the fourth quarter worth about $204,000. Finally, Schaper Benz & Wise Investment Counsel Inc. WI bought a new stake in shares of Affiliated Managers Group in the fourth quarter worth about $205,000. Hedge funds and other institutional investors own 96.62% of the company’s stock.
Shares of Affiliated Managers Group, Inc. (NYSE:AMG) opened at $196.11 on Monday. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $10,687.25, a P/E ratio of 13.40, a price-to-earnings-growth ratio of 0.70 and a beta of 1.55. Affiliated Managers Group, Inc. has a 12-month low of $148.81 and a 12-month high of $216.99.
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Thursday, February 8th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.61%. This is a boost from Affiliated Managers Group’s previous quarterly dividend of $0.20. The ex-dividend date was Wednesday, February 7th. Affiliated Managers Group’s payout ratio is presently 9.94%.
Affiliated Managers Group announced that its board has authorized a stock buyback plan on Monday, January 29th that permits the company to buyback 3,400,000 outstanding shares. This buyback authorization permits the asset manager to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
Several analysts recently issued reports on the company. Zacks Investment Research cut Affiliated Managers Group from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Goldman Sachs Group cut Affiliated Managers Group from a “buy” rating to a “neutral” rating and set a $216.00 target price on the stock. in a research note on Tuesday, January 9th. Barrington Research raised their target price on Affiliated Managers Group to $240.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 30th. They noted that the move was a valuation call. Citigroup raised their target price on Affiliated Managers Group from $250.00 to $260.00 and gave the stock a “buy” rating in a research note on Tuesday, January 30th. Finally, Credit Suisse Group cut Affiliated Managers Group from an “outperform” rating to a “neutral” rating and set a $220.00 target price on the stock. in a research note on Wednesday, January 3rd. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Affiliated Managers Group has a consensus rating of “Buy” and an average price target of $228.00.
In other Affiliated Managers Group news, CFO Jay C. Horgen sold 30,000 shares of Affiliated Managers Group stock in a transaction that occurred on Thursday, March 8th. The stock was sold at an average price of $189.59, for a total transaction of $5,687,700.00. Following the sale, the chief financial officer now directly owns 114,039 shares of the company’s stock, valued at approximately $21,620,654.01. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.40% of the company’s stock.
About Affiliated Managers Group
Affiliated Managers Group, Inc is an asset management company with equity investments in boutique investment management firms. The Company operates in three segments, which represent its principal distribution channels: Institutional, Mutual Fund and High Net Worth. The equity method investments in the Institutional distribution channel are made in relationships with public and private client entities, including foundations, endowments, sovereign wealth funds and retirement plans for corporations and municipalities.
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