Fred Alger Management Inc. lifted its position in shares of Affiliated Managers Group, Inc. (NYSE:AMG) by 3.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,398 shares of the asset manager’s stock after buying an additional 286 shares during the period. Fred Alger Management Inc.’s holdings in Affiliated Managers Group were worth $1,929,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in AMG. Crossmark Global Holdings Inc. acquired a new stake in shares of Affiliated Managers Group during the 3rd quarter worth approximately $718,000. Daiwa Securities Group Inc. increased its holdings in shares of Affiliated Managers Group by 22.8% during the 3rd quarter. Daiwa Securities Group Inc. now owns 1,780 shares of the asset manager’s stock worth $338,000 after buying an additional 330 shares during the last quarter. BNP Paribas Arbitrage SA increased its holdings in shares of Affiliated Managers Group by 31.6% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 35,948 shares of the asset manager’s stock worth $6,824,000 after buying an additional 8,641 shares during the last quarter. New York State Common Retirement Fund increased its holdings in shares of Affiliated Managers Group by 3.8% during the 3rd quarter. New York State Common Retirement Fund now owns 145,350 shares of the asset manager’s stock worth $27,592,000 after buying an additional 5,361 shares during the last quarter. Finally, Toronto Dominion Bank increased its holdings in Affiliated Managers Group by 10.8% in the 3rd quarter. Toronto Dominion Bank now owns 21,254 shares of the asset manager’s stock valued at $4,035,000 after purchasing an additional 2,079 shares during the last quarter. Institutional investors and hedge funds own 96.62% of the company’s stock.
Several analysts recently weighed in on AMG shares. Credit Suisse Group reiterated a “hold” rating and issued a $215.00 target price on shares of Affiliated Managers Group in a report on Friday, January 12th. Deutsche Bank upgraded shares of Affiliated Managers Group from a “hold” rating to a “buy” rating and dropped their target price for the company from $216.00 to $215.00 in a report on Tuesday, February 13th. Zacks Investment Research upgraded shares of Affiliated Managers Group from a “hold” rating to a “buy” rating and set a $230.00 target price for the company in a report on Tuesday, January 2nd. Citigroup upgraded shares of Affiliated Managers Group from a “neutral” rating to a “buy” rating in a report on Friday, January 19th. Finally, Barrington Research lifted their target price on shares of Affiliated Managers Group to $240.00 and gave the company an “outperform” rating in a report on Tuesday, January 30th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Affiliated Managers Group presently has an average rating of “Buy” and an average target price of $228.00.
Affiliated Managers Group (NYSE:AMG) last posted its earnings results on Monday, January 29th. The asset manager reported $4.68 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.55 by $0.13. The firm had revenue of $604.10 million during the quarter, compared to the consensus estimate of $608.51 million. Affiliated Managers Group had a net margin of 29.92% and a return on equity of 18.61%. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter last year, the firm earned $3.80 EPS. equities analysts expect that Affiliated Managers Group, Inc. will post 17.55 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Thursday, February 8th were paid a $0.30 dividend. This is an increase from Affiliated Managers Group’s previous quarterly dividend of $0.20. The ex-dividend date was Wednesday, February 7th. This represents a $1.20 annualized dividend and a dividend yield of 0.62%. Affiliated Managers Group’s payout ratio is 9.94%.
Affiliated Managers Group declared that its board has approved a stock buyback program on Monday, January 29th that allows the company to repurchase 3,400,000 shares. This repurchase authorization allows the asset manager to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
In other Affiliated Managers Group news, CFO Jay C. Horgen sold 30,000 shares of the business’s stock in a transaction on Thursday, March 8th. The shares were sold at an average price of $189.59, for a total value of $5,687,700.00. Following the completion of the transaction, the chief financial officer now owns 114,039 shares in the company, valued at $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.
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Affiliated Managers Group Company Profile
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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