Credit Suisse Group Trims Affiliated Managers Group (AMG) Target Price to $123.00

Affiliated Managers Group (NYSE:AMG) had its price objective decreased by equities researchers at Credit Suisse Group from $162.00 to $123.00 in a research note issued to investors on Monday, The Fly reports. The brokerage currently has a “neutral” rating on the asset manager’s stock. Credit Suisse Group’s price target indicates a potential upside of 20.33% from the company’s previous close.

Several other equities analysts also recently commented on AMG. Zacks Investment Research raised shares of Affiliated Managers Group from a “sell” rating to a “hold” rating in a report on Friday, September 21st. Deutsche Bank lowered their target price on shares of Affiliated Managers Group from $187.00 to $172.00 and set a “buy” rating on the stock in a report on Thursday, October 11th. Citigroup lowered their target price on shares of Affiliated Managers Group from $195.00 to $140.00 and set a “buy” rating on the stock in a report on Tuesday, October 30th. Finally, Barrington Research lowered their target price on shares of Affiliated Managers Group from $200.00 to $150.00 and set an “outperform” rating on the stock in a report on Monday, October 29th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. Affiliated Managers Group has an average rating of “Hold” and a consensus target price of $148.71.

NYSE:AMG traded down $0.14 during trading hours on Monday, hitting $102.22. 66,423 shares of the stock traded hands, compared to its average volume of 642,425. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.49 and a quick ratio of 0.42. Affiliated Managers Group has a 1 year low of $88.46 and a 1 year high of $216.99. The company has a market capitalization of $5.38 billion, a P/E ratio of 7.00, a P/E/G ratio of 0.69 and a beta of 1.45.

Affiliated Managers Group (NYSE:AMG) last issued its quarterly earnings results on Monday, October 29th. The asset manager reported $3.45 earnings per share for the quarter, beating the consensus estimate of $3.42 by $0.03. Affiliated Managers Group had a net margin of 29.38% and a return on equity of 19.37%. The business had revenue of $601.30 million for the quarter, compared to the consensus estimate of $604.82 million. During the same quarter in the previous year, the firm earned $3.41 earnings per share. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, sell-side analysts anticipate that Affiliated Managers Group will post 14.54 earnings per share for the current fiscal year.

In related news, Director Patrick T. Ryan sold 2,034 shares of the company’s stock in a transaction on Friday, November 16th. The shares were sold at an average price of $112.78, for a total transaction of $229,394.52. Following the sale, the director now owns 14,821 shares of the company’s stock, valued at $1,671,512.38. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Hugh Cutler purchased 1,564 shares of the firm’s stock in a transaction that occurred on Wednesday, October 31st. The shares were acquired at an average cost of $115.48 per share, for a total transaction of $180,610.72. Following the purchase, the executive vice president now owns 7,087 shares of the company’s stock, valued at $818,406.76. The disclosure for this purchase can be found here. 0.91% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in AMG. Cornerstone Wealth Management LLC raised its stake in Affiliated Managers Group by 24.5% during the third quarter. Cornerstone Wealth Management LLC now owns 28,925 shares of the asset manager’s stock valued at $149,000 after purchasing an additional 5,698 shares in the last quarter. Zions Bancorporation purchased a new stake in Affiliated Managers Group during the third quarter valued at $170,000. Trust Co. of Toledo NA OH bought a new position in Affiliated Managers Group during the third quarter valued at $202,000. Candriam Luxembourg S.C.A. bought a new position in Affiliated Managers Group during the third quarter valued at $204,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Affiliated Managers Group during the third quarter valued at $223,000. 92.11% of the stock is currently owned by institutional investors.

Affiliated Managers Group Company Profile

Affiliated Managers Group, Inc, through its affiliates, operates as an asset management company providing investment management services to mutual funds, institutional clients, and high net worth individuals in the United States. It provides advisory or subadvisory services to mutual funds. These funds are distributed to retail and institutional clients directly and through intermediaries, including independent investment advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments.

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