Affiliated Managers Group, Inc. $AMG Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its holdings in shares of Affiliated Managers Group, Inc. (NYSE:AMG) by 21.5% in the 1st quarter, HoldingsChannel.com reports. The firm owned 300,265 shares of the asset manager’s stock after purchasing an additional 53,076 shares during the period. Bank of New York Mellon Corp’s holdings in Affiliated Managers Group were worth $83,083,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in AMG. Norges Bank bought a new stake in shares of Affiliated Managers Group in the 4th quarter worth approximately $113,743,000. Balyasny Asset Management L.P. grew its position in Affiliated Managers Group by 3,811.8% in the second quarter. Balyasny Asset Management L.P. now owns 311,383 shares of the asset manager’s stock worth $61,271,000 after buying an additional 303,423 shares during the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Affiliated Managers Group in the third quarter valued at $70,356,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Affiliated Managers Group by 28,466.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 193,392 shares of the asset manager’s stock valued at $58,240,000 after buying an additional 192,715 shares in the last quarter. Finally, UBS Group AG increased its holdings in shares of Affiliated Managers Group by 97.4% in the third quarter. UBS Group AG now owns 350,212 shares of the asset manager’s stock valued at $83,501,000 after buying an additional 172,771 shares in the last quarter. Institutional investors and hedge funds own 95.30% of the company’s stock.

Affiliated Managers Group Trading Down 7.0%

Shares of NYSE AMG opened at $340.52 on Wednesday. Affiliated Managers Group, Inc. has a one year low of $200.00 and a one year high of $382.75. The firm has a market capitalization of $8.99 billion, a PE ratio of 13.78, a PEG ratio of 0.56 and a beta of 1.12. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.73. The business has a 50-day moving average price of $336.22 and a two-hundred day moving average price of $311.79.

Affiliated Managers Group (NYSE:AMG) last released its earnings results on Friday, May 1st. The asset manager reported $8.23 earnings per share for the quarter, beating the consensus estimate of $8.10 by $0.13. The company had revenue of $544.90 million for the quarter, compared to analysts’ expectations of $544.01 million. Affiliated Managers Group had a return on equity of 20.17% and a net margin of 35.55%.The business’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.37 EPS. As a group, analysts predict that Affiliated Managers Group, Inc. will post 35.48 earnings per share for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Monday, May 11th were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Monday, May 11th. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. Affiliated Managers Group’s payout ratio is presently 0.16%.

Insider Activity

In other Affiliated Managers Group news, CEO Jay C. Horgen sold 17,500 shares of Affiliated Managers Group stock in a transaction on Monday, June 8th. The shares were sold at an average price of $338.27, for a total transaction of $5,919,725.00. Following the completion of the sale, the chief executive officer owned 204,706 shares of the company’s stock, valued at $69,245,898.62. This trade represents a 7.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director G. Staley Cates purchased 1,500 shares of the stock in a transaction dated Wednesday, May 6th. The shares were bought at an average price of $305.83 per share, for a total transaction of $458,745.00. Following the completion of the acquisition, the director owned 6,405 shares in the company, valued at $1,958,841.15. This represents a 30.58% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold a total of 21,902 shares of company stock valued at $7,257,719 in the last three months. 2.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

AMG has been the subject of several research reports. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $400.00 price objective on shares of Affiliated Managers Group in a research note on Monday, May 4th. Wall Street Zen upgraded shares of Affiliated Managers Group from a “hold” rating to a “buy” rating in a report on Sunday, June 28th. Barrington Research restated an “outperform” rating and issued a $365.00 price target on shares of Affiliated Managers Group in a research report on Monday, April 27th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $405.00 price objective on shares of Affiliated Managers Group in a research note on Monday, May 4th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Affiliated Managers Group in a research report on Friday, June 26th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $362.29.

About Affiliated Managers Group

Affiliated Managers Group, Inc (NYSE: AMG) is a global asset management holding company that partners with boutique investment firms. Founded in 1993 and headquartered in West Palm Beach, Florida, AMG invests in and collaborates with independent investment managers to foster growth while preserving their entrepreneurial culture. Through equity stakes and strategic support, the company aims to enhance its affiliates’ distribution capabilities, operational infrastructure and access to capital.

The company’s core business activities include providing capital solutions, distribution services and operational support to affiliated investment firms.