Affiliated Managers Group (NYSE:AMG) Upgraded to “Buy” at Wall Street Zen

Affiliated Managers Group (NYSE:AMG) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Sunday.

Several other research analysts have also weighed in on AMG. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $405.00 target price on shares of Affiliated Managers Group in a research report on Monday, May 4th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $400.00 price target on shares of Affiliated Managers Group in a research note on Monday, May 4th. TD Cowen restated a “buy” rating and issued a $454.00 price objective on shares of Affiliated Managers Group in a report on Wednesday, May 13th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $365.00 price objective on shares of Affiliated Managers Group in a research note on Monday, April 27th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $362.29.

Affiliated Managers Group Price Performance

Affiliated Managers Group stock opened at $342.25 on Friday. Affiliated Managers Group has a 1 year low of $193.99 and a 1 year high of $363.89. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.79 and a current ratio of 1.79. The firm has a 50 day moving average price of $315.79 and a 200 day moving average price of $302.67. The company has a market cap of $9.04 billion, a price-to-earnings ratio of 13.85, a PEG ratio of 0.58 and a beta of 1.13.

Affiliated Managers Group (NYSE:AMG) last posted its quarterly earnings results on Friday, May 1st. The asset manager reported $8.23 earnings per share for the quarter, topping analysts’ consensus estimates of $8.10 by $0.13. The company had revenue of $544.90 million for the quarter, compared to the consensus estimate of $544.01 million. Affiliated Managers Group had a net margin of 35.55% and a return on equity of 20.17%. Affiliated Managers Group’s revenue was up 9.7% on a year-over-year basis. During the same quarter last year, the firm posted $5.37 earnings per share. Sell-side analysts predict that Affiliated Managers Group will post 34.88 earnings per share for the current year.

Insider Buying and Selling at Affiliated Managers Group

In other Affiliated Managers Group news, Director David Christopher Ryan sold 3,402 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $305.06, for a total value of $1,037,814.12. Following the completion of the sale, the director owned 1,092 shares of the company’s stock, valued at $333,125.52. This trade represents a 75.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Annette Franqui acquired 750 shares of the stock in a transaction on Monday, June 1st. The stock was purchased at an average cost of $304.88 per share, with a total value of $228,660.00. Following the transaction, the director directly owned 1,962 shares of the company’s stock, valued at $598,174.56. This represents a 61.88% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders sold 21,902 shares of company stock worth $7,257,719. Insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new stake in Affiliated Managers Group during the 4th quarter valued at $113,743,000. Balyasny Asset Management L.P. lifted its holdings in Affiliated Managers Group by 3,811.8% in the 2nd 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 in the last quarter. Alyeska Investment Group L.P. acquired a new position in Affiliated Managers Group in the 3rd quarter worth $70,356,000. Northwestern Mutual Wealth Management Co. boosted its position in Affiliated Managers Group by 28,466.0% in the 4th 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 during the last quarter. Finally, Bank of America Corp DE boosted its position in Affiliated Managers Group by 75.5% in the 1st quarter. Bank of America Corp DE now owns 409,578 shares of the asset manager’s stock valued at $113,330,000 after buying an additional 176,246 shares during the last quarter. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Affiliated Managers Group Company Profile

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.