Affiliated Managers Group (NYSE:AMG) Sets New 52-Week High – Here’s What Happened

Shares of Affiliated Managers Group, Inc. (NYSE:AMG) hit a new 52-week high on Wednesday . The company traded as high as $374.94 and last traded at $381.5150, with a volume of 2083 shares trading hands. The stock had previously closed at $359.78.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on AMG shares. Wall Street Zen raised shares of Affiliated Managers Group from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. Barrington Research reissued an “outperform” rating and issued a $365.00 price target on shares of Affiliated Managers Group in a research report on Monday, April 27th. TD Cowen restated a “buy” rating and issued a $454.00 price target on shares of Affiliated Managers Group in a research note on Wednesday, May 13th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Affiliated Managers Group in a research report on Friday, June 26th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $400.00 price objective on shares of Affiliated Managers Group in a research report on Monday, May 4th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Affiliated Managers Group currently has an average rating of “Moderate Buy” and a consensus target price of $362.29.

Affiliated Managers Group Price Performance

The stock’s 50 day moving average is $332.79 and its two-hundred day moving average is $310.33. The stock has a market capitalization of $9.95 billion, a PE ratio of 15.24, a price-to-earnings-growth ratio of 0.58 and a beta of 1.12. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.79 and a quick ratio of 1.79.

Affiliated Managers Group (NYSE:AMG) last issued its quarterly earnings results on Friday, May 1st. The asset manager reported $8.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.10 by $0.13. The company had revenue of $544.90 million during 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%. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.37 earnings per share. As a group, sell-side analysts forecast that Affiliated Managers Group, Inc. will post 35.48 earnings per share for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 11th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. The ex-dividend date of this dividend was Monday, May 11th. Affiliated Managers Group’s dividend payout ratio (DPR) is 0.16%.

Insider Activity

In related news, Director Rodriguez Felix V. Matos sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $300.18, for a total transaction of $300,180.00. Following the completion of the sale, the director owned 4,369 shares in the company, valued at $1,311,486.42. The trade was a 18.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director G. Staley Cates purchased 1,500 shares of the company’s stock in a transaction on Wednesday, May 6th. The stock was bought at an average price of $305.83 per share, for a total transaction of $458,745.00. Following the completion of the purchase, the director directly owned 6,405 shares of the company’s stock, valued at $1,958,841.15. The trade was a 30.58% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 21,902 shares of company stock valued at $7,257,719 over the last 90 days. Insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Leonteq Securities AG acquired a new stake in Affiliated Managers Group during the 4th quarter worth $30,000. Caitong International Asset Management Co. Ltd acquired a new position in Affiliated Managers Group in the fourth quarter valued at $42,000. EverSource Wealth Advisors LLC boosted its stake in Affiliated Managers Group by 45.5% in the first quarter. EverSource Wealth Advisors LLC now owns 179 shares of the asset manager’s stock valued at $50,000 after acquiring an additional 56 shares in the last quarter. Arax Advisory Partners grew its holdings in shares of Affiliated Managers Group by 94.1% during the fourth quarter. Arax Advisory Partners now owns 198 shares of the asset manager’s stock worth $57,000 after purchasing an additional 96 shares during the last quarter. Finally, WealthCollab LLC grew its holdings in shares of Affiliated Managers Group by 40.5% during the first quarter. WealthCollab LLC now owns 229 shares of the asset manager’s stock worth $63,000 after purchasing an additional 66 shares during the last quarter. Institutional investors and hedge funds own 95.30% of the company’s stock.

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.