Affiliated Managers Group (NYSE:AMG) Hits New 52-Week High – Here’s Why

Affiliated Managers Group, Inc. (NYSE:AMG) shares reached a new 52-week high on Friday . The stock traded as high as $189.83 and last traded at $189.16, with a volume of 31536 shares traded. The stock had previously closed at $186.24.

Wall Street Analyst Weigh In

AMG has been the subject of several recent research reports. TD Cowen boosted their price target on Affiliated Managers Group from $201.00 to $226.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. StockNews.com cut Affiliated Managers Group from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Barrington Research increased their price objective on shares of Affiliated Managers Group from $190.00 to $210.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Bank of America increased their price target on Affiliated Managers Group from $200.00 to $201.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Affiliated Managers Group from $202.00 to $205.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Affiliated Managers Group presently has an average rating of “Moderate Buy” and an average target price of $210.50.

Affiliated Managers Group Stock Performance

The stock’s 50 day simple moving average is $172.36 and its 200-day simple moving average is $165.41. The firm has a market cap of $5.59 billion, a price-to-earnings ratio of 10.94, a price-to-earnings-growth ratio of 0.58 and a beta of 1.20.

Affiliated Managers Group (NYSE:AMG) last released its quarterly earnings data on Monday, July 29th. The asset manager reported $4.67 earnings per share for the quarter, topping analysts’ consensus estimates of $4.60 by $0.07. The firm had revenue of $500.30 million for the quarter, compared to analyst estimates of $518.03 million. Affiliated Managers Group had a net margin of 31.51% and a return on equity of 16.50%. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.45 earnings per share. On average, analysts expect that Affiliated Managers Group, Inc. will post 21.98 EPS for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.02%. The ex-dividend date of this dividend was Thursday, August 8th. Affiliated Managers Group’s payout ratio is 0.23%.

Insider Buying and Selling at Affiliated Managers Group

In other news, insider Rizwan M. Jamal sold 8,622 shares of Affiliated Managers Group stock in a transaction on Friday, August 16th. The stock was sold at an average price of $172.89, for a total transaction of $1,490,657.58. Following the transaction, the insider now owns 128,457 shares in the company, valued at $22,208,930.73. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Affiliated Managers Group news, COO Thomas M. Wojcik sold 4,786 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $172.71, for a total value of $826,590.06. Following the sale, the chief operating officer now owns 84,392 shares of the company’s stock, valued at $14,575,342.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Rizwan M. Jamal sold 8,622 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $172.89, for a total transaction of $1,490,657.58. Following the completion of the sale, the insider now directly owns 128,457 shares in the company, valued at approximately $22,208,930.73. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,408 shares of company stock valued at $3,865,068 over the last ninety days. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Altshuler Shaham Ltd acquired a new position in Affiliated Managers Group in the 2nd quarter valued at about $28,000. UMB Bank n.a. raised its position in Affiliated Managers Group by 481.3% during the third quarter. UMB Bank n.a. now owns 186 shares of the asset manager’s stock worth $33,000 after acquiring an additional 154 shares during the last quarter. Denali Advisors LLC lifted its holdings in shares of Affiliated Managers Group by 429.2% in the first quarter. Denali Advisors LLC now owns 254 shares of the asset manager’s stock valued at $43,000 after purchasing an additional 206 shares in the last quarter. Daiwa Securities Group Inc. acquired a new stake in shares of Affiliated Managers Group in the second quarter valued at approximately $47,000. Finally, Goodman Advisory Group LLC acquired a new stake in Affiliated Managers Group during the 2nd quarter valued at $50,000. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Affiliated Managers Group Company Profile

Affiliated Managers Group, Inc, through its affiliates, operates as an investment management company providing investment management services to mutual funds, institutional clients,retails and high net worth individuals in the United States. It provides advisory or sub-advisory services to mutual funds.