Affiliated Managers Group (NYSE:AMG) Shares Gap Down After Earnings Miss

Affiliated Managers Group, Inc. (NYSE:AMG)’s stock price gapped down prior to trading on Monday following a weaker than expected earnings announcement. The stock had previously closed at $193.81, but opened at $184.05. Affiliated Managers Group shares last traded at $177.25, with a volume of 42,580 shares trading hands.

The asset manager reported $4.82 EPS for the quarter, missing analysts’ consensus estimates of $4.84 by ($0.02). Affiliated Managers Group had a net margin of 31.51% and a return on equity of 16.50%. The firm had revenue of $525.20 million during the quarter, compared to analyst estimates of $521.87 million. During the same quarter in the previous year, the company posted $4.08 earnings per share. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year.

Affiliated Managers Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Thursday, November 14th will be paid a $0.01 dividend. The ex-dividend date is Thursday, November 14th. This represents a $0.04 annualized dividend and a dividend yield of 0.02%. Affiliated Managers Group’s dividend payout ratio is currently 0.23%.

Analyst Ratings Changes

AMG has been the topic of several recent analyst reports. StockNews.com lowered Affiliated Managers Group from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Bank of America raised their price objective on shares of Affiliated Managers Group from $200.00 to $201.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft dropped their price target on Affiliated Managers Group from $219.00 to $204.00 and set a “buy” rating for the company in a report on Tuesday. Barrington Research lowered their target price on Affiliated Managers Group from $210.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, TD Cowen cut shares of Affiliated Managers Group from a “buy” rating to a “hold” rating and lowered their price objective for the company from $226.00 to $177.00 in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $195.50.

Insider Activity

In other news, CEO Jay C. Horgen sold 9,000 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $171.98, for a total value of $1,547,820.00. Following the sale, the chief executive officer now directly owns 377,276 shares in the company, valued at $64,883,926.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Affiliated Managers Group news, insider Rizwan M. Jamal sold 8,622 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $22,208,930.73. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jay C. Horgen sold 9,000 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $171.98, for a total value of $1,547,820.00. Following the completion of the sale, the chief executive officer now owns 377,276 shares in the company, valued at approximately $64,883,926.48. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,408 shares of company stock valued at $3,865,068 in the last ninety days. 1.90% of the stock is owned by insiders.

Institutional Trading of Affiliated Managers Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Altshuler Shaham Ltd acquired a new stake in Affiliated Managers Group during the second quarter worth approximately $28,000. Ashton Thomas Securities LLC acquired a new position in Affiliated Managers Group in the 3rd quarter valued at $30,000. UMB Bank n.a. boosted its stake in Affiliated Managers Group by 481.3% in the third quarter. UMB Bank n.a. now owns 186 shares of the asset manager’s stock valued at $33,000 after buying an additional 154 shares in the last quarter. Daiwa Securities Group Inc. bought a new position in Affiliated Managers Group in the second quarter valued at about $47,000. Finally, Goodman Advisory Group LLC acquired a new position in Affiliated Managers Group during the second quarter worth about $50,000. Institutional investors own 95.30% of the company’s stock.

Affiliated Managers Group Price Performance

The stock has a market cap of $5.30 billion, a P/E ratio of 10.43, a PEG ratio of 0.62 and a beta of 1.18. The business’s fifty day moving average price is $180.43 and its 200 day moving average price is $168.81.

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.