Affiliated Managers Group (AMG) Stock Rating Reaffirmed by Bank of America

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Affiliated Managers Group (NYSE:AMG)‘s stock had its “buy” rating restated by Bank of America in a research report issued to clients and investors on Thursday, MarketBeat reports. They currently have a $130.00 target price on the asset manager’s stock, down from their prior target price of $155.00. Bank of America’s price objective indicates a potential upside of 26.16% from the company’s current price.

Several other research firms have also weighed in on AMG. Zacks Investment Research raised Affiliated Managers Group from a “sell” rating to a “hold” rating in a research report on Friday, September 21st. Deutsche Bank lowered their price objective on Affiliated Managers Group from $195.00 to $191.00 and set a “buy” rating for the company in a research report on Thursday, August 16th. Citigroup lowered their price objective on Affiliated Managers Group from $195.00 to $140.00 and set a “buy” rating for the company in a research report on Tuesday, October 30th. Finally, Barrington Research lowered their price objective on Affiliated Managers Group from $200.00 to $150.00 and set an “outperform” rating for the company in a research report on Monday, October 29th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $183.11.

AMG stock opened at $103.04 on Thursday. Affiliated Managers Group has a 1-year low of $101.34 and a 1-year high of $216.99. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.49 and a quick ratio of 0.42. The stock has a market capitalization of $5.61 billion, a PE ratio of 6.80, a price-to-earnings-growth ratio of 0.59 and a beta of 1.53.

Affiliated Managers Group (NYSE:AMG) last posted its quarterly earnings data on Monday, October 29th. The asset manager reported $3.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.42 by $0.03. Affiliated Managers Group had a return on equity of 19.37% and a net margin of 29.38%. The firm had revenue of $601.30 million during the quarter, compared to analyst estimates of $604.82 million. During the same period last year, the company posted $3.41 EPS. The business’s quarterly revenue was up 2.7% on a year-over-year basis. Analysts expect that Affiliated Managers Group will post 14.75 earnings per share for the current year.

In other news, EVP Hugh Cutler bought 1,564 shares of Affiliated Managers Group stock in a transaction dated Wednesday, October 31st. The stock was bought at an average cost of $115.48 per share, for a total transaction of $180,610.72. Following the purchase, the executive vice president now directly owns 7,087 shares in the company, valued at approximately $818,406.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Patrick T. Ryan sold 2,034 shares of the firm’s stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $112.78, for a total value of $229,394.52. Following the completion of the sale, the director now owns 14,821 shares of the company’s stock, valued at $1,671,512.38. The disclosure for this sale can be found here. Company insiders own 0.91% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Advisors Asset Management Inc. grew its stake in shares of Affiliated Managers Group by 4,434.6% in the 2nd quarter. Advisors Asset Management Inc. now owns 150,503 shares of the asset manager’s stock valued at $595,000 after buying an additional 147,184 shares during the period. Trust Co. of Toledo NA OH acquired a new position in Affiliated Managers Group during the 3rd quarter valued at about $202,000. Congress Asset Management Co. MA boosted its stake in Affiliated Managers Group by 4.4% during the 3rd quarter. Congress Asset Management Co. MA now owns 33,631 shares of the asset manager’s stock valued at $4,598,000 after purchasing an additional 1,405 shares during the last quarter. Voya Investment Management LLC boosted its stake in Affiliated Managers Group by 3.8% during the 2nd quarter. Voya Investment Management LLC now owns 50,635 shares of the asset manager’s stock valued at $7,528,000 after purchasing an additional 1,835 shares during the last quarter. Finally, First National Bank of Omaha boosted its stake in Affiliated Managers Group by 3.2% during the 3rd quarter. First National Bank of Omaha now owns 58,013 shares of the asset manager’s stock valued at $8,887,000 after purchasing an additional 1,792 shares during the last quarter. Institutional investors own 92.19% of the company’s stock.

About Affiliated Managers Group

Affiliated Managers Group, Inc, through its affiliates, operates as an asset management company providing investment management services to mutual funds, institutional clients, and high net worth individuals in the United States. It provides advisory or subadvisory services to mutual funds. These funds are distributed to retail and institutional clients directly and through intermediaries, including independent investment advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments.

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Analyst Recommendations for Affiliated Managers Group (NYSE:AMG)

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