Affiliated Managers Group (NYSE:AMG) Shares Gap Down on Disappointing Earnings

Affiliated Managers Group, Inc. (NYSE:AMG) shares gapped down prior to trading on Monday following a dissappointing 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 the consensus estimate 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 for the quarter, compared to analysts’ expectations of $521.87 million. During the same period in the prior year, the firm posted $4.08 EPS. Affiliated Managers Group’s revenue was up 1.7% on a year-over-year basis.

Affiliated Managers Group Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Bank of America raised their price target on Affiliated Managers Group from $200.00 to $201.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. TD Cowen cut Affiliated Managers Group from a “buy” rating to a “hold” rating and reduced their price objective for the company from $226.00 to $177.00 in a research note on Tuesday. Deutsche Bank Aktiengesellschaft lowered their target price on Affiliated Managers Group from $219.00 to $204.00 and set a “buy” rating for the company in a research note on Tuesday. StockNews.com cut Affiliated Managers Group from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Finally, Barrington Research lowered their price objective on Affiliated Managers Group from $210.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Affiliated Managers Group presently has an average rating of “Hold” and an average price target of $195.50.

Insiders Place Their Bets

In other Affiliated Managers Group news, CEO Jay C. Horgen sold 9,000 shares of the stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 377,276 shares in the company, valued at approximately $64,883,926.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Affiliated Managers Group news, CEO Jay C. Horgen sold 9,000 shares of Affiliated Managers Group stock in a transaction dated 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 transaction, the chief executive officer now directly owns 377,276 shares of the company’s stock, valued at approximately $64,883,926.48. 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 accessible through this link. Also, COO Thomas M. Wojcik sold 4,786 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $172.71, for a total transaction of $826,590.06. Following the completion of the transaction, the chief operating officer now owns 84,392 shares of the company’s stock, valued at approximately $14,575,342.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 22,408 shares of company stock worth $3,865,068. 1.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Affiliated Managers Group

Hedge funds have recently modified their holdings of the business. Ashton Thomas Securities LLC purchased a new position in shares of Affiliated Managers Group during the 3rd quarter valued at about $30,000. Altshuler Shaham Ltd bought a new stake in Affiliated Managers Group during the 2nd quarter worth approximately $28,000. UMB Bank n.a. boosted its position in shares of Affiliated Managers Group by 481.3% in the third quarter. UMB Bank n.a. now owns 186 shares of the asset manager’s stock worth $33,000 after purchasing an additional 154 shares during the period. Daiwa Securities Group Inc. purchased a new stake in shares of Affiliated Managers Group in the second quarter worth $47,000. Finally, Goodman Advisory Group LLC bought a new stake in shares of Affiliated Managers Group during the 2nd quarter valued at $50,000. Institutional investors own 95.30% of the company’s stock.

Affiliated Managers Group Stock Performance

The stock has a market capitalization of $5.30 billion, a P/E ratio of 10.43, a P/E/G ratio of 0.62 and a beta of 1.18. The company’s 50-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.