Affiliated Managers Group (NYSE:AMG) Upgraded at Zacks Research

Affiliated Managers Group (NYSE:AMG) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other research firms also recently weighed in on AMG. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $400.00 target price on shares of Affiliated Managers Group in a research report on Monday, May 4th. TD Cowen reissued a “buy” rating and issued a $454.00 price objective on shares of Affiliated Managers Group in a research report on Wednesday, May 13th. Wall Street Zen raised Affiliated Managers Group from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. The Goldman Sachs Group reiterated a “buy” rating and issued a $405.00 target price on shares of Affiliated Managers Group in a research note on Monday, May 4th. Finally, Barrington Research set a $425.00 price objective on shares of Affiliated Managers Group in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $370.86.

Affiliated Managers Group Stock Performance

NYSE:AMG opened at $375.66 on Tuesday. The stock has a 50-day moving average price of $350.31 and a 200 day moving average price of $316.36. The stock has a market capitalization of $9.92 billion, a P/E ratio of 13.01, a P/E/G ratio of 0.57 and a beta of 1.11. Affiliated Managers Group has a 12-month low of $208.34 and a 12-month high of $392.92. The company has a current ratio of 1.24, a quick ratio of 1.79 and a debt-to-equity ratio of 0.76.

Affiliated Managers Group (NYSE:AMG) last announced its quarterly earnings results on Wednesday, July 29th. The asset manager reported $8.29 EPS for the quarter, topping the consensus estimate of $7.90 by $0.39. The business had revenue of $640.70 million for the quarter, compared to analysts’ expectations of $590.94 million. Affiliated Managers Group had a net margin of 37.72% and a return on equity of 21.94%. The business’s quarterly revenue was up .0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.39 EPS. Equities research analysts forecast that Affiliated Managers Group will post 36.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other Affiliated Managers Group news, Director Annette Franqui purchased 750 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was purchased at an average price of $304.88 per share, for a total transaction of $228,660.00. Following the purchase, the director directly owned 1,962 shares in the company, valued at approximately $598,174.56. This trade represents a 61.88% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jay C. Horgen sold 17,500 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $338.27, for a total transaction of $5,919,725.00. Following the sale, the chief executive officer directly owned 204,706 shares of the company’s stock, valued at $69,245,898.62. This represents a 7.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Affiliated Managers Group

Several hedge funds and other institutional investors have recently bought and sold shares of AMG. Norges Bank purchased a new position in shares of Affiliated Managers Group during the 4th quarter worth $113,743,000. Balyasny Asset Management L.P. raised its stake in shares of Affiliated Managers Group by 3,811.8% in the 2nd quarter. Balyasny Asset Management L.P. now owns 311,383 shares of the asset manager’s stock valued at $61,271,000 after acquiring an additional 303,423 shares during the period. Alyeska Investment Group L.P. purchased a new stake in shares of Affiliated Managers Group in the 3rd quarter valued at approximately $70,356,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Affiliated Managers Group by 28,466.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 193,392 shares of the asset manager’s stock worth $58,240,000 after acquiring an additional 192,715 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Affiliated Managers Group by 75.5% during the 1st quarter. Bank of America Corp DE now owns 409,578 shares of the asset manager’s stock worth $113,330,000 after purchasing an additional 176,246 shares during the period. 95.30% of the stock is currently owned by institutional investors and hedge funds.

About Affiliated Managers Group

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.