Affiliated Managers Group (NYSE:AMG) Given “Buy” Rating at TD Cowen

Affiliated Managers Group (NYSE:AMG)‘s stock had its “buy” rating reaffirmed by investment analysts at TD Cowen in a report released on Tuesday, MarketBeat reports. They presently have a $512.00 price target on the asset manager’s stock. TD Cowen’s price target points to a potential upside of 36.52% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Weiss Ratings reissued a “buy (b)” rating on shares of Affiliated Managers Group in a report on Tuesday, September 22nd. Zacks Research raised Affiliated Managers Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 4th. Barrington Research set a $425.00 target price on Affiliated Managers Group in a research note on Friday, July 31st. Finally, Wall Street Zen lowered Affiliated Managers Group from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 30th. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $386.50.

Affiliated Managers Group Stock Performance

Shares of AMG traded up $3.61 during mid-day trading on Tuesday, reaching $375.04. 22,085 shares of the company’s stock were exchanged, compared to its average volume of 341,151. The business’s fifty day simple moving average is $364.59 and its 200-day simple moving average is $332.91. The stock has a market capitalization of $9.70 billion, a PE ratio of 12.99, a price-to-earnings-growth ratio of 0.50 and a beta of 1.07. Affiliated Managers Group has a 52-week low of $230.26 and a 52-week high of $392.92. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.24 and a quick ratio of 1.24.

Affiliated Managers Group (NYSE:AMG) last released its quarterly earnings results on Thursday, July 30th. The asset manager reported $8.29 EPS for the quarter, beating the consensus estimate of $7.90 by $0.39. The firm had revenue of $640.70 million during the quarter, compared to the consensus estimate of $590.94 million. Affiliated Managers Group had a net margin of 37.72% and a return on equity of 21.94%. Affiliated Managers Group’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.39 EPS. On average, equities research analysts expect that Affiliated Managers Group will post 36.7 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in AMG. BlackRock Inc. acquired a new position in Affiliated Managers Group during the second quarter worth $938,294,000. Dimensional Fund Advisors LP grew its holdings in Affiliated Managers Group by 2.7% in the first quarter. Dimensional Fund Advisors LP now owns 718,313 shares of the asset manager’s stock valued at $198,746,000 after purchasing an additional 18,865 shares during the last quarter. Geode Capital Management LLC grew its holdings in Affiliated Managers Group by 8.1% in the fourth quarter. Geode Capital Management LLC now owns 551,153 shares of the asset manager’s stock valued at $158,916,000 after purchasing an additional 41,322 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of Affiliated Managers Group in the second quarter valued at $146,331,000. Finally, Allianz Asset Management GmbH raised its stake in shares of Affiliated Managers Group by 8.5% during the 4th quarter. Allianz Asset Management GmbH now owns 426,649 shares of the asset manager’s stock worth $122,994,000 after buying an additional 33,488 shares during the last quarter. 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 company that invests in and partners with a diverse group of boutique investment management firms. AMG provides strategic support, distribution resources, technology, and other business services while allowing its affiliated managers to retain substantial autonomy over their investment processes, brands, and day-to-day operations.

Through its affiliated firms, AMG offers a broad range of investment strategies across public and private markets.