Zacks Investment Research cut shares of Affiliated Managers Group, Inc. (NYSE:AMG) from a buy rating to a hold rating in a research report released on Tuesday.
According to Zacks, “Affiliated Managers’ shares have outperformed the industry, over the last three months. This was supported by the company’s impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. The company remains well positioned for growth based on successful partnerships, a diverse product mix and initiatives undertaken to strengthen its retail market operations. Further, inflows are expected to get impetus with broad distribution across channels and product category. However, pressure on revenue growth and higher debt levels remain major near-term concerns. Also, higher intangibles in the balance sheet will likely adversely impact profitability.”
A number of other research analysts also recently weighed in on the company. Barrington Research reaffirmed an outperform rating and set a $215.00 price target on shares of Affiliated Managers Group in a research note on Wednesday, October 4th. They noted that the move was a valuation call. Jefferies Group LLC reissued a buy rating and set a $200.00 price objective on shares of Affiliated Managers Group in a report on Friday, August 18th. Credit Suisse Group boosted their price objective on Affiliated Managers Group from $205.00 to $223.00 and gave the stock an outperform rating in a report on Friday, August 11th. Keefe, Bruyette & Woods reissued a buy rating and set a $215.00 price objective on shares of Affiliated Managers Group in a report on Thursday, August 3rd. Finally, BidaskClub lowered Affiliated Managers Group from a strong-buy rating to a buy rating in a report on Monday, July 31st. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of Buy and an average price target of $202.25.
Affiliated Managers Group (NYSE:AMG) traded down 0.151% on Tuesday, hitting $194.925. The company had a trading volume of 100,301 shares. The stock’s 50-day moving average price is $182.21 and its 200 day moving average price is $169.84. The company has a market capitalization of $10.91 billion, a P/E ratio of 26.961 and a beta of 1.66. Affiliated Managers Group has a one year low of $130.48 and a one year high of $196.77.
Affiliated Managers Group (NYSE:AMG) last posted its quarterly earnings results on Monday, July 31st. The asset manager reported $3.33 earnings per share for the quarter, topping analysts’ consensus estimates of $3.24 by $0.09. Affiliated Managers Group had a return on equity of 17.45% and a net margin of 22.99%. The business had revenue of $570.90 million for the quarter, compared to the consensus estimate of $573.73 million. During the same period in the prior year, the business earned $3.07 EPS. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. On average, analysts expect that Affiliated Managers Group will post $14.52 EPS for the current fiscal year.
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Institutional investors and hedge funds have recently modified their holdings of the business. Schroder Investment Management Group increased its holdings in Affiliated Managers Group by 8.3% during the 2nd quarter. Schroder Investment Management Group now owns 383,937 shares of the asset manager’s stock worth $63,353,000 after purchasing an additional 29,297 shares in the last quarter. BB&T Corp grew its holdings in shares of Affiliated Managers Group by 19.4% in the second quarter. BB&T Corp now owns 7,042 shares of the asset manager’s stock valued at $1,168,000 after acquiring an additional 1,143 shares in the last quarter. Pier 88 Investment Partners LLC grew its holdings in shares of Affiliated Managers Group by 25.0% in the second quarter. Pier 88 Investment Partners LLC now owns 2,500 shares of the asset manager’s stock valued at $415,000 after acquiring an additional 500 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of Affiliated Managers Group by 12.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 273,515 shares of the asset manager’s stock valued at $44,841,000 after acquiring an additional 29,626 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Affiliated Managers Group by 2.9% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 157,344 shares of the asset manager’s stock valued at $26,097,000 after acquiring an additional 4,428 shares in the last quarter. 96.27% of the stock is owned by hedge funds and other institutional investors.
About Affiliated Managers Group
Affiliated Managers Group, Inc is an asset management company with equity investments in boutique investment management firms. The Company operates in three segments, which represent its principal distribution channels: Institutional, Mutual Fund and High Net Worth. The equity method investments in the Institutional distribution channel are made in relationships with public and private client entities, including foundations, endowments, sovereign wealth funds and retirement plans for corporations and municipalities.
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