Affiliated Managers Group (NYSE:AMG) Reaches New 12-Month High on Earnings Beat

Affiliated Managers Group, Inc. (NYSE:AMG) shares reached a new 52-week high on Monday after the company announced better than expected quarterly earnings. The stock traded as high as $251.56 and last traded at $251.5880, with a volume of 24633 shares. The stock had previously closed at $237.96.

The asset manager reported $6.10 EPS for the quarter, beating analysts’ consensus estimates of $5.88 by $0.22. Affiliated Managers Group had a return on equity of 16.11% and a net margin of 21.79%.Affiliated Managers Group’s revenue was up 2.2% on a year-over-year basis. During the same period last year, the company posted $4.82 earnings per share.

Analysts Set New Price Targets

AMG has been the subject of several research analyst reports. Zacks Research lowered Affiliated Managers Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Bank of America increased their price target on Affiliated Managers Group to $335.00 and gave the stock a “buy” rating in a research note on Thursday, October 2nd. Cowen upgraded Affiliated Managers Group from a “hold” rating to a “buy” rating in a research note on Monday, August 4th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Affiliated Managers Group in a research note on Wednesday, October 8th. Finally, Barrington Research increased their price target on Affiliated Managers Group from $240.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Affiliated Managers Group currently has an average rating of “Moderate Buy” and a consensus target price of $272.60.

Insider Buying and Selling at Affiliated Managers Group

In other Affiliated Managers Group news, COO Thomas M. Wojcik sold 16,000 shares of the firm’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $231.03, for a total value of $3,696,480.00. Following the sale, the chief operating officer owned 158,710 shares of the company’s stock, valued at $36,666,771.30. This trade represents a 9.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 4.20% of the stock is currently owned by insiders.

Institutional Trading of Affiliated Managers Group

Institutional investors and hedge funds have recently modified their holdings of the business. Envestnet Asset Management Inc. raised its holdings in shares of Affiliated Managers Group by 18.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 53,727 shares of the asset manager’s stock valued at $9,028,000 after acquiring an additional 8,361 shares in the last quarter. Private Trust Co. NA raised its holdings in shares of Affiliated Managers Group by 38.1% during the 1st quarter. Private Trust Co. NA now owns 301 shares of the asset manager’s stock valued at $51,000 after buying an additional 83 shares in the last quarter. XTX Topco Ltd raised its holdings in shares of Affiliated Managers Group by 189.9% during the 1st quarter. XTX Topco Ltd now owns 14,695 shares of the asset manager’s stock valued at $2,469,000 after buying an additional 9,626 shares in the last quarter. Voya Investment Management LLC raised its holdings in shares of Affiliated Managers Group by 52.2% during the 1st quarter. Voya Investment Management LLC now owns 28,703 shares of the asset manager’s stock valued at $4,823,000 after buying an additional 9,845 shares in the last quarter. Finally, Goodman Financial Corp raised its holdings in shares of Affiliated Managers Group by 1.6% during the 1st quarter. Goodman Financial Corp now owns 80,806 shares of the asset manager’s stock valued at $13,578,000 after buying an additional 1,301 shares in the last quarter. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Affiliated Managers Group Trading Up 5.0%

The company has a market capitalization of $7.10 billion, a PE ratio of 18.01, a PEG ratio of 0.61 and a beta of 1.21. The stock has a fifty day moving average of $236.07 and a two-hundred day moving average of $207.06.

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.