Oliver Luxxe Assets LLC Sells 2,757 Shares of Affiliated Managers Group, Inc. $AMG

Oliver Luxxe Assets LLC decreased its stake in Affiliated Managers Group, Inc. (NYSE:AMG) by 21.0% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 10,344 shares of the asset manager’s stock after selling 2,757 shares during the period. Oliver Luxxe Assets LLC’s holdings in Affiliated Managers Group were worth $3,500,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Leonteq Securities AG acquired a new position in shares of Affiliated Managers Group in the fourth quarter worth approximately $30,000. Caitong International Asset Management Co. Ltd acquired a new stake in Affiliated Managers Group during the 4th quarter valued at approximately $42,000. EverSource Wealth Advisors LLC increased its position in Affiliated Managers Group by 45.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 179 shares of the asset manager’s stock valued at $50,000 after purchasing an additional 56 shares during the period. Arax Advisory Partners raised its holdings in Affiliated Managers Group by 94.1% during the 4th quarter. Arax Advisory Partners now owns 198 shares of the asset manager’s stock worth $57,000 after purchasing an additional 96 shares during the last quarter. Finally, WealthCollab LLC raised its holdings in Affiliated Managers Group by 40.5% during the 1st quarter. WealthCollab LLC now owns 229 shares of the asset manager’s stock worth $63,000 after purchasing an additional 66 shares during the last quarter. 95.30% of the stock is currently owned by institutional investors.

Affiliated Managers Group Stock Performance

Shares of AMG stock opened at $369.34 on Friday. The firm has a 50 day moving average of $353.04 and a 200-day moving average of $317.06. The company has a market cap of $9.75 billion, a price-to-earnings ratio of 12.79, a price-to-earnings-growth ratio of 0.53 and a beta of 1.11. The company has a quick ratio of 1.79, a current ratio of 1.24 and a debt-to-equity ratio of 0.76. Affiliated Managers Group, Inc. has a 52 week low of $210.87 and a 52 week high of $392.92.

Affiliated Managers Group (NYSE:AMG) last released its earnings results on Thursday, July 30th. The asset manager reported $8.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.90 by $0.39. The company had revenue of $640.70 million for 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 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. On average, equities analysts forecast that Affiliated Managers Group, Inc. will post 36.25 earnings per share for the current year.

Affiliated Managers Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 10th will be given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. The ex-dividend date of this dividend is Monday, August 10th. Affiliated Managers Group’s dividend payout ratio is 0.14%.

Insider Activity

In related news, CEO Jay C. Horgen sold 17,500 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 204,706 shares of the company’s stock, valued at approximately $69,245,898.62. This represents a 7.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Annette Franqui purchased 750 shares of the business’s stock in a transaction 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 acquisition, the director owned 1,962 shares of the company’s stock, valued at approximately $598,174.56. This represents a 61.88% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on AMG. Barrington Research set a $425.00 price objective on shares of Affiliated Managers Group in a research note on Friday, July 31st. Zacks Research upgraded shares of Affiliated Managers Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 4th. TD Cowen reaffirmed a “buy” rating and set a $454.00 price target on shares of Affiliated Managers Group in a research report on Wednesday, May 13th. Wall Street Zen raised shares of Affiliated Managers Group from a “hold” rating to a “buy” rating in a research report on Sunday, June 28th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $405.00 price objective on shares of Affiliated Managers Group in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $370.86.

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.