Affiliated Managers Group (NYSE:AMG) Stock Price Target Raised at TD Cowen

Affiliated Managers Group (NYSE:AMG) had its price target hoisted by TD Cowen from $523.00 to $583.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the asset manager’s stock. TD Cowen‘s price target would suggest a potential upside of 45.52% from the company’s current price.

Other analysts also recently issued reports about the stock. Weiss Ratings upgraded shares of Affiliated Managers Group from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, October 8th. Zacks Research lowered shares of Affiliated Managers Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 29th. Barrington Research set a $425.00 target price on shares of Affiliated Managers Group in a report on Friday, July 31st. Finally, Wall Street Zen lowered shares of Affiliated Managers Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 30th. Five 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $453.25.

Affiliated Managers Group Price Performance

AMG stock traded up $17.47 during trading hours on Tuesday, hitting $400.62. 144,844 shares of the stock traded hands, compared to its average volume of 338,868. The stock has a 50-day simple moving average of $371.95 and a 200 day simple moving average of $334.16. Affiliated Managers Group has a one year low of $246.11 and a one year high of $402.71. The company has a market cap of $10.36 billion, a P/E ratio of 13.88, a P/E/G ratio of 0.47 and a beta of 1.05. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.76.

Affiliated Managers Group (NYSE:AMG) last released its earnings results on Monday, November 9th. The asset manager reported $9.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.79 by $0.71. Affiliated Managers Group had a return on equity of 21.94% and a net margin of 37.72%. The firm had revenue of $595.20 million for the quarter, compared to analyst estimates of $655.08 million. During the same period in the previous year, the company earned $6.10 earnings per share. Affiliated Managers Group’s revenue was up .0% compared to the same quarter last year. Equities analysts forecast that Affiliated Managers Group will post 36.87 earnings per share for the current year.

Institutional Trading of Affiliated Managers Group

Several institutional investors and hedge funds have recently bought and sold shares of AMG. BlackRock Inc. acquired a new position in shares of Affiliated Managers Group in the second quarter worth about $938,294,000. Dimensional Fund Advisors LP raised its holdings in shares of Affiliated Managers Group by 2.7% during the first quarter. Dimensional Fund Advisors LP now owns 718,313 shares of the asset manager’s stock valued at $198,746,000 after acquiring an additional 18,865 shares during the period. Bank of America Corp DE acquired a new stake in shares of Affiliated Managers Group during the second quarter valued at approximately $146,331,000. Fisher Asset Management LLC lifted its position in shares of Affiliated Managers Group by 7.6% in the 3rd quarter. Fisher Asset Management LLC now owns 265,281 shares of the asset manager’s stock valued at $96,989,000 after acquiring an additional 18,818 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Affiliated Managers Group in the 2nd quarter valued at approximately $95,418,000. Institutional investors and hedge funds own 95.30% of the company’s stock.

Affiliated Managers Group News Summary

Here are the key news stories impacting Affiliated Managers Group this week:

• Positive Sentiment: Third-quarter Economic EPS was $9.50, up 56% year over year and above analysts’ expectations of $8.79. Record AUM of $974 billion and $21 billion in net client cash flows—including record alternative inflows—also point to strong business momentum. AMG Q3 results
• Positive Sentiment: AMG repurchased $400 million of its shares during the quarter, bringing year-to-date repurchases to $775 million. Buybacks can support per-share earnings and signal the company’s confidence in its business. AMG Q3 results
• Neutral Sentiment: The company declared a quarterly dividend of $0.01 per share, payable December 3 to shareholders of record November 19. The stated annualized yield is approximately 0.0%, so the payout is unlikely to be a major driver for the stock. Dividend announcement
• Negative Sentiment: Quarterly revenue of $595.2 million fell short of the roughly $655 million analyst estimate and was flat year over year. That miss, alongside rising expenses, tempers the strong earnings and inflow results. Q3 revenue report

Affiliated Managers Group Company Profile

Affiliated Managers Group, Inc (NYSE: AMG) is a global asset management company that partners with independent investment firms. Founded in 1993, AMG provides its partner firms with strategic capital, distribution support and business resources while allowing them to retain substantial independence over their investment processes and operations.

Through its partner firms, AMG offers a range of investment strategies and services, including alternative investments, equities, fixed income, private markets and wealth management.