Russell Investments Group Ltd. lowered its position in shares of Affiliated Managers Group, Inc. (NYSE:AMG) by 6.9% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 50,451 shares of the asset manager’s stock after selling 3,737 shares during the quarter. Russell Investments Group Ltd.’s holdings in Affiliated Managers Group were worth $7,620,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. FORA Capital LLC acquired a new stake in Affiliated Managers Group during the 2nd quarter worth about $45,000. IFP Advisors Inc lifted its position in Affiliated Managers Group by 53.6% during the 3rd quarter. IFP Advisors Inc now owns 407 shares of the asset manager’s stock worth $63,000 after acquiring an additional 142 shares during the period. Harvest Fund Management Co. Ltd lifted its position in Affiliated Managers Group by 126.0% during the 2nd quarter. Harvest Fund Management Co. Ltd now owns 696 shares of the asset manager’s stock worth $108,000 after acquiring an additional 388 shares during the period. Twin Tree Management LP acquired a new stake in Affiliated Managers Group during the 2nd quarter worth about $143,000. Finally, Franklin Resources Inc. acquired a new stake in Affiliated Managers Group during the 2nd quarter worth about $202,000. 96.01% of the stock is owned by institutional investors.
In other news, Director Reuben Jeffery III acquired 2,700 shares of the business’s stock in a transaction on Tuesday, November 2nd. The stock was bought at an average cost of $188.39 per share, for a total transaction of $508,653.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John R. Erickson acquired 3,000 shares of the business’s stock in a transaction on Friday, December 3rd. The shares were purchased at an average price of $169.95 per share, with a total value of $509,850.00. The disclosure for this purchase can be found here. Corporate insiders own 0.70% of the company’s stock.
Affiliated Managers Group (NYSE:AMG) last released its quarterly earnings results on Monday, November 1st. The asset manager reported $4.00 earnings per share for the quarter, topping analysts’ consensus estimates of $3.91 by $0.09. The company had revenue of $575.20 million during the quarter, compared to analysts’ expectations of $587.91 million. Affiliated Managers Group had a return on equity of 21.02% and a net margin of 22.12%. Affiliated Managers Group’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.27 EPS. As a group, equities analysts anticipate that Affiliated Managers Group, Inc. will post 18.09 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 24th. Investors of record on Wednesday, November 10th were issued a $0.01 dividend. The ex-dividend date of this dividend was Tuesday, November 9th. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. Affiliated Managers Group’s payout ratio is 0.35%.
AMG has been the subject of a number of research reports. Citigroup lifted their price target on Affiliated Managers Group from $275.00 to $280.00 in a research report on Tuesday. Deutsche Bank Aktiengesellschaft decreased their price objective on Affiliated Managers Group from $212.00 to $211.00 in a report on Thursday. Barrington Research boosted their price objective on Affiliated Managers Group from $190.00 to $215.00 and gave the company an “outperform” rating in a report on Monday, November 1st. Finally, Bank of America assumed coverage on Affiliated Managers Group in a report on Thursday, December 16th. They issued a “neutral” rating and a $186.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Affiliated Managers Group presently has an average rating of “Buy” and an average price target of $218.86.
Affiliated Managers Group Company Profile
Affiliated Managers Group, Inc is an asset management company with equity investments in boutique investment management firms. It provides assistance on strategic matters, marketing, distribution, product development, and operations. The company was founded by William J. Nutt in December 1993 and is headquartered in West Palm Beach, FL.
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