Affiliated Managers Group (NYSE:AMG) Hits New 1-Year High – Here’s Why

Shares of Affiliated Managers Group, Inc. (NYSE:AMG) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $272.00 and last traded at $270.7720, with a volume of 67283 shares trading hands. The stock had previously closed at $268.83.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. TD Cowen raised Affiliated Managers Group from a “hold” rating to a “buy” rating and increased their price target for the stock from $214.00 to $255.00 in a research report on Monday, August 4th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Affiliated Managers Group in a research report on Wednesday, October 8th. Wall Street Zen raised Affiliated Managers Group from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Cowen reaffirmed a “buy” rating on shares of Affiliated Managers Group in a research note on Tuesday, November 4th. Finally, UBS Group set a $295.00 price objective on shares of Affiliated Managers Group in a research report on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $290.33.

Affiliated Managers Group Trading Down 0.2%

The company has a market cap of $7.55 billion, a P/E ratio of 19.57, a price-to-earnings-growth ratio of 0.61 and a beta of 1.25. The company has a 50 day moving average price of $246.84 and a 200-day moving average price of $219.79.

Affiliated Managers Group (NYSE:AMG) last released its quarterly earnings data on Monday, November 3rd. The asset manager reported $6.10 earnings per share for the quarter, beating the consensus estimate of $5.88 by $0.22. Affiliated Managers Group had a return on equity of 16.11% and a net margin of 21.79%.The business had revenue of $528.00 million for the quarter, compared to analyst estimates of $543.39 million. During the same period last year, the firm posted $4.82 earnings per share. Affiliated Managers Group’s revenue was up 2.2% compared to the same quarter last year. Equities analysts expect that Affiliated Managers Group, Inc. will post 22.86 earnings per share for the current year.

Affiliated Managers Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Thursday, November 13th were issued a dividend of $0.01 per share. The ex-dividend date of this dividend was Thursday, November 13th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. Affiliated Managers Group’s payout ratio is 0.24%.

Insider Transactions at Affiliated Managers Group

In related news, COO Thomas M. Wojcik sold 16,000 shares of the stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $231.03, for a total value of $3,696,480.00. Following the completion of the transaction, the chief operating officer owned 158,710 shares of the company’s stock, valued at $36,666,771.30. This represents a 9.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Affiliated Managers Group by 428.0% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 132 shares of the asset manager’s stock worth $26,000 after purchasing an additional 107 shares in the last quarter. Root Financial Partners LLC acquired a new stake in shares of Affiliated Managers Group during the third quarter valued at about $33,000. Meeder Asset Management Inc. bought a new stake in shares of Affiliated Managers Group during the third quarter worth about $34,000. Hantz Financial Services Inc. increased its stake in shares of Affiliated Managers Group by 189.8% in the third quarter. Hantz Financial Services Inc. now owns 142 shares of the asset manager’s stock valued at $34,000 after buying an additional 93 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Affiliated Managers Group in the first quarter valued at approximately $36,000. 95.30% of the stock is currently owned by institutional investors and hedge funds.

About Affiliated Managers Group

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.