Convergence Investment Partners LLC Has $3.09 Million Stock Holdings in Affiliated Managers Group, Inc. $AMG

Convergence Investment Partners LLC raised its stake in Affiliated Managers Group, Inc. (NYSE:AMG) by 57.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,152 shares of the asset manager’s stock after purchasing an additional 4,086 shares during the period. Convergence Investment Partners LLC’s holdings in Affiliated Managers Group were worth $3,086,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in AMG. Leonteq Securities AG acquired a new stake in shares of Affiliated Managers Group in the 4th quarter valued at about $30,000. Caitong International Asset Management Co. Ltd acquired a new position in Affiliated Managers Group during the 4th quarter worth approximately $42,000. Arax Advisory Partners boosted its holdings in Affiliated Managers Group by 94.1% in the fourth quarter. Arax Advisory Partners now owns 198 shares of the asset manager’s stock worth $57,000 after acquiring an additional 96 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Affiliated Managers Group by 676.7% in the fourth quarter. CIBC Private Wealth Group LLC now owns 233 shares of the asset manager’s stock worth $67,000 after acquiring an additional 203 shares in the last quarter. Finally, Highlander Partners L.P. acquired a new stake in Affiliated Managers Group in the fourth quarter valued at approximately $68,000. Institutional investors and hedge funds own 95.30% of the company’s stock.

Insider Transactions at Affiliated Managers Group

In other Affiliated Managers Group news, CEO Jay C. Horgen sold 17,500 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $338.27, for a total value of $5,919,725.00. Following the completion of the sale, the chief executive officer owned 204,706 shares in the company, valued at approximately $69,245,898.62. This trade represents a 7.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David Christopher Ryan sold 3,402 shares of Affiliated Managers Group stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $305.06, for a total transaction of $1,037,814.12. Following the transaction, the director directly owned 1,092 shares in the company, valued at approximately $333,125.52. This represents a 75.70% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 21,902 shares of company stock worth $7,257,719. 2.90% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on AMG. The Goldman Sachs Group restated a “buy” rating and set a $405.00 price objective on shares of Affiliated Managers Group in a report on Monday, May 4th. Weiss Ratings reissued a “buy (b)” rating on shares of Affiliated Managers Group in a research report on Friday, June 26th. Wall Street Zen upgraded shares of Affiliated Managers Group from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. TD Cowen restated a “buy” rating and set a $454.00 price objective on shares of Affiliated Managers Group in a report on Wednesday, May 13th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $400.00 price objective on shares of Affiliated Managers Group in a report on Monday, May 4th. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $362.29.

Affiliated Managers Group Stock Performance

Shares of Affiliated Managers Group stock opened at $367.04 on Tuesday. Affiliated Managers Group, Inc. has a 52 week low of $200.00 and a 52 week high of $382.75. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.73. The business has a 50 day moving average price of $335.45 and a 200-day moving average price of $311.43. The company has a market cap of $9.69 billion, a PE ratio of 14.85, a price-to-earnings-growth ratio of 0.57 and a beta of 1.12.

Affiliated Managers Group (NYSE:AMG) last announced its earnings results on Friday, May 1st. The asset manager reported $8.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.10 by $0.13. The company had revenue of $544.90 million for the quarter, compared to analysts’ expectations of $544.01 million. Affiliated Managers Group had a return on equity of 20.17% and a net margin of 35.55%.Affiliated Managers Group’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.37 earnings per share. Equities analysts anticipate that Affiliated Managers Group, Inc. will post 35.48 earnings per share for the current fiscal year.

Affiliated Managers Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 11th were paid a $0.01 dividend. The ex-dividend date was Monday, May 11th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. Affiliated Managers Group’s dividend payout ratio is presently 0.16%.

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.