Affiliated Managers Group, Inc. (NYSE:AMG) Sets New 12-Month High on Earnings Beat

Affiliated Managers Group, Inc. (NYSE:AMG) shares hit a new 52-week high during mid-day trading on Monday following a better than expected earnings announcement. The stock traded as high as $185.68 and last traded at $185.84, with a volume of 541,539 shares traded. The stock had previously closed at $178.65.

The asset manager reported $3.33 earnings per share for the quarter, topping analysts’ consensus estimates of $3.24 by $0.09. The firm had revenue of $570.90 million for the quarter, compared to the consensus estimate of $573.73 million. Affiliated Managers Group had a return on equity of 17.45% and a net margin of 22.99%. The business’s revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.07 earnings per share.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Thursday, August 10th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date of this dividend is Tuesday, August 8th. Affiliated Managers Group’s dividend payout ratio (DPR) is presently 8.87%.

A number of equities analysts have weighed in on the company. Jefferies Group LLC reissued a “buy” rating and set a $200.00 price target on shares of Affiliated Managers Group in a research report on Friday. Credit Suisse Group boosted their price objective on Affiliated Managers Group from $205.00 to $223.00 and gave the stock an “outperform” rating in a report on Friday, August 11th. Keefe, Bruyette & Woods restated a “buy” rating and set a $215.00 price objective on shares of Affiliated Managers Group in a report on Thursday, August 3rd. BidaskClub cut Affiliated Managers Group from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Finally, Zacks Investment Research cut Affiliated Managers Group from a “buy” rating to a “hold” rating in a research note on Friday, July 7th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Affiliated Managers Group has a consensus rating of “Buy” and an average price target of $195.50.

In other news, Director Dwight D. Churchill sold 3,277 shares of the company’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $163.30, for a total transaction of $535,134.10. Following the completion of the transaction, the director now directly owns 7,301 shares in the company, valued at $1,192,253.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sean M. Healey sold 56,928 shares of the stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $161.07, for a total value of $9,169,392.96. Following the completion of the sale, the chief executive officer now owns 206,689 shares of the company’s stock, valued at $33,291,397.23. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of AMG. Gulf International Bank UK Ltd increased its stake in shares of Affiliated Managers Group by 2.0% in the first quarter. Gulf International Bank UK Ltd now owns 16,560 shares of the asset manager’s stock worth $2,714,000 after buying an additional 320 shares during the last quarter. Bank of Montreal Can boosted its position in Affiliated Managers Group by 44.9% in the first quarter. Bank of Montreal Can now owns 43,685 shares of the asset manager’s stock worth $7,161,000 after buying an additional 13,540 shares during the period. Capstone Asset Management Co. boosted its position in Affiliated Managers Group by 35.4% in the first quarter. Capstone Asset Management Co. now owns 3,445 shares of the asset manager’s stock worth $565,000 after buying an additional 901 shares during the period. Louisiana State Employees Retirement System boosted its position in Affiliated Managers Group by 2.9% in the first quarter. Louisiana State Employees Retirement System now owns 3,500 shares of the asset manager’s stock worth $574,000 after buying an additional 100 shares during the period. Finally, Telemus Capital LLC bought a new position in Affiliated Managers Group during the first quarter worth about $553,000. Hedge funds and other institutional investors own 95.29% of the company’s stock.

The stock has a 50-day moving average price of $176.68 and a 200-day moving average price of $165.25. The company has a market cap of $9.67 billion, a P/E ratio of 19.15 and a beta of 1.65.

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About Affiliated Managers Group

Affiliated Managers Group, Inc is an asset management company with equity investments in boutique investment management firms. The Company operates in three segments, which represent its principal distribution channels: Institutional, Mutual Fund and High Net Worth. The equity method investments in the Institutional distribution channel are made in relationships with public and private client entities, including foundations, endowments, sovereign wealth funds and retirement plans for corporations and municipalities.

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