Parsec Financial Management Inc. Buys Shares of 1,344 Affiliated Managers Group, Inc. (AMG)

Parsec Financial Management Inc. acquired a new stake in Affiliated Managers Group, Inc. (NYSE:AMG) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 1,344 shares of the asset manager’s stock, valued at approximately $223,000.

Several other institutional investors have also modified their holdings of the company. State of Alaska Department of Revenue acquired a new position in shares of Affiliated Managers Group during the first quarter valued at $104,000. Creative Planning boosted its position in shares of Affiliated Managers Group by 15.0% in the second quarter. Creative Planning now owns 705 shares of the asset manager’s stock valued at $117,000 after buying an additional 92 shares during the period. Financial Architects Inc boosted its position in shares of Affiliated Managers Group by 5,340.0% in the first quarter. Financial Architects Inc now owns 816 shares of the asset manager’s stock valued at $134,000 after buying an additional 801 shares during the period. FNY Partners Fund LP acquired a new position in shares of Affiliated Managers Group during the first quarter valued at $163,000. Finally, Pacer Advisors Inc. boosted its position in shares of Affiliated Managers Group by 3.1% in the first quarter. Pacer Advisors Inc. now owns 1,096 shares of the asset manager’s stock valued at $180,000 after buying an additional 33 shares during the period. Hedge funds and other institutional investors own 95.29% of the company’s stock.

Shares of Affiliated Managers Group, Inc. (NYSE:AMG) opened at 172.84 on Friday. Affiliated Managers Group, Inc. has a 52-week low of $130.48 and a 52-week high of $187.08. The stock’s 50 day moving average is $176.68 and its 200 day moving average is $165.25. The company has a market cap of $9.67 billion, a PE ratio of 19.15 and a beta of 1.65.

Affiliated Managers Group (NYSE:AMG) last announced its earnings results on Monday, July 31st. The asset manager reported $3.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.24 by $0.09. The business had revenue of $570.90 million during 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 quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the company posted $3.07 EPS. Equities analysts forecast that Affiliated Managers Group, Inc. will post $14.55 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Thursday, August 10th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.46%. The ex-dividend date is Tuesday, August 8th. Affiliated Managers Group’s payout ratio is 8.87%.

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

In related news, Director Dwight D. Churchill sold 3,277 shares of the stock in a transaction on Monday, June 5th. The stock was sold at an average price of $163.30, for a total value of $535,134.10. Following the completion of the transaction, the director now directly owns 7,301 shares of the company’s stock, valued at approximately $1,192,253.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 transaction, the chief executive officer now directly owns 206,689 shares of the company’s stock, valued at $33,291,397.23. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.

Affiliated Managers Group Company Profile

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.

Institutional Ownership by Quarter for Affiliated Managers Group (NYSE:AMG)

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