Principal Financial Group Inc. Sells 36,973 Shares of Affiliated Managers Group, Inc. (NYSE:AMG)

Principal Financial Group Inc. reduced its stake in shares of Affiliated Managers Group, Inc. (NYSE:AMG) by 34.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 69,143 shares of the asset manager’s stock after selling 36,973 shares during the period. Principal Financial Group Inc.’s holdings in Affiliated Managers Group were worth $12,294,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Ariel Investments LLC raised its stake in Affiliated Managers Group by 8.7% in the 2nd quarter. Ariel Investments LLC now owns 1,442,817 shares of the asset manager’s stock valued at $225,411,000 after acquiring an additional 115,808 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Affiliated Managers Group by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 826,123 shares of the asset manager’s stock worth $129,065,000 after purchasing an additional 30,059 shares in the last quarter. LSV Asset Management increased its stake in shares of Affiliated Managers Group by 0.8% in the second quarter. LSV Asset Management now owns 240,504 shares of the asset manager’s stock worth $37,574,000 after purchasing an additional 2,000 shares in the last quarter. New York State Common Retirement Fund raised its position in shares of Affiliated Managers Group by 6.7% in the third quarter. New York State Common Retirement Fund now owns 185,147 shares of the asset manager’s stock valued at $32,919,000 after purchasing an additional 11,565 shares during the period. Finally, Basswood Capital Management L.L.C. lifted its stake in shares of Affiliated Managers Group by 22.7% during the 3rd quarter. Basswood Capital Management L.L.C. now owns 131,981 shares of the asset manager’s stock valued at $23,466,000 after buying an additional 24,379 shares in the last quarter. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on AMG shares. TD Cowen cut shares of Affiliated Managers Group from a “buy” rating to a “hold” rating and lowered their target price for the company from $226.00 to $177.00 in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft boosted their price objective on Affiliated Managers Group from $204.00 to $208.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Finally, Barrington Research cut their target price on Affiliated Managers Group from $210.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $196.50.

Affiliated Managers Group Price Performance

Shares of NYSE:AMG opened at $187.64 on Monday. The firm has a fifty day moving average price of $187.04 and a two-hundred day moving average price of $175.98. The company has a market cap of $5.67 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 0.69 and a beta of 1.15. Affiliated Managers Group, Inc. has a one year low of $145.36 and a one year high of $199.52.

Affiliated Managers Group (NYSE:AMG) last posted its quarterly earnings data on Monday, November 4th. The asset manager reported $4.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.84 by ($0.02). The business had revenue of $525.20 million for the quarter, compared to the consensus estimate of $521.87 million. Affiliated Managers Group had a net margin of 27.02% and a return on equity of 16.76%. Affiliated Managers Group’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the business posted $4.08 EPS. Equities research analysts expect that Affiliated Managers Group, Inc. will post 20.91 EPS for the current fiscal year.

Affiliated Managers Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Thursday, November 14th were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.02%. The ex-dividend date of this dividend was Thursday, November 14th. Affiliated Managers Group’s payout ratio is 0.26%.

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.