TD Cowen Downgrades Affiliated Managers Group (NYSE:AMG) to Hold

TD Cowen cut shares of Affiliated Managers Group (NYSE:AMG) from a buy rating to a hold rating in a report issued on Tuesday, Marketbeat reports. The brokerage currently has $177.00 price target on the asset manager’s stock, down from their previous price target of $226.00.

A number of other research firms have also recently commented on AMG. StockNews.com cut shares of Affiliated Managers Group from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Bank of America raised their target price on shares of Affiliated Managers Group from $200.00 to $201.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Barrington Research reiterated an “outperform” rating and set a $210.00 price target on shares of Affiliated Managers Group in a report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Affiliated Managers Group from $202.00 to $205.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $195.50.

Affiliated Managers Group Price Performance

Shares of NYSE:AMG opened at $184.95 on Tuesday. Affiliated Managers Group has a 1 year low of $129.57 and a 1 year high of $199.52. The stock has a market capitalization of $5.51 billion, a price-to-earnings ratio of 12.06, a price-to-earnings-growth ratio of 0.57 and a beta of 1.18. The company’s 50 day simple moving average is $181.14 and its 200 day simple moving average is $169.19.

Affiliated Managers Group (NYSE:AMG) last issued its quarterly earnings results 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). Affiliated Managers Group had a net margin of 27.02% and a return on equity of 16.76%. The business had revenue of $525.20 million during the quarter, compared to the consensus estimate of $521.87 million. During the same quarter in the previous year, the business posted $4.08 EPS. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. As a group, analysts anticipate that Affiliated Managers Group will post 22.02 EPS for the current fiscal year.

Affiliated Managers Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Thursday, November 14th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.02%. The ex-dividend date is Thursday, November 14th. Affiliated Managers Group’s dividend payout ratio (DPR) is currently 0.26%.

Insider Activity

In related news, CEO Jay C. Horgen sold 9,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $171.98, for a total value of $1,547,820.00. Following the sale, the chief executive officer now owns 377,276 shares of the company’s stock, valued at $64,883,926.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Rizwan M. Jamal sold 8,622 shares of Affiliated Managers Group stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $172.89, for a total value of $1,490,657.58. Following the transaction, the insider now directly owns 128,457 shares of the company’s stock, valued at $22,208,930.73. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jay C. Horgen sold 9,000 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $171.98, for a total value of $1,547,820.00. Following the completion of the sale, the chief executive officer now owns 377,276 shares in the company, valued at $64,883,926.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,408 shares of company stock valued at $3,865,068. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Ariel Investments LLC increased its position in shares of Affiliated Managers Group by 8.7% during the second quarter. Ariel Investments LLC now owns 1,442,817 shares of the asset manager’s stock worth $225,411,000 after buying an additional 115,808 shares during the period. Victory Capital Management Inc. boosted its position in Affiliated Managers Group by 150.1% during the second quarter. Victory Capital Management Inc. now owns 99,407 shares of the asset manager’s stock valued at $15,530,000 after acquiring an additional 59,659 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in Affiliated Managers Group by 36.3% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 177,530 shares of the asset manager’s stock worth $29,731,000 after acquiring an additional 47,239 shares during the period. Los Angeles Capital Management LLC raised its position in shares of Affiliated Managers Group by 70.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 100,072 shares of the asset manager’s stock worth $17,793,000 after acquiring an additional 41,413 shares in the last quarter. Finally, Algert Global LLC lifted its stake in shares of Affiliated Managers Group by 74.8% in the 2nd quarter. Algert Global LLC now owns 89,254 shares of the asset manager’s stock valued at $13,944,000 after purchasing an additional 38,206 shares during the period. Institutional investors own 95.30% of the company’s stock.

Affiliated Managers Group Company Profile

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.