Bank of America Increases Affiliated Managers Group (NYSE:AMG) Price Target to $335.00

Affiliated Managers Group (NYSE:AMG) had its price objective upped by Bank of America to $335.00 in a research report released on Thursday,Benzinga reports. Bank of America currently has a buy rating on the asset manager’s stock.

A number of other research firms have also weighed in on AMG. The Goldman Sachs Group upgraded shares of Affiliated Managers Group from a “neutral” rating to a “buy” rating and raised their price objective for the company from $197.00 to $218.00 in a research note on Friday, June 27th. Zacks Research upgraded shares of Affiliated Managers Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 22nd. Wall Street Zen upgraded shares of Affiliated Managers Group from a “hold” rating to a “buy” rating in a research note on Friday, September 26th. Barrington Research restated an “outperform” rating and set a $240.00 price objective on shares of Affiliated Managers Group in a research note on Tuesday, September 23rd. Finally, Cowen raised shares of Affiliated Managers Group from a “hold” rating to a “buy” rating in a report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company’s stock. According to data from MarketBeat, Affiliated Managers Group has a consensus rating of “Buy” and a consensus price target of $251.20.

Affiliated Managers Group Stock Performance

NYSE:AMG opened at $236.32 on Thursday. The firm has a market cap of $6.71 billion, a P/E ratio of 17.25, a P/E/G ratio of 0.61 and a beta of 1.21. Affiliated Managers Group has a fifty-two week low of $139.22 and a fifty-two week high of $250.15. The firm has a 50-day simple moving average of $226.17 and a two-hundred day simple moving average of $194.96.

Affiliated Managers Group (NYSE:AMG) last released its quarterly earnings data on Thursday, July 31st. The asset manager reported $5.39 earnings per share for the quarter, beating analysts’ consensus estimates of $5.26 by $0.13. The business had revenue of $493.20 million during the quarter, compared to analyst estimates of $506.46 million. Affiliated Managers Group had a net margin of 21.79% and a return on equity of 16.11%. Affiliated Managers Group’s revenue was down 1.4% compared to the same quarter last year. During the same period last year, the business earned $4.67 EPS. On average, equities research analysts predict that Affiliated Managers Group will post 22.86 EPS for the current year.

Affiliated Managers Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were issued a $0.01 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. Affiliated Managers Group’s dividend payout ratio (DPR) is presently 0.29%.

Insider Activity

In related news, COO Thomas M. Wojcik sold 16,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $231.03, for a total value of $3,696,480.00. Following the transaction, the chief operating officer owned 158,710 shares of the company’s stock, valued at approximately $36,666,771.30. This trade represents a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Affiliated Managers Group

A number of institutional investors and hedge funds have recently made changes to their positions in AMG. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Affiliated Managers Group by 428.0% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 132 shares of the asset manager’s stock worth $26,000 after buying an additional 107 shares during the last quarter. Millstone Evans Group LLC lifted its holdings in Affiliated Managers Group by 154.5% during the first quarter. Millstone Evans Group LLC now owns 168 shares of the asset manager’s stock valued at $28,000 after purchasing an additional 102 shares in the last quarter. Versant Capital Management Inc lifted its holdings in Affiliated Managers Group by 70.8% during the first quarter. Versant Capital Management Inc now owns 181 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 75 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Affiliated Managers Group during the first quarter valued at approximately $36,000. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Affiliated Managers Group by 80.3% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 229 shares of the asset manager’s stock valued at $45,000 after purchasing an additional 102 shares in the last quarter. Hedge funds and other institutional investors own 95.30% of the company’s stock.

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.