Affiliated Managers Group (NYSE:AMG) Sets New 52-Week High – Should You Buy?

Affiliated Managers Group, Inc. (NYSE:AMG) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $194.46 and last traded at $194.46, with a volume of 1923 shares trading hands. The stock had previously closed at $192.86.

Wall Street Analyst Weigh In

AMG has been the topic of a number of research analyst reports. StockNews.com downgraded shares of Affiliated Managers Group from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Barrington Research upped their price target on Affiliated Managers Group from $190.00 to $210.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Bank of America boosted their price objective 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. Deutsche Bank Aktiengesellschaft raised their target price on shares of Affiliated Managers Group from $202.00 to $205.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Finally, TD Cowen upped their target price on Affiliated Managers Group from $201.00 to $226.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $210.50.

Affiliated Managers Group Price Performance

The company has a market cap of $6.20 billion, a P/E ratio of 10.80, a PEG ratio of 0.58 and a beta of 1.20. The stock has a fifty day moving average price of $175.80 and a two-hundred day moving average price of $166.51.

Affiliated Managers Group (NYSE:AMG) last announced its earnings results on Monday, July 29th. The asset manager reported $4.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.60 by $0.07. Affiliated Managers Group had a net margin of 31.51% and a return on equity of 16.50%. The firm had revenue of $500.30 million during the quarter, compared to analyst estimates of $518.03 million. During the same quarter in the prior year, the firm posted $4.45 EPS. Affiliated Managers Group’s revenue was down 2.4% compared to the same quarter last year. As a group, analysts forecast that Affiliated Managers Group, Inc. will post 21.98 earnings per share for the current year.

Affiliated Managers Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were issued a dividend of $0.01 per share. The ex-dividend date was Thursday, August 8th. This represents a $0.04 annualized dividend and a yield of 0.02%. Affiliated Managers Group’s payout ratio is 0.22%.

Insiders Place Their Bets

In other news, insider Rizwan M. Jamal sold 8,622 shares of Affiliated Managers Group stock in a transaction on Friday, August 16th. The stock was sold at an average price of $172.89, for a total transaction of $1,490,657.58. Following the transaction, the insider now directly owns 128,457 shares in the company, valued at approximately $22,208,930.73. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Rizwan M. Jamal sold 8,622 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $172.89, for a total transaction of $1,490,657.58. Following the completion of the transaction, the insider now owns 128,457 shares of the company’s stock, valued at $22,208,930.73. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Thomas M. Wojcik sold 4,786 shares of Affiliated Managers Group stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $172.71, for a total value of $826,590.06. Following the transaction, the chief operating officer now directly owns 84,392 shares in the company, valued at approximately $14,575,342.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,408 shares of company stock worth $3,865,068 over the last ninety days. Company insiders own 1.90% of the company’s stock.

Institutional Trading of Affiliated Managers Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. lifted its position in shares of Affiliated Managers Group by 1.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 7,854 shares of the asset manager’s stock valued at $1,189,000 after acquiring an additional 135 shares during the last quarter. Abacus Planning Group Inc. acquired a new position in shares of Affiliated Managers Group in the 1st quarter valued at $271,000. State of Michigan Retirement System increased its stake in Affiliated Managers Group by 2.5% in the 1st quarter. State of Michigan Retirement System now owns 8,319 shares of the asset manager’s stock worth $1,393,000 after purchasing an additional 200 shares in the last quarter. Denali Advisors LLC raised its holdings in Affiliated Managers Group by 429.2% during the 1st quarter. Denali Advisors LLC now owns 254 shares of the asset manager’s stock worth $43,000 after buying an additional 206 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in Affiliated Managers Group by 2.5% during the first quarter. Principal Financial Group Inc. now owns 127,342 shares of the asset manager’s stock valued at $21,326,000 after buying an additional 3,148 shares in the last quarter. 95.30% of the stock is owned by institutional investors and hedge funds.

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.