Affiliated Managers Group, Inc. (NYSE:AMG) saw a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 724,074 shares, a drop of 34.0% from the October 13th total of 1,097,000 shares. Based on an average trading volume of 290,922 shares, the days-to-cover ratio is presently 2.5 days. Currently, 1.3% of the company’s shares are sold short.
AMG has been the subject of several research analyst reports. Keefe, Bruyette & Woods restated a “buy” rating and set a $229.00 price target on shares of Affiliated Managers Group in a research report on Thursday, October 12th. Zacks Investment Research upgraded Affiliated Managers Group from a “hold” rating to a “buy” rating and set a $213.00 target price for the company in a report on Monday, October 2nd. Jefferies Group LLC reiterated a “buy” rating and issued a $226.00 target price on shares of Affiliated Managers Group in a report on Thursday, October 12th. Credit Suisse Group lifted their target price on Affiliated Managers Group from $205.00 to $223.00 and gave the company an “outperform” rating in a report on Friday, August 11th. Finally, BidaskClub lowered Affiliated Managers Group from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Affiliated Managers Group has an average rating of “Buy” and a consensus target price of $207.25.
In other news, Director Patrick T. Ryan sold 7,705 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $185.27, for a total transaction of $1,427,505.35. Following the completion of the transaction, the director now directly owns 6,797 shares in the company, valued at $1,259,280.19. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Dwight D. Churchill sold 2,080 shares of the firm’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $184.28, for a total value of $383,302.40. Following the transaction, the director now owns 6,104 shares of the company’s stock, valued at $1,124,845.12. The disclosure for this sale can be found here. 1.40% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in AMG. The Manufacturers Life Insurance Company boosted its holdings in Affiliated Managers Group by 60.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,591,358 shares of the asset manager’s stock valued at $595,663,000 after purchasing an additional 1,359,805 shares in the last quarter. Harbour Capital Advisors LLC boosted its holdings in Affiliated Managers Group by 15,766.6% in the 2nd quarter. Harbour Capital Advisors LLC now owns 1,042,596 shares of the asset manager’s stock valued at $6,286,000 after purchasing an additional 1,036,025 shares in the last quarter. EdgePoint Investment Group Inc. boosted its holdings in Affiliated Managers Group by 42.2% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 1,932,316 shares of the asset manager’s stock valued at $320,494,000 after purchasing an additional 573,066 shares in the last quarter. Amundi Pioneer Asset Management Inc. boosted its holdings in Affiliated Managers Group by 156.0% in the 3rd quarter. Amundi Pioneer Asset Management Inc. now owns 714,516 shares of the asset manager’s stock valued at $135,637,000 after purchasing an additional 435,440 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in Affiliated Managers Group by 333.2% in the 2nd quarter. Janus Henderson Group PLC now owns 518,866 shares of the asset manager’s stock valued at $86,059,000 after purchasing an additional 399,083 shares in the last quarter. 96.02% of the stock is currently owned by institutional investors.
Affiliated Managers Group (NYSE AMG) opened at $182.86 on Tuesday. The stock has a market capitalization of $10,247.08, a PE ratio of 13.41, a P/E/G ratio of 0.87 and a beta of 1.70. Affiliated Managers Group has a 52-week low of $139.15 and a 52-week high of $198.40. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.61 and a quick ratio of 0.61.
Affiliated Managers Group (NYSE:AMG) last issued its quarterly earnings results on Monday, October 30th. The asset manager reported $3.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.36 by $0.05. The firm had revenue of $585.70 million for the quarter, compared to analysts’ expectations of $586.55 million. Affiliated Managers Group had a return on equity of 17.63% and a net margin of 23.29%. The firm’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.02 EPS. equities analysts expect that Affiliated Managers Group will post 14.44 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Thursday, November 9th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.44%. The ex-dividend date is Wednesday, November 8th. Affiliated Managers Group’s dividend payout ratio (DPR) is presently 8.66%.
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About Affiliated Managers Group
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.
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