Affiliated Managers Group Inc. (NYSE:AMG) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research report issued on Tuesday. The firm currently has a $164.00 price target on the stock. Zacks Investment Research’s price target points to a potential upside of 7.34% from the stock’s previous close.
According to Zacks, “Affiliated Managers has a positive record of earnings surprises in the recent quarters. Notably, the estimates have been stable ahead of the company’s third-quarter 2016 earnings release. The company remains well positioned based on successful partnerships and global distribution capability along with a diverse product mix and initiatives undertaken to strengthen the retail market operations. Further, given its strong balance sheet and liquidity position, the company has considerable capabilities to invest in other firms. However, the company’s one of the major concerns is the continuous increase in expenses due to investment in affiliates. Further, intangible assets form a substantial part of the balance sheet and hence the company faces the risk of impairment.”
Other analysts have also recently issued reports about the stock. Deutsche Bank AG restated a “buy” rating on shares of Affiliated Managers Group in a report on Sunday, July 10th. Keefe, Bruyette & Woods cut their price objective on shares of Affiliated Managers Group from $215.00 to $196.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 2nd. TheStreet lowered shares of Affiliated Managers Group from a “buy” rating to a “hold” rating in a research report on Friday, June 24th. Jefferies Group reaffirmed a “buy” rating on shares of Affiliated Managers Group in a research report on Thursday, August 11th. Finally, Credit Suisse Group AG reaffirmed a “buy” rating and set a $238.00 price objective on shares of Affiliated Managers Group in a research report on Wednesday, June 8th. Two investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Affiliated Managers Group presently has an average rating of “Buy” and an average price target of $179.92.
Affiliated Managers Group (NYSE:AMG) opened at 152.79 on Tuesday. Affiliated Managers Group has a 52 week low of $115.97 and a 52 week high of $190.74. The stock has a market capitalization of $8.23 billion, a P/E ratio of 17.77 and a beta of 1.56. The stock has a 50 day moving average of $143.81 and a 200 day moving average of $153.72.
Affiliated Managers Group (NYSE:AMG) last posted its quarterly earnings results on Monday, August 1st. The company reported $3.06 EPS for the quarter, topping the consensus estimate of $3.01 by $0.05. The business earned $646.60 million during the quarter, compared to analysts’ expectations of $565.16 million. Affiliated Managers Group had a net margin of 20.47% and a return on equity of 18.39%. The firm’s quarterly revenue was down 14.3% compared to the same quarter last year. During the same period last year, the company posted $3.08 earnings per share. On average, equities research analysts predict that Affiliated Managers Group will post $12.86 earnings per share for the current fiscal year.
A number of institutional investors have recently made changes to their positions in AMG. Vanguard Group Inc. raised its position in shares of Affiliated Managers Group by 1.7% in the second quarter. Vanguard Group Inc. now owns 4,739,377 shares of the company’s stock worth $667,161,000 after buying an additional 78,317 shares during the period. Atlanta Capital Management Co. L L C raised its position in shares of Affiliated Managers Group by 7.5% in the second quarter. Atlanta Capital Management Co. L L C now owns 1,844,648 shares of the company’s stock worth $259,672,000 after buying an additional 129,121 shares during the period. JPMorgan Chase & Co. raised its position in shares of Affiliated Managers Group by 0.3% in the second quarter. JPMorgan Chase & Co. now owns 1,216,199 shares of the company’s stock worth $171,204,000 after buying an additional 3,307 shares during the period. BlackRock Fund Advisors raised its position in shares of Affiliated Managers Group by 2.2% in the second quarter. BlackRock Fund Advisors now owns 867,660 shares of the company’s stock worth $122,140,000 after buying an additional 19,065 shares during the period. Finally, Jackson Square Partners LLC raised its position in shares of Affiliated Managers Group by 14.8% in the first quarter. Jackson Square Partners LLC now owns 742,972 shares of the company’s stock worth $120,658,000 after buying an additional 95,592 shares during the period. 96.68% of the stock is currently owned by institutional investors and hedge funds.
About Affiliated Managers Group
Affiliated Managers Group, Inc is an asset management company with equity investments in boutique investment management firms (Affiliates). The Company is focused on investing in the boutique investment management firms globally, including traditional, alternative and wealth management firms, specializing in an array of active return-oriented investment strategies.
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