13,734 Shares in Affiliated Managers Group, Inc. (NYSE:AMG) Acquired by Convergence Investment Partners LLC

Convergence Investment Partners LLC bought a new position in shares of Affiliated Managers Group, Inc. (NYSE:AMG) during the second quarter, HoldingsChannel.com reports. The firm bought 13,734 shares of the asset manager’s stock, valued at approximately $1,024,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. State of Michigan Retirement System boosted its position in Affiliated Managers Group by 25.3% during the second quarter. State of Michigan Retirement System now owns 17,166 shares of the asset manager’s stock worth $1,280,000 after acquiring an additional 3,466 shares during the last quarter. Duality Advisers LP acquired a new stake in Affiliated Managers Group during the second quarter worth approximately $1,414,000. Sciencast Management LP acquired a new stake in Affiliated Managers Group during the second quarter worth approximately $429,000. Campbell & CO Investment Adviser LLC acquired a new stake in Affiliated Managers Group during the second quarter worth approximately $272,000. Finally, North Star Asset Management Inc. boosted its position in Affiliated Managers Group by 1.3% during the second quarter. North Star Asset Management Inc. now owns 91,503 shares of the asset manager’s stock worth $6,822,000 after acquiring an additional 1,152 shares during the last quarter. Hedge funds and other institutional investors own 97.93% of the company’s stock.

In other news, CEO Jay C. Horgen purchased 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were purchased at an average price of $59.26 per share, with a total value of $592,600.00. Following the purchase, the chief executive officer now directly owns 137,667 shares of the company’s stock, valued at approximately $8,158,146.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dwight D. Churchill purchased 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The shares were purchased at an average cost of $71.83 per share, for a total transaction of $71,830.00. Following the purchase, the director now directly owns 10,069 shares in the company, valued at $723,256.27. The disclosure for this purchase can be found here. Company insiders own 1.43% of the company’s stock.

A number of brokerages have weighed in on AMG. Credit Suisse Group decreased their price target on shares of Affiliated Managers Group from $72.00 to $71.00 and set a “neutral” rating on the stock in a report on Tuesday, July 28th. Deutsche Bank decreased their price target on shares of Affiliated Managers Group from $85.00 to $81.00 and set a “hold” rating on the stock in a report on Thursday, July 9th. Bank of America lifted their price target on shares of Affiliated Managers Group from $70.00 to $71.00 and gave the company an “underperform” rating in a report on Friday, July 10th. Barrington Research lifted their price target on shares of Affiliated Managers Group from $75.00 to $82.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Finally, Keefe, Bruyette & Woods upgraded shares of Affiliated Managers Group from a “market perform” rating to an “outperform” rating and set a $75.00 price target on the stock in a report on Monday, April 6th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Affiliated Managers Group has a consensus rating of “Hold” and a consensus price target of $74.50.

Shares of AMG stock traded up $0.37 during mid-day trading on Friday, reaching $68.79. The company’s stock had a trading volume of 391,287 shares, compared to its average volume of 368,335. The company’s 50 day simple moving average is $72.54 and its 200-day simple moving average is $70.83. Affiliated Managers Group, Inc. has a 12-month low of $44.37 and a 12-month high of $89.98. The firm has a market capitalization of $3.25 billion, a PE ratio of 27.63, a price-to-earnings-growth ratio of 0.48 and a beta of 1.56.

Affiliated Managers Group (NYSE:AMG) last issued its earnings results on Monday, July 27th. The asset manager reported $2.74 EPS for the quarter, beating the Zacks’ consensus estimate of $2.71 by $0.03. Affiliated Managers Group had a net margin of 5.95% and a return on equity of 18.94%. The business had revenue of $471.10 million for the quarter, compared to the consensus estimate of $451.28 million. During the same quarter last year, the firm posted $3.33 EPS. The business’s revenue for the quarter was down 20.4% compared to the same quarter last year. On average, equities research analysts predict that Affiliated Managers Group, Inc. will post 11.98 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.06%. The ex-dividend date is Wednesday, August 5th. Affiliated Managers Group’s dividend payout ratio is presently 0.28%.

Affiliated Managers Group Company Profile

Affiliated Managers Group, Inc, through its affiliates, operates as an asset management company providing investment management services to mutual funds, institutional clients, and high net worth individuals in the United States. It provides advisory or subadvisory services to mutual funds. These funds are distributed to retail and institutional clients directly and through intermediaries, including independent investment advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments.

Read More: How is Preferred Stock Different from Common Stock?

Want to see what other hedge funds are holding AMG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Affiliated Managers Group, Inc. (NYSE:AMG).

Institutional Ownership by Quarter for Affiliated Managers Group (NYSE:AMG)

Receive News & Ratings for Affiliated Managers Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Affiliated Managers Group and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News