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 to clients and investors on Tuesday. The firm currently has a $164.00 price target on the stock. Zacks Investment Research’s target price points to a potential upside of 7.15% from the company’s current price.
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.”
A number of other research firms have also recently weighed in on AMG. Jefferies Group restated a “buy” rating on shares of Affiliated Managers Group in a research note on Thursday, August 11th. Deutsche Bank AG reduced their price target on shares of Affiliated Managers Group from $192.00 to $183.00 and set a “buy” rating on the stock in a report on Friday, August 5th. TheStreet downgraded shares of Affiliated Managers Group from a “buy” rating to a “hold” rating in a report on Friday, June 24th. Keefe, Bruyette & Woods reduced their price target on shares of Affiliated Managers Group from $215.00 to $196.00 and set an “outperform” rating on the stock in a report on Tuesday, August 2nd. Finally, Credit Suisse Group AG set a $212.00 price target on shares of Affiliated Managers Group and gave the company a “buy” rating in a report on Wednesday, September 28th. Two analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $179.92.
Shares of Affiliated Managers Group (NYSE:AMG) opened at 153.06 on Tuesday. Affiliated Managers Group has a 12-month low of $115.97 and a 12-month high of $190.74. The stock’s 50 day moving average is $144.49 and its 200-day moving average is $153.65. The stock has a market capitalization of $8.25 billion, a price-to-earnings ratio of 17.80 and a beta of 1.56.
Affiliated Managers Group (NYSE:AMG) last released its earnings results on Monday, August 1st. The company reported $3.06 earnings per share for the quarter, beating analysts’ consensus estimates of $3.01 by $0.05. Affiliated Managers Group had a net margin of 20.47% and a return on equity of 18.39%. The company had revenue of $646.60 million for the quarter, compared to analysts’ expectations of $565.16 million. During the same quarter in the previous year, the company earned $3.08 EPS. Affiliated Managers Group’s revenue for the quarter was down 14.3% on a year-over-year basis. On average, analysts expect that Affiliated Managers Group will post $12.85 earnings per share for the current year.
A number of institutional investors have recently modified their holdings of AMG. Riverhead Capital Management LLC increased its position in shares of Affiliated Managers Group by 12.0% in the first quarter. Riverhead Capital Management LLC now owns 17,214 shares of the company’s stock valued at $2,796,000 after buying an additional 1,845 shares during the last quarter. Barr E S & Co. increased its position in shares of Affiliated Managers Group by 15.2% in the first quarter. Barr E S & Co. now owns 143,469 shares of the company’s stock valued at $23,299,000 after buying an additional 18,922 shares during the last quarter. Pictet Asset Management Ltd. boosted its stake in Affiliated Managers Group by 3.5% in the first quarter. Pictet Asset Management Ltd. now owns 29,415 shares of the company’s stock valued at $4,080,000 after buying an additional 1,000 shares during the period. Rafferty Asset Management LLC boosted its stake in Affiliated Managers Group by 49.0% in the first quarter. Rafferty Asset Management LLC now owns 7,214 shares of the company’s stock valued at $1,172,000 after buying an additional 2,373 shares during the period. Finally, BB&T Securities LLC bought a new stake in Affiliated Managers Group during the first quarter valued at about $5,241,000. Institutional investors own 96.68% of the company’s stock.
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.