Zacks Investment Research downgraded shares of Affiliated Managers Group Inc. (NYSE:AMG) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.
According to Zacks, “Affiliated Managers has a positive record of earnings surprises in the recent quarters. Also, the estimates have been rising 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.”
AMG has been the subject of a number of other reports. Credit Suisse Group AG reissued an outperform rating and issued a $212.00 target price on shares of Affiliated Managers Group in a report on Thursday, September 8th. Deutsche Bank AG reaffirmed a buy rating on shares of Affiliated Managers Group in a research note on Sunday, July 10th. Capital One Financial Corp. reaffirmed a buy rating and set a $188.00 price objective on shares of Affiliated Managers Group in a research note on Wednesday, October 5th. Jefferies Group dropped their price objective on shares of Affiliated Managers Group from $195.00 to $193.00 and set a buy rating for the company in a research note on Tuesday, October 11th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Affiliated Managers Group from $215.00 to $196.00 and set an outperform rating for the company in a research note on Tuesday, August 2nd. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $179.75.
Shares of Affiliated Managers Group (NYSE:AMG) opened at 139.82 on Wednesday. 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 $7.53 billion, a P/E ratio of 16.26 and a beta of 1.56. The stock has a 50 day moving average of $145.02 and a 200-day moving average of $152.95.
Affiliated Managers Group (NYSE:AMG) last posted 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 firm earned $646.60 million during the quarter, compared to analyst estimates of $565.16 million. During the same period last year, the firm posted $3.08 earnings per share. Affiliated Managers Group’s revenue for the quarter was down 14.3% compared to the same quarter last year. Analysts predict that Affiliated Managers Group will post $12.85 EPS for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in AMG. Putnam FL Investment Management Co. increased its stake in Affiliated Managers Group by 1.3% in the third quarter. Putnam FL Investment Management Co. now owns 5,520 shares of the company’s stock valued at $799,000 after buying an additional 71 shares during the last quarter. Advisor Consultant Network Inc. purchased a new stake in Affiliated Managers Group during the third quarter valued at $3,583,000. First National Bank of Omaha increased its stake in Affiliated Managers Group by 23.0% in the third quarter. First National Bank of Omaha now owns 30,822 shares of the company’s stock valued at $4,460,000 after buying an additional 5,763 shares during the last quarter. Legacy Private Trust Co. purchased a new stake in Affiliated Managers Group during the third quarter valued at $245,000. Finally, Community Trust & Investment Co. purchased a new stake in Affiliated Managers Group during the third quarter valued at $514,000.
Affiliated Managers Group Company Profile
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.