Sit Investment Associates Inc. lowered its stake in shares of Affiliated Managers Group, Inc. (NYSE:AMG) by 70.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,975 shares of the asset manager’s stock after selling 11,750 shares during the quarter. Sit Investment Associates Inc.’s holdings in Affiliated Managers Group were worth $485,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Cornerstone Wealth Management LLC raised its stake in Affiliated Managers Group by 24.5% in the third quarter. Cornerstone Wealth Management LLC now owns 28,925 shares of the asset manager’s stock valued at $149,000 after purchasing an additional 5,698 shares in the last quarter. Zions Bancorporation purchased a new stake in Affiliated Managers Group in the third quarter valued at approximately $170,000. Trust Co. of Toledo NA OH purchased a new stake in Affiliated Managers Group in the third quarter valued at approximately $202,000. Candriam Luxembourg S.C.A. purchased a new stake in Affiliated Managers Group in the third quarter valued at approximately $204,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Affiliated Managers Group in the third quarter valued at approximately $223,000. Institutional investors own 93.26% of the company’s stock.
Shares of AMG stock traded down $3.76 during trading hours on Friday, hitting $104.84. 534,639 shares of the company’s stock were exchanged, compared to its average volume of 588,024. The company has a market capitalization of $5.52 billion, a PE ratio of 7.23, a price-to-earnings-growth ratio of 0.80 and a beta of 1.42. Affiliated Managers Group, Inc. has a 12-month low of $88.46 and a 12-month high of $197.03. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.42 and a current ratio of 1.29.
Affiliated Managers Group (NYSE:AMG) last issued its earnings results on Monday, February 4th. The asset manager reported $3.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.51 by $0.02. Affiliated Managers Group had a net margin of 10.24% and a return on equity of 18.11%. The firm had revenue of $564.40 million for the quarter, compared to analysts’ expectations of $568.99 million. During the same quarter last year, the business earned $4.68 earnings per share. The business’s revenue was down 6.6% on a year-over-year basis. On average, research analysts predict that Affiliated Managers Group, Inc. will post 13.97 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Thursday, February 14th will be issued a $0.32 dividend. This is a boost from Affiliated Managers Group’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Wednesday, February 13th. This represents a $1.28 annualized dividend and a dividend yield of 1.22%. Affiliated Managers Group’s dividend payout ratio (DPR) is currently 8.28%.
In other news, Director Dwight D. Churchill sold 2,034 shares of the firm’s stock in a transaction that occurred on Wednesday, November 21st. The shares were sold at an average price of $110.53, for a total value of $224,818.02. Following the transaction, the director now owns 6,522 shares in the company, valued at $720,876.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.91% of the stock is currently owned by company insiders.
AMG has been the topic of a number of recent analyst reports. Deutsche Bank lowered their target price on shares of Affiliated Managers Group from $166.00 to $164.00 and set a “buy” rating on the stock in a research note on Tuesday, October 30th. Credit Suisse Group lowered their target price on shares of Affiliated Managers Group from $162.00 to $123.00 and set a “neutral” rating on the stock in a research note on Monday, January 14th. Barrington Research reissued a “buy” rating and set a $135.00 price target on shares of Affiliated Managers Group in a research note on Tuesday, January 8th. They noted that the move was a valuation call. Citigroup downgraded shares of Affiliated Managers Group from a “buy” rating to a “neutral” rating in a research note on Monday, January 14th. Finally, Bank of America reissued a “buy” rating and set a $130.00 price target (down from $155.00) on shares of Affiliated Managers Group in a research note on Thursday, December 6th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $132.12.
Affiliated Managers Group 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.
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