BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its stake in Affiliated Managers Group, Inc. (NYSE:AMG) by 31.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 23,756 shares of the asset manager’s stock after selling 11,095 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Affiliated Managers Group were worth $4,876,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. IFM Investors Pty Ltd purchased a new position in shares of Affiliated Managers Group in the fourth quarter valued at $201,000. Waldron LP purchased a new position in shares of Affiliated Managers Group in the fourth quarter valued at $201,000. Canandaigua National Bank & Trust Co. purchased a new position in shares of Affiliated Managers Group in the fourth quarter valued at $204,000. Schaper Benz & Wise Investment Counsel Inc. WI purchased a new position in shares of Affiliated Managers Group in the fourth quarter valued at $205,000. Finally, Gofen & Glossberg LLC IL purchased a new position in Affiliated Managers Group during the fourth quarter worth about $206,000. Institutional investors own 96.65% of the company’s stock.
In other news, CFO Jay C. Horgen sold 30,000 shares of the company’s stock in a transaction dated Thursday, March 8th. The stock was sold at an average price of $189.59, for a total value of $5,687,700.00. Following the completion of the transaction, the chief financial officer now directly owns 114,039 shares in the company, valued at approximately $21,620,654.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.40% of the stock is currently owned by corporate insiders.
Affiliated Managers Group (NYSE:AMG) last posted its quarterly earnings data on Monday, January 29th. The asset manager reported $4.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.55 by $0.13. Affiliated Managers Group had a return on equity of 18.61% and a net margin of 29.92%. The firm had revenue of $604.10 million during the quarter, compared to analysts’ expectations of $608.51 million. During the same period in the prior year, the business earned $3.80 EPS. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. equities research analysts predict that Affiliated Managers Group, Inc. will post 17.55 earnings per share for the current fiscal year.
Affiliated Managers Group declared that its board has initiated a share repurchase program on Monday, January 29th that permits the company to repurchase 3,400,000 shares. This repurchase authorization permits the asset manager to repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
Several equities analysts recently commented on AMG shares. Zacks Investment Research upgraded Affiliated Managers Group from a “hold” rating to a “buy” rating and set a $230.00 target price for the company in a research report on Tuesday, January 2nd. Credit Suisse Group cut Affiliated Managers Group from an “outperform” rating to a “neutral” rating and set a $220.00 target price for the company. in a research report on Wednesday, January 3rd. Goldman Sachs cut Affiliated Managers Group from a “buy” rating to a “neutral” rating and set a $216.00 target price for the company. in a research report on Tuesday, January 9th. Citigroup upgraded Affiliated Managers Group from a “neutral” rating to a “buy” rating in a research report on Friday, January 19th. Finally, Barrington Research boosted their target price on Affiliated Managers Group to $240.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 30th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $228.00.
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About Affiliated Managers Group
Affiliated Managers Group, Inc is an asset management company with equity investments in boutique investment management firms. The Company operates in three segments, which represent its principal distribution channels: Institutional, Mutual Fund and High Net Worth. The equity method investments in the Institutional distribution channel are made in relationships with public and private client entities, including foundations, endowments, sovereign wealth funds and retirement plans for corporations and municipalities.
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