Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of Affiliated Managers Group, Inc. (NYSE:AMG) by 503.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,900 shares of the asset manager’s stock after buying an additional 1,585 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Affiliated Managers Group were worth $260,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Municipal Employees Retirement System of Michigan raised its holdings in Affiliated Managers Group by 34.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 5,810 shares of the asset manager’s stock valued at $864,000 after acquiring an additional 1,480 shares in the last quarter. Cornerstone Wealth Management LLC acquired a new stake in Affiliated Managers Group during the second quarter worth approximately $156,000. Unigestion Holding SA acquired a new stake in Affiliated Managers Group during the second quarter worth approximately $657,000. Janney Montgomery Scott LLC raised its holdings in Affiliated Managers Group by 12.4% during the second quarter. Janney Montgomery Scott LLC now owns 3,466 shares of the asset manager’s stock worth $515,000 after purchasing an additional 382 shares in the last quarter. Finally, Bank of The West raised its holdings in Affiliated Managers Group by 14.7% during the second quarter. Bank of The West now owns 4,051 shares of the asset manager’s stock worth $602,000 after purchasing an additional 520 shares in the last quarter. 91.80% of the stock is owned by institutional investors.
In related news, Director Dwight D. Churchill sold 2,034 shares of Affiliated Managers Group stock in a transaction 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 directly owns 6,522 shares in the company, valued at approximately $720,876.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Hugh Cutler acquired 1,564 shares of the stock in a transaction that occurred on Wednesday, October 31st. The stock was purchased at an average price of $115.48 per share, for a total transaction of $180,610.72. Following the completion of the transaction, the executive vice president now owns 7,087 shares in the company, valued at $818,406.76. The disclosure for this purchase can be found here. Company insiders own 0.91% of the company’s stock.
Affiliated Managers Group (NYSE:AMG) last announced its earnings results on Monday, October 29th. The asset manager reported $3.45 EPS for the quarter, beating analysts’ consensus estimates of $3.42 by $0.03. The business had revenue of $601.30 million for the quarter, compared to analysts’ expectations of $604.82 million. Affiliated Managers Group had a net margin of 29.38% and a return on equity of 19.37%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the company posted $3.41 EPS. As a group, equities research analysts expect that Affiliated Managers Group, Inc. will post 14.78 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 21st. Investors of record on Thursday, November 8th were given a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, November 7th. This represents a $1.20 dividend on an annualized basis and a yield of 1.10%. Affiliated Managers Group’s dividend payout ratio (DPR) is 8.22%.
A number of research firms have weighed in on AMG. Zacks Investment Research cut shares of Affiliated Managers Group from a “hold” rating to a “sell” rating in a report on Monday, November 19th. Deutsche Bank cut their target price on shares of Affiliated Managers Group from $164.00 to $158.00 and set a “buy” rating on the stock in a report on Friday, November 16th. Citigroup cut their target price on shares of Affiliated Managers Group from $195.00 to $140.00 and set a “buy” rating on the stock in a report on Tuesday, October 30th. Finally, Barrington Research cut their target price on shares of Affiliated Managers Group from $200.00 to $150.00 and set an “outperform” rating on the stock in a report on Monday, October 29th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $189.75.
About Affiliated Managers Group
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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