Affiliated Managers Group (NYSE:AMG) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Affiliated Managers Group, Inc. (NYSE:AMGGet Free Report) gapped up before the market opened on Monday following a stronger than expected earnings report. The stock had previously closed at $149.66, but opened at $154.39. Affiliated Managers Group shares last traded at $155.60, with a volume of 66,470 shares traded.

The asset manager reported $6.86 earnings per share for the quarter, topping the consensus estimate of $6.03 by $0.83. Affiliated Managers Group had a return on equity of 17.65% and a net margin of 59.89%. The firm had revenue of $502.70 million during the quarter, compared to analyst estimates of $524.98 million. During the same period last year, the company posted $7.28 EPS. The business’s quarterly revenue was down 6.8% on a year-over-year basis.

Analysts Set New Price Targets

Several research firms have recently weighed in on AMG. StockNews.com raised Affiliated Managers Group from a “hold” rating to a “buy” rating in a research report on Friday, October 20th. Barrington Research boosted their target price on Affiliated Managers Group from $165.00 to $175.00 and gave the company an “outperform” rating in a research report on Tuesday, January 16th. Deutsche Bank Aktiengesellschaft decreased their target price on Affiliated Managers Group from $150.00 to $148.00 and set a “buy” rating for the company in a research report on Wednesday, October 11th. TD Cowen began coverage on Affiliated Managers Group in a research report on Thursday, January 4th. They issued an “outperform” rating and a $185.00 target price for the company. Finally, Jefferies Financial Group decreased their target price on Affiliated Managers Group from $164.00 to $157.00 in a research report on Tuesday, October 10th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $168.20.

Read Our Latest Research Report on Affiliated Managers Group

Institutional Trading of Affiliated Managers Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lindbrook Capital LLC boosted its stake in shares of Affiliated Managers Group by 80.0% in the 4th quarter. Lindbrook Capital LLC now owns 162 shares of the asset manager’s stock worth $25,000 after buying an additional 72 shares during the last quarter. Lazard Asset Management LLC boosted its stake in shares of Affiliated Managers Group by 76.3% in the 1st quarter. Lazard Asset Management LLC now owns 275 shares of the asset manager’s stock worth $38,000 after buying an additional 119 shares during the last quarter. First Capital Advisors Group LLC. purchased a new position in shares of Affiliated Managers Group in the 2nd quarter worth approximately $44,000. Quarry LP boosted its stake in shares of Affiliated Managers Group by 1,193.3% in the 1st quarter. Quarry LP now owns 388 shares of the asset manager’s stock worth $55,000 after buying an additional 358 shares during the last quarter. Finally, National Bank of Canada FI boosted its stake in shares of Affiliated Managers Group by 54.0% in the 2nd quarter. National Bank of Canada FI now owns 402 shares of the asset manager’s stock worth $60,000 after buying an additional 141 shares during the last quarter. 92.89% of the stock is owned by institutional investors.

Affiliated Managers Group Stock Performance

The business has a 50 day moving average price of $146.92 and a two-hundred day moving average price of $137.94. The stock has a market cap of $5.27 billion, a PE ratio of 5.30, a P/E/G ratio of 0.79 and a beta of 1.31.

Affiliated Managers Group Company Profile

(Get Free Report)

Affiliated Managers Group, Inc, through its affiliates, operates as an investment management company providing investment management services to mutual funds, institutional clients,retails and high net worth individuals in the United States. It provides advisory or sub-advisory services to mutual funds.

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