EdgePoint Investment Group Inc. increased its holdings in shares of Affiliated Managers Group, Inc. (NYSE:AMG) by 42.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,932,316 shares of the asset manager’s stock after acquiring an additional 573,066 shares during the period. Affiliated Managers Group comprises approximately 5.1% of EdgePoint Investment Group Inc.’s holdings, making the stock its 7th largest holding. EdgePoint Investment Group Inc. owned approximately 3.43% of Affiliated Managers Group worth $320,494,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AMG. BlackRock Inc. grew its position in Affiliated Managers Group by 3,178.4% during the 1st quarter. BlackRock Inc. now owns 3,425,390 shares of the asset manager’s stock worth $561,556,000 after acquiring an additional 3,320,906 shares during the last quarter. Harbour Capital Advisors LLC lifted its holdings in Affiliated Managers Group by 15,766.6% during the 2nd quarter. Harbour Capital Advisors LLC now owns 1,042,596 shares of the asset manager’s stock worth $6,286,000 after buying an additional 1,036,025 shares in the last quarter. RidgeWorth Capital Management LLC acquired a new position in Affiliated Managers Group during the 1st quarter worth $40,387,000. Vanguard Group Inc. lifted its holdings in Affiliated Managers Group by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 5,303,083 shares of the asset manager’s stock worth $869,387,000 after buying an additional 243,426 shares in the last quarter. Finally, CI Global Investments Inc. lifted its holdings in Affiliated Managers Group by 20,215.4% during the 2nd quarter. CI Global Investments Inc. now owns 224,688 shares of the asset manager’s stock worth $37,267,000 after buying an additional 223,582 shares in the last quarter. Institutional investors and hedge funds own 96.17% of the company’s stock.
Several research analysts have issued reports on AMG shares. ValuEngine downgraded Affiliated Managers Group from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Citigroup Inc. downgraded Affiliated Managers Group from a “buy” rating to a “neutral” rating and set a $180.00 price objective on the stock. in a report on Monday, June 5th. BidaskClub raised Affiliated Managers Group from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. Zacks Investment Research raised Affiliated Managers Group from a “hold” rating to a “buy” rating and set a $186.00 price objective on the stock in a report on Tuesday, July 4th. Finally, Credit Suisse Group reaffirmed a “buy” rating and set a $207.00 price objective on shares of Affiliated Managers Group in a report on Sunday, July 9th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $195.50.
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Affiliated Managers Group, Inc. (AMG) traded up 0.73% on Friday, hitting $179.87. The stock had a trading volume of 385,790 shares. Affiliated Managers Group, Inc. has a 1-year low of $130.48 and a 1-year high of $187.08. The company’s 50 day moving average is $177.11 and its 200-day moving average is $166.75. The firm has a market capitalization of $10.07 billion, a price-to-earnings ratio of 19.93 and a beta of 1.66.
Affiliated Managers Group (NYSE:AMG) last posted its earnings results on Monday, July 31st. The asset manager reported $3.33 earnings per share for the quarter, topping analysts’ consensus estimates of $3.24 by $0.09. Affiliated Managers Group had a net margin of 22.99% and a return on equity of 17.45%. The firm had revenue of $570.90 million for the quarter, compared to analysts’ expectations of $573.73 million. During the same quarter in the previous year, the firm posted $3.07 earnings per share. The company’s revenue was up 3.0% on a year-over-year basis. On average, analysts forecast that Affiliated Managers Group, Inc. will post $14.55 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Investors of record on Thursday, August 10th were paid a $0.20 dividend. The ex-dividend date was Tuesday, August 8th. This represents a $0.80 annualized dividend and a dividend yield of 0.44%. Affiliated Managers Group’s dividend payout ratio is 8.87%.
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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