Affiliated Managers Group (NYSE:AMG) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded Affiliated Managers Group (NYSE:AMG) from a "hold" to a "buy" rating. Other brokerages, including Weiss Ratings and Cowen, also issued buy ratings. Bank of America raised the price target to $335.00, while Zacks downgraded it to "hold." The stock opened at $258.87, with a market cap of $7.36 billion. The company reported $6.10 EPS for the last quarter, exceeding estimates. Institutional investors own 95.30% of the stock, with significant recent investments from firms like Millennium Management and Norges Bank.

Affiliated Managers Group (NYSE:AMG - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday.

A number of other brokerages also recently issued reports on AMG. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Affiliated Managers Group in a report on Wednesday, October 8th. Cowen reissued a "buy" rating on shares of Affiliated Managers Group in a report on Tuesday. Bank of America upped their price target on Affiliated Managers Group to $335.00 and gave the stock a "buy" rating in a research report on Thursday, October 2nd. Zacks Research downgraded Affiliated Managers Group from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 10th. Finally, UBS Group set a $295.00 target price on shares of Affiliated Managers Group in a report on Tuesday. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Affiliated Managers Group has a consensus rating of "Moderate Buy" and a consensus target price of $278.57.

Get Our Latest Research Report on Affiliated Managers Group

Affiliated Managers Group Trading Up 0.0%

Shares of NYSE:AMG opened at $258.87 on Friday. The stock has a market capitalization of $7.36 billion, a P/E ratio of 18.90, a price-to-earnings-growth ratio of 0.61 and a beta of 1.25. The stock's 50-day moving average price is $239.11 and its 200-day moving average price is $209.86. Affiliated Managers Group has a 12-month low of $139.22 and a 12-month high of $261.32.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last announced its quarterly earnings results on Monday, November 3rd. The asset manager reported $6.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.88 by $0.22. The business had revenue of $528.00 million for the quarter, compared to analyst estimates of $543.39 million. Affiliated Managers Group had a net margin of 21.79% and a return on equity of 16.11%. The company's revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the firm earned $4.82 EPS. As a group, research analysts predict that Affiliated Managers Group will post 22.86 EPS for the current year.

Insider Transactions at Affiliated Managers Group

In other Affiliated Managers Group news, COO Thomas M. Wojcik sold 16,000 shares of the business's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $231.03, for a total value of $3,696,480.00. Following the sale, the chief operating officer owned 158,710 shares in the company, valued at $36,666,771.30. The trade was a 9.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.20% of the company's stock.

Institutional Trading of Affiliated Managers Group

A number of large investors have recently added to or reduced their stakes in the company. Millennium Management LLC grew its holdings in shares of Affiliated Managers Group by 314.3% in the first quarter. Millennium Management LLC now owns 1,265,655 shares of the asset manager's stock valued at $212,668,000 after purchasing an additional 960,158 shares in the last quarter. Norges Bank purchased a new stake in shares of Affiliated Managers Group in the second quarter worth approximately $71,779,000. Balyasny Asset Management L.P. lifted its stake in shares of Affiliated Managers Group by 3,811.8% during the 2nd quarter. Balyasny Asset Management L.P. now owns 311,383 shares of the asset manager's stock worth $61,271,000 after acquiring an additional 303,423 shares during the last quarter. Holocene Advisors LP purchased a new position in Affiliated Managers Group during the 2nd quarter valued at $19,865,000. Finally, Nuveen LLC bought a new position in Affiliated Managers Group in the 1st quarter valued at $16,060,000. Institutional investors own 95.30% of the company's stock.

About Affiliated Managers Group

(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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