Ritholtz Wealth Management Increases Stock Position in Affiliated Managers Group, Inc. $AMG

Ritholtz Wealth Management increased its holdings in shares of Affiliated Managers Group, Inc. (NYSE:AMG) by 119.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 7,486 shares of the asset manager’s stock after acquiring an additional 4,073 shares during the period. Ritholtz Wealth Management’s holdings in Affiliated Managers Group were worth $2,071,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of AMG. Oak Thistle LLC raised its holdings in Affiliated Managers Group by 194.1% in the 4th quarter. Oak Thistle LLC now owns 8,700 shares of the asset manager’s stock valued at $2,508,000 after buying an additional 5,742 shares during the period. Altfest L J & Co. Inc. purchased a new position in Affiliated Managers Group during the fourth quarter worth about $1,179,000. Paragon Associates & Paragon Associates II Joint Venture purchased a new position in Affiliated Managers Group during the third quarter worth about $5,357,000. Chase Investment Counsel Corp acquired a new stake in shares of Affiliated Managers Group during the fourth quarter valued at about $4,962,000. Finally, Fisher Asset Management LLC increased its position in shares of Affiliated Managers Group by 19.7% during the fourth quarter. Fisher Asset Management LLC now owns 243,830 shares of the asset manager’s stock valued at $70,291,000 after acquiring an additional 40,107 shares during the last quarter. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Affiliated Managers Group Stock Performance

Shares of AMG stock opened at $342.25 on Friday. The stock’s 50-day moving average is $315.79 and its two-hundred day moving average is $302.67. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.79 and a current ratio of 1.79. Affiliated Managers Group, Inc. has a 1 year low of $193.99 and a 1 year high of $363.89. The firm has a market cap of $9.04 billion, a price-to-earnings ratio of 13.85, a PEG ratio of 0.58 and a beta of 1.13.

Affiliated Managers Group (NYSE:AMG) last announced its earnings results on Friday, May 1st. The asset manager reported $8.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.10 by $0.13. Affiliated Managers Group had a net margin of 35.55% and a return on equity of 20.17%. The business had revenue of $544.90 million for the quarter, compared to analyst estimates of $544.01 million. During the same period last year, the firm posted $5.37 earnings per share. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. Analysts predict that Affiliated Managers Group, Inc. will post 34.88 earnings per share for the current year.

Affiliated Managers Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 11th were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. The ex-dividend date was Monday, May 11th. Affiliated Managers Group’s payout ratio is 0.16%.

Insider Activity

In other news, CEO Jay C. Horgen sold 17,500 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $338.27, for a total value of $5,919,725.00. Following the completion of the transaction, the chief executive officer owned 204,706 shares in the company, valued at $69,245,898.62. This trade represents a 7.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Annette Franqui bought 750 shares of the company’s stock in a transaction on Monday, June 1st. The stock was bought at an average cost of $304.88 per share, with a total value of $228,660.00. Following the completion of the acquisition, the director owned 1,962 shares of the company’s stock, valued at $598,174.56. This represents a 61.88% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 21,902 shares of company stock valued at $7,257,719 over the last ninety days. 2.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AMG. The Goldman Sachs Group reissued a “buy” rating and issued a $405.00 price target on shares of Affiliated Managers Group in a research note on Monday, May 4th. TD Cowen reaffirmed a “buy” rating and set a $454.00 price objective on shares of Affiliated Managers Group in a research report on Wednesday, May 13th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $400.00 target price on shares of Affiliated Managers Group in a report on Monday, May 4th. Wall Street Zen raised Affiliated Managers Group from a “hold” rating to a “buy” rating in a research report on Sunday. Finally, Barrington Research restated an “outperform” rating and set a $365.00 price target on shares of Affiliated Managers Group in a research note on Monday, April 27th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Affiliated Managers Group presently has an average rating of “Moderate Buy” and a consensus target price of $362.29.

About Affiliated Managers Group

Affiliated Managers Group, Inc (NYSE: AMG) is a global asset management holding company that partners with boutique investment firms. Founded in 1993 and headquartered in West Palm Beach, Florida, AMG invests in and collaborates with independent investment managers to foster growth while preserving their entrepreneurial culture. Through equity stakes and strategic support, the company aims to enhance its affiliates’ distribution capabilities, operational infrastructure and access to capital.

The company’s core business activities include providing capital solutions, distribution services and operational support to affiliated investment firms.