Affiliated Managers Group, Inc. (NYSE:AMG) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in Affiliated Managers Group, Inc. (NYSE:AMG) by 34.8% in the 3rd quarter, Holdings Channel reports. The firm owned 69,143 shares of the asset manager’s stock after selling 36,973 shares during the quarter. Principal Financial Group Inc.’s holdings in Affiliated Managers Group were worth $12,294,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Altshuler Shaham Ltd acquired a new stake in shares of Affiliated Managers Group in the second quarter valued at about $28,000. UMB Bank n.a. boosted its holdings in Affiliated Managers Group by 481.3% in the 3rd quarter. UMB Bank n.a. now owns 186 shares of the asset manager’s stock worth $33,000 after acquiring an additional 154 shares during the period. Daiwa Securities Group Inc. acquired a new stake in Affiliated Managers Group in the second quarter valued at approximately $47,000. Goodman Advisory Group LLC purchased a new stake in shares of Affiliated Managers Group during the second quarter valued at approximately $50,000. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Affiliated Managers Group by 2,530.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 789 shares of the asset manager’s stock worth $140,000 after purchasing an additional 759 shares in the last quarter. 95.30% of the stock is owned by hedge funds and other institutional investors.

Affiliated Managers Group Stock Performance

Shares of Affiliated Managers Group stock opened at $186.42 on Friday. Affiliated Managers Group, Inc. has a 1 year low of $131.34 and a 1 year high of $199.52. The firm’s 50-day simple moving average is $182.85 and its 200-day simple moving average is $170.18. The firm has a market cap of $5.63 billion, a PE ratio of 12.16, a price-to-earnings-growth ratio of 0.68 and a beta of 1.18.

Affiliated Managers Group (NYSE:AMG) last announced its quarterly earnings data on Monday, November 4th. The asset manager reported $4.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.84 by ($0.02). Affiliated Managers Group had a net margin of 27.02% and a return on equity of 16.76%. The firm had revenue of $525.20 million for the quarter, compared to analyst estimates of $521.87 million. During the same quarter in the previous year, the company earned $4.08 EPS. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, equities analysts predict that Affiliated Managers Group, Inc. will post 21.01 earnings per share for the current year.

Affiliated Managers Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Thursday, November 14th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.02%. The ex-dividend date of this dividend is Thursday, November 14th. Affiliated Managers Group’s dividend payout ratio (DPR) is presently 0.26%.

Insiders Place Their Bets

In related news, CEO Jay C. Horgen sold 9,000 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $171.98, for a total transaction of $1,547,820.00. Following the completion of the sale, the chief executive officer now owns 377,276 shares of the company’s stock, valued at $64,883,926.48. This represents a 2.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on AMG. StockNews.com lowered shares of Affiliated Managers Group from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. TD Cowen downgraded Affiliated Managers Group from a “buy” rating to a “hold” rating and lowered their target price for the company from $226.00 to $177.00 in a research note on Tuesday, November 5th. Bank of America boosted their price target on Affiliated Managers Group from $200.00 to $201.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Barrington Research lowered their price objective on Affiliated Managers Group from $210.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Affiliated Managers Group from $204.00 to $208.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $196.50.

About Affiliated Managers Group

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.