Convergence Investment Partners LLC Buys Shares of 13,734 Affiliated Managers Group, Inc. (NYSE:AMG)

Convergence Investment Partners LLC bought a new stake in Affiliated Managers Group, Inc. (NYSE:AMG) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 13,734 shares of the asset manager’s stock, valued at approximately $1,024,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AMG. ACR Alpine Capital Research LLC purchased a new stake in Affiliated Managers Group in the first quarter valued at approximately $92,959,000. Norges Bank purchased a new stake in shares of Affiliated Managers Group during the fourth quarter worth $43,871,000. MERIAN GLOBAL INVESTORS UK Ltd increased its position in shares of Affiliated Managers Group by 1,645.7% during the second quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 521,298 shares of the asset manager’s stock worth $38,867,000 after acquiring an additional 491,436 shares during the period. Oppenheimer Asset Management Inc. increased its position in shares of Affiliated Managers Group by 4,078.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 468,408 shares of the asset manager’s stock worth $27,702,000 after acquiring an additional 457,197 shares during the period. Finally, EdgePoint Investment Group Inc. increased its position in shares of Affiliated Managers Group by 4.9% during the first quarter. EdgePoint Investment Group Inc. now owns 8,538,920 shares of the asset manager’s stock worth $504,992,000 after acquiring an additional 398,760 shares during the period. 97.93% of the stock is currently owned by institutional investors.

In related news, Director Dwight D. Churchill acquired 1,000 shares of the firm’s stock in a transaction on Wednesday, June 10th. The stock was bought at an average price of $71.83 per share, for a total transaction of $71,830.00. Following the completion of the purchase, the director now directly owns 10,069 shares of the company’s stock, valued at approximately $723,256.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jay C. Horgen acquired 10,000 shares of the firm’s stock in a transaction on Wednesday, May 13th. The stock was bought at an average price of $59.26 per share, with a total value of $592,600.00. Following the purchase, the chief executive officer now directly owns 137,667 shares of the company’s stock, valued at $8,158,146.42. The disclosure for this purchase can be found here. Corporate insiders own 1.43% of the company’s stock.

A number of analysts have recently weighed in on the company. ValuEngine raised Affiliated Managers Group from a “strong sell” rating to a “sell” rating in a research report on Monday, June 1st. Zacks Investment Research lowered Affiliated Managers Group from a “buy” rating to a “hold” rating and set a $75.00 price objective on the stock. in a research report on Monday, June 29th. Bank of America upped their price objective on Affiliated Managers Group from $70.00 to $71.00 and gave the stock an “underperform” rating in a research report on Friday, July 10th. Citigroup cut their price objective on Affiliated Managers Group from $70.00 to $66.50 and set a “neutral” rating on the stock in a research report on Tuesday, April 28th. Finally, Barrington Research upped their price objective on Affiliated Managers Group from $75.00 to $82.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. Affiliated Managers Group has a consensus rating of “Hold” and an average price target of $74.50.

Shares of AMG stock traded up $0.37 on Friday, reaching $68.79. 391,287 shares of the stock were exchanged, compared to its average volume of 368,335. The business’s 50 day moving average price is $72.54 and its 200 day moving average price is $70.83. The company has a market capitalization of $3.25 billion, a price-to-earnings ratio of 27.63, a PEG ratio of 0.48 and a beta of 1.56. Affiliated Managers Group, Inc. has a twelve month low of $44.37 and a twelve month high of $89.98.

Affiliated Managers Group (NYSE:AMG) last issued its earnings results on Monday, July 27th. The asset manager reported $2.74 EPS for the quarter, topping analysts’ consensus estimates of $2.71 by $0.03. The firm had revenue of $471.10 million during the quarter, compared to the consensus estimate of $451.28 million. Affiliated Managers Group had a net margin of 5.95% and a return on equity of 18.94%. The company’s revenue was down 20.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.33 earnings per share. On average, sell-side analysts anticipate that Affiliated Managers Group, Inc. will post 11.98 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th will be paid a $0.01 dividend. The ex-dividend date is Wednesday, August 5th. This represents a $0.04 annualized dividend and a yield of 0.06%. Affiliated Managers Group’s dividend payout ratio is presently 0.28%.

About Affiliated Managers Group

Affiliated Managers Group, Inc, through its affiliates, operates as an asset management company providing investment management services to mutual funds, institutional clients, and high net worth individuals in the United States. It provides advisory or subadvisory services to mutual funds. These funds are distributed to retail and institutional clients directly and through intermediaries, including independent investment advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments.

Featured Story: What are gap-down stocks?

Institutional Ownership by Quarter for Affiliated Managers Group (NYSE:AMG)

Receive News & Ratings for Affiliated Managers Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Affiliated Managers Group and related companies with MarketBeat.com's FREE daily email newsletter.