Wallace Capital Management Inc. Lowers Stock Holdings in Affiliated Managers Group, Inc. (NYSE:AMG)

Wallace Capital Management Inc. lowered its holdings in Affiliated Managers Group, Inc. (NYSE:AMG) by 0.7% in the third quarter, Holdings Channel.com reports. The firm owned 69,370 shares of the asset manager’s stock after selling 490 shares during the period. Affiliated Managers Group accounts for 1.7% of Wallace Capital Management Inc.’s investment portfolio, making the stock its 14th largest holding. Wallace Capital Management Inc.’s holdings in Affiliated Managers Group were worth $12,334,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ariel Investments LLC grew its position in Affiliated Managers Group by 8.7% during the second quarter. Ariel Investments LLC now owns 1,442,817 shares of the asset manager’s stock valued at $225,411,000 after acquiring an additional 115,808 shares during the period. Goodman Financial Corp acquired a new position in shares of Affiliated Managers Group during the third quarter worth about $14,035,000. Victory Capital Management Inc. lifted its stake in shares of Affiliated Managers Group by 150.1% during the second quarter. Victory Capital Management Inc. now owns 99,407 shares of the asset manager’s stock worth $15,530,000 after purchasing an additional 59,659 shares in the last quarter. Bank of Montreal Can lifted its stake in shares of Affiliated Managers Group by 328.2% during the third quarter. Bank of Montreal Can now owns 70,457 shares of the asset manager’s stock worth $12,420,000 after purchasing an additional 54,003 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its stake in shares of Affiliated Managers Group by 70.6% during the third quarter. Los Angeles Capital Management LLC now owns 100,072 shares of the asset manager’s stock worth $17,793,000 after purchasing an additional 41,413 shares in the last quarter. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on AMG. Deutsche Bank Aktiengesellschaft boosted their price target on Affiliated Managers Group from $204.00 to $208.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. TD Cowen cut Affiliated Managers Group from a “buy” rating to a “hold” rating and cut their price target for the stock from $226.00 to $177.00 in a research note on Tuesday, November 5th. Finally, Barrington Research cut their price target on Affiliated Managers Group from $210.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Affiliated Managers Group currently has an average rating of “Hold” and an average target price of $196.50.

Affiliated Managers Group Stock Down 0.5 %

Shares of NYSE AMG opened at $185.11 on Friday. The stock’s 50 day moving average price is $186.63 and its two-hundred day moving average price is $172.85. Affiliated Managers Group, Inc. has a 52-week low of $135.22 and a 52-week high of $199.52. The stock has a market capitalization of $5.60 billion, a P/E ratio of 12.08, a PEG ratio of 0.68 and a beta of 1.15.

Affiliated Managers Group (NYSE:AMG) last posted its earnings results on Monday, November 4th. The asset manager reported $4.82 EPS for the quarter, missing the consensus estimate of $4.84 by ($0.02). The company had revenue of $525.20 million for the quarter, compared to the consensus estimate of $521.87 million. Affiliated Managers Group had a net margin of 27.02% and a return on equity of 16.76%. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period last year, the company posted $4.08 earnings per share. On average, analysts anticipate that Affiliated Managers Group, Inc. will post 20.91 EPS for the current year.

Affiliated Managers Group Announces Dividend

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

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.