Affiliated Managers Group (NYSE:AMG) Shares Gap Down on Disappointing Earnings

Affiliated Managers Group, Inc. (NYSE:AMG)’s stock price gapped down before the market opened on Monday following a weaker than expected earnings announcement. The stock had previously closed at $193.81, but opened at $184.05. Affiliated Managers Group shares last traded at $177.25, with a volume of 42,580 shares changing hands.

The asset manager reported $4.82 EPS for the quarter, missing analysts’ consensus estimates of $4.84 by ($0.02). The business had revenue of $525.20 million for the quarter, compared to the consensus estimate of $521.87 million. Affiliated Managers Group had a return on equity of 16.50% and a net margin of 31.51%. The firm’s revenue was up 1.7% on a year-over-year basis. During the same quarter last year, the company earned $4.08 earnings per share.

Affiliated Managers Group Dividend Announcement

The business 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. The ex-dividend date is Thursday, November 14th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.02%. Affiliated Managers Group’s dividend payout ratio (DPR) is presently 0.23%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on AMG shares. Bank of America increased their target price 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. StockNews.com lowered shares of Affiliated Managers Group from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Affiliated Managers Group from $219.00 to $204.00 and set a “buy” rating for the company in a research note on Tuesday. TD Cowen downgraded Affiliated Managers Group from a “buy” rating to a “hold” rating and dropped their price target for the company from $226.00 to $177.00 in a research note on Tuesday. Finally, Barrington Research reduced their price objective on Affiliated Managers Group from $210.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Affiliated Managers Group currently has an average rating of “Hold” and an average target price of $195.50.

Insider Buying and Selling

In related news, COO Thomas M. Wojcik sold 4,786 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $172.71, for a total transaction of $826,590.06. Following the sale, the chief operating officer now owns 84,392 shares in the company, valued at $14,575,342.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Affiliated Managers Group news, COO Thomas M. Wojcik sold 4,786 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $172.71, for a total transaction of $826,590.06. Following the completion of the sale, the chief operating officer now owns 84,392 shares of the company’s stock, valued at approximately $14,575,342.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Rizwan M. Jamal sold 8,622 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $172.89, for a total transaction of $1,490,657.58. Following the completion of the transaction, the insider now owns 128,457 shares in the company, valued at $22,208,930.73. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,408 shares of company stock worth $3,865,068 in the last ninety days. 1.90% of the stock is owned by insiders.

Institutional Trading of Affiliated Managers Group

Large investors have recently modified their holdings of the stock. Ashton Thomas Securities LLC bought a new stake in Affiliated Managers Group during the 3rd quarter valued at $30,000. Altshuler Shaham Ltd purchased a new stake in shares of Affiliated Managers Group during the 2nd quarter valued at $28,000. UMB Bank n.a. increased its holdings in Affiliated Managers Group by 481.3% during the third quarter. UMB Bank n.a. now owns 186 shares of the asset manager’s stock worth $33,000 after buying an additional 154 shares during the last quarter. Daiwa Securities Group Inc. bought a new stake in Affiliated Managers Group in the second quarter worth about $47,000. Finally, Goodman Advisory Group LLC purchased a new position in Affiliated Managers Group in the second quarter valued at approximately $50,000. Institutional investors and hedge funds own 95.30% of the company’s stock.

Affiliated Managers Group Price Performance

The firm has a fifty day simple moving average of $180.43 and a two-hundred day simple moving average of $168.81. The firm has a market capitalization of $5.30 billion, a P/E ratio of 10.43, a price-to-earnings-growth ratio of 0.62 and a beta of 1.18.

Affiliated Managers Group Company Profile

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.