Zions Bancorporation Invests $170,000 in Affiliated Managers Group, Inc. (AMG)

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Zions Bancorporation purchased a new position in Affiliated Managers Group, Inc. (NYSE:AMG) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,240 shares of the asset manager’s stock, valued at approximately $170,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Redpoint Investment Management Pty Ltd raised its holdings in shares of Affiliated Managers Group by 3.8% in the second quarter. Redpoint Investment Management Pty Ltd now owns 9,398 shares of the asset manager’s stock worth $1,397,000 after acquiring an additional 343 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Affiliated Managers Group by 12.4% in the second quarter. Janney Montgomery Scott LLC now owns 3,466 shares of the asset manager’s stock worth $515,000 after acquiring an additional 382 shares during the last quarter. New Jersey Better Educational Savings Trust raised its holdings in shares of Affiliated Managers Group by 20.0% in the third quarter. New Jersey Better Educational Savings Trust now owns 2,400 shares of the asset manager’s stock worth $328,000 after acquiring an additional 400 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Affiliated Managers Group by 21.2% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 2,339 shares of the asset manager’s stock worth $348,000 after acquiring an additional 409 shares during the last quarter. Finally, Guinness Asset Management Ltd raised its holdings in shares of Affiliated Managers Group by 21.9% in the third quarter. Guinness Asset Management Ltd now owns 2,274 shares of the asset manager’s stock worth $310,000 after acquiring an additional 409 shares during the last quarter. 93.07% of the stock is owned by institutional investors.

In other news, EVP Hugh Cutler purchased 1,564 shares of the stock in a transaction on Wednesday, October 31st. The stock was purchased at an average price of $115.48 per share, with a total value of $180,610.72. Following the completion of the transaction, the executive vice president now owns 7,087 shares in the company, valued at $818,406.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.91% of the stock is currently owned by insiders.

Affiliated Managers Group stock opened at $115.88 on Wednesday. The firm has a market capitalization of $6.24 billion, a P/E ratio of 7.94, a price-to-earnings-growth ratio of 0.64 and a beta of 1.53. Affiliated Managers Group, Inc. has a 52 week low of $110.27 and a 52 week high of $216.99. The company has a quick ratio of 0.42, a current ratio of 0.49 and a debt-to-equity ratio of 0.07.

Affiliated Managers Group (NYSE:AMG) last released its earnings results on Monday, October 29th. The asset manager reported $3.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.42 by $0.03. The firm had revenue of $601.30 million during the quarter, compared to analyst estimates of $604.82 million. Affiliated Managers Group had a return on equity of 19.37% and a net margin of 29.38%. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.41 earnings per share. Research analysts predict that Affiliated Managers Group, Inc. will post 14.8 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 21st. Shareholders of record on Thursday, November 8th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date is Wednesday, November 7th. Affiliated Managers Group’s dividend payout ratio (DPR) is presently 8.22%.

A number of equities analysts have recently weighed in on the company. Deutsche Bank cut their price target on Affiliated Managers Group from $166.00 to $164.00 and set a “buy” rating for the company in a report on Tuesday, October 30th. Citigroup dropped their target price on Affiliated Managers Group from $195.00 to $140.00 and set a “buy” rating for the company in a research note on Tuesday, October 30th. Barrington Research dropped their target price on Affiliated Managers Group from $200.00 to $150.00 and set an “outperform” rating for the company in a research note on Monday, October 29th. Zacks Investment Research upgraded Affiliated Managers Group from a “sell” rating to a “hold” rating in a research note on Tuesday, October 16th. Finally, Keefe, Bruyette & Woods upgraded Affiliated Managers Group from a “market perform” rating to an “outperform” rating and set a $191.00 target price for the company in a research note on Monday, July 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $190.50.

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Affiliated Managers Group Profile

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.

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

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