Long Road Investment Counsel LLC raised its position in Affiliated Managers Group, Inc. (NYSE:AMG) by 2.1% in the 1st quarter, HoldingsChannel reports. The fund owned 15,195 shares of the asset manager’s stock after purchasing an additional 310 shares during the period. Long Road Investment Counsel LLC’s holdings in Affiliated Managers Group were worth $1,628,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also recently bought and sold shares of the business. Bank of Montreal Can increased its stake in Affiliated Managers Group by 2.3% in the fourth quarter. Bank of Montreal Can now owns 60,325 shares of the asset manager’s stock valued at $5,878,000 after purchasing an additional 1,370 shares during the last quarter. Tributary Capital Management LLC purchased a new position in Affiliated Managers Group in the fourth quarter valued at approximately $73,000. IFM Investors Pty Ltd increased its stake in Affiliated Managers Group by 26.2% in the fourth quarter. IFM Investors Pty Ltd now owns 2,916 shares of the asset manager’s stock valued at $284,000 after purchasing an additional 606 shares during the last quarter. State of New Jersey Common Pension Fund D increased its stake in Affiliated Managers Group by 11.9% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 282,000 shares of the asset manager’s stock valued at $27,478,000 after purchasing an additional 30,000 shares during the last quarter. Finally, Legacy Bridge LLC purchased a new position in Affiliated Managers Group in the fourth quarter valued at approximately $44,000. 96.42% of the stock is owned by hedge funds and other institutional investors.
AMG stock opened at $88.40 on Friday. The company has a market capitalization of $4.53 billion, a PE ratio of 6.10, a PEG ratio of 0.64 and a beta of 1.49. Affiliated Managers Group, Inc. has a twelve month low of $87.00 and a twelve month high of $168.19.
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Thursday, May 16th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend is Wednesday, May 15th. Affiliated Managers Group’s dividend payout ratio is presently 8.83%.
In related news, Director Tracy P. Palandjian sold 1,694 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $110.64, for a total transaction of $187,424.16. Following the completion of the sale, the director now directly owns 4,291 shares of the company’s stock, valued at $474,756.24. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jay C. Horgen purchased 11,000 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were bought at an average cost of $93.19 per share, with a total value of $1,025,090.00. Following the completion of the acquisition, the insider now owns 115,527 shares of the company’s stock, valued at $10,765,961.13. The disclosure for this purchase can be found here. 1.43% of the stock is owned by company insiders.
Several brokerages have commented on AMG. Zacks Investment Research lowered shares of Affiliated Managers Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Deutsche Bank dropped their price target on shares of Affiliated Managers Group from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Tuesday, May 7th. Barrington Research reiterated a “buy” rating and issued a $135.00 price target on shares of Affiliated Managers Group in a research note on Tuesday, April 30th. ValuEngine lowered shares of Affiliated Managers Group from a “sell” rating to a “strong sell” rating in a research note on Monday, April 1st. Finally, Jefferies Financial Group lowered shares of Affiliated Managers Group from a “buy” rating to a “hold” rating and set a $109.87 price target on the stock. in a research note on Tuesday, January 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $130.86.
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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.
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