Affiliated Managers Group, Inc. (NYSE:AMG) Stock Position Reduced by Seven Eight Capital LP

Seven Eight Capital LP cut its stake in shares of Affiliated Managers Group, Inc. (NYSE:AMG) by 54.5% during the first quarter, HoldingsChannel.com reports. The firm owned 3,117 shares of the asset manager’s stock after selling 3,734 shares during the period. Seven Eight Capital LP’s holdings in Affiliated Managers Group were worth $522,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its position in Affiliated Managers Group by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 771,104 shares of the asset manager’s stock worth $116,764,000 after acquiring an additional 6,265 shares in the last quarter. Allianz Asset Management GmbH grew its position in Affiliated Managers Group by 22.2% in the fourth quarter. Allianz Asset Management GmbH now owns 511,958 shares of the asset manager’s stock worth $77,521,000 after acquiring an additional 92,913 shares in the last quarter. Channing Capital Management LLC grew its position in Affiliated Managers Group by 688.9% in the fourth quarter. Channing Capital Management LLC now owns 474,542 shares of the asset manager’s stock worth $71,855,000 after acquiring an additional 414,389 shares in the last quarter. Norges Bank bought a new stake in Affiliated Managers Group in the fourth quarter worth approximately $66,223,000. Finally, LGT Capital Partners LTD. grew its position in Affiliated Managers Group by 28.3% in the fourth quarter. LGT Capital Partners LTD. now owns 393,330 shares of the asset manager’s stock worth $59,558,000 after acquiring an additional 86,670 shares in the last quarter. 95.30% of the stock is owned by institutional investors.

Affiliated Managers Group Stock Performance

Shares of Affiliated Managers Group stock traded down $2.41 on Wednesday, reaching $169.27. The stock had a trading volume of 314,331 shares, compared to its average volume of 263,436. The business’s 50-day moving average price is $159.29 and its two-hundred day moving average price is $158.32. Affiliated Managers Group, Inc. has a fifty-two week low of $120.22 and a fifty-two week high of $174.74. The stock has a market cap of $5.39 billion, a P/E ratio of 9.50, a price-to-earnings-growth ratio of 0.60 and a beta of 1.22.

Affiliated Managers Group (NYSE:AMG) last issued its quarterly earnings data on Monday, May 6th. The asset manager reported $5.37 earnings per share for the quarter, topping analysts’ consensus estimates of $5.21 by $0.16. Affiliated Managers Group had a net margin of 33.74% and a return on equity of 16.66%. The business had revenue of $499.90 million during the quarter, compared to analysts’ expectations of $524.53 million. During the same period in the previous year, the company earned $4.18 earnings per share. As a group, equities analysts forecast that Affiliated Managers Group, Inc. will post 21.59 earnings per share for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Thursday, May 16th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.02%. The ex-dividend date was Wednesday, May 15th. Affiliated Managers Group’s payout ratio is presently 0.22%.

Wall Street Analysts Forecast Growth

Several analysts have commented on AMG shares. Barrington Research reissued an “outperform” rating and issued a $190.00 target price on shares of Affiliated Managers Group in a research report on Thursday, July 11th. TD Cowen boosted their target price on shares of Affiliated Managers Group from $198.00 to $201.00 and gave the stock a “buy” rating in a research report on Monday, July 8th.

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.