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

Wallace Capital Management Inc. cut its holdings in shares of Affiliated Managers Group, Inc. (NYSE:AMG) by 0.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 69,370 shares of the asset manager’s stock after selling 490 shares during the quarter. Affiliated Managers Group comprises approximately 1.7% of Wallace Capital Management Inc.’s investment portfolio, making the stock its 14th biggest position. Wallace Capital Management Inc. owned 0.23% of Affiliated Managers Group worth $12,334,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Ariel Investments LLC lifted its stake in Affiliated Managers Group by 8.7% during the 2nd quarter. Ariel Investments LLC now owns 1,442,817 shares of the asset manager’s stock worth $225,411,000 after acquiring an additional 115,808 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Affiliated Managers Group by 3.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 826,123 shares of the asset manager’s stock valued at $129,065,000 after purchasing an additional 30,059 shares in the last quarter. LSV Asset Management raised its position in Affiliated Managers Group by 0.8% in the 2nd quarter. LSV Asset Management now owns 240,504 shares of the asset manager’s stock valued at $37,574,000 after purchasing an additional 2,000 shares in the last quarter. Raymond James & Associates raised its position in Affiliated Managers Group by 9.6% in the 2nd quarter. Raymond James & Associates now owns 234,647 shares of the asset manager’s stock valued at $36,659,000 after purchasing an additional 20,514 shares in the last quarter. Finally, New York State Common Retirement Fund raised its position in Affiliated Managers Group by 6.7% in the 3rd quarter. New York State Common Retirement Fund now owns 185,147 shares of the asset manager’s stock valued at $32,919,000 after purchasing an additional 11,565 shares in the last quarter. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on AMG shares. Deutsche Bank Aktiengesellschaft increased their price objective on Affiliated Managers Group from $204.00 to $208.00 and gave the company a “buy” rating in a report on Monday, November 11th. TD Cowen downgraded Affiliated Managers Group from a “buy” rating to a “hold” rating and dropped their price objective for the company from $226.00 to $177.00 in a report on Tuesday, November 5th. Finally, Barrington Research dropped 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 company’s stock. According to data from MarketBeat, Affiliated Managers Group has a consensus rating of “Hold” and a consensus price target of $196.50.

Affiliated Managers Group Stock Performance

Shares of AMG stock opened at $185.11 on Friday. The stock has a fifty day moving average price of $186.63 and a 200 day moving average price of $172.85. The stock has a market cap of $5.60 billion, a PE ratio of 12.08, a P/E/G ratio of 0.68 and a beta of 1.15. Affiliated Managers Group, Inc. has a 1 year low of $135.22 and a 1 year high of $199.52.

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

Affiliated Managers Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Thursday, November 14th were issued a $0.01 dividend. The ex-dividend date of this dividend was 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 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.