Affiliated Managers Group, Inc. (NYSE:AMG) Position Cut by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. reduced its stake in shares of Affiliated Managers Group, Inc. (NYSE:AMG) by 53.3% during the third quarter, Holdings Channel.com reports. The firm owned 3,229 shares of the asset manager’s stock after selling 3,690 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Affiliated Managers Group were worth $574,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. OneDigital Investment Advisors LLC raised its stake in shares of Affiliated Managers Group by 1.9% during the third quarter. OneDigital Investment Advisors LLC now owns 4,712 shares of the asset manager’s stock valued at $838,000 after purchasing an additional 90 shares in the last quarter. Huntington National Bank raised its stake in shares of Affiliated Managers Group by 7,575.0% during the third quarter. Huntington National Bank now owns 307 shares of the asset manager’s stock valued at $55,000 after purchasing an additional 303 shares in the last quarter. KBC Group NV raised its stake in shares of Affiliated Managers Group by 17.4% during the third quarter. KBC Group NV now owns 980 shares of the asset manager’s stock valued at $174,000 after purchasing an additional 145 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Affiliated Managers Group by 13.9% during the third quarter. Victory Capital Management Inc. now owns 113,191 shares of the asset manager’s stock valued at $20,125,000 after purchasing an additional 13,784 shares in the last quarter. Finally, Entropy Technologies LP bought a new stake in shares of Affiliated Managers Group during the third quarter valued at about $201,000. 95.30% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Affiliated Managers Group from $204.00 to $208.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Bank of America lifted their target price on Affiliated Managers Group from $200.00 to $201.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. TD Cowen lowered Affiliated Managers Group from a “buy” rating to a “hold” rating and lowered their target price for the stock from $226.00 to $177.00 in a report on Tuesday, November 5th. Barrington Research lowered their target price on Affiliated Managers Group from $210.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Finally, StockNews.com lowered Affiliated Managers Group from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Affiliated Managers Group currently has a consensus rating of “Hold” and an average target price of $196.50.

Affiliated Managers Group Price Performance

NYSE:AMG opened at $186.42 on Friday. Affiliated Managers Group, Inc. has a fifty-two week low of $131.34 and a fifty-two week high of $199.52. The stock’s 50-day moving average is $182.85 and its two-hundred day moving average is $170.09. The stock has a market cap of $5.56 billion, a PE ratio of 12.16, a price-to-earnings-growth ratio of 0.68 and a beta of 1.18.

Affiliated Managers Group (NYSE:AMG) last released its earnings results on Monday, November 4th. The asset manager reported $4.82 earnings per share for the quarter, missing the consensus estimate of $4.84 by ($0.02). Affiliated Managers Group had a net margin of 27.02% and a return on equity of 16.76%. The business had revenue of $525.20 million for the quarter, compared to analysts’ expectations of $521.87 million. During the same period last year, the firm earned $4.08 EPS. The company’s revenue was up 1.7% compared to the same quarter last year. On average, equities research analysts anticipate that Affiliated Managers Group, Inc. will post 21.01 earnings per share for the current year.

Affiliated Managers Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Thursday, November 14th will be issued a dividend of $0.01 per share. The ex-dividend date is Thursday, November 14th. This represents a $0.04 annualized dividend and a dividend yield of 0.02%. Affiliated Managers Group’s dividend payout ratio is 0.26%.

Insider Activity

In other news, CEO Jay C. Horgen sold 9,000 shares of Affiliated Managers Group stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $171.98, for a total transaction of $1,547,820.00. Following the completion of the sale, the chief executive officer now directly owns 377,276 shares in the company, valued at $64,883,926.48. The trade was a 2.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.90% of the stock is owned by corporate insiders.

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.