Affiliated Managers Group, Inc. (NYSE:AMG) declared a quarterly dividend on Tuesday, October 30th, Wall Street Journal reports. Investors of record on Thursday, November 8th will be given a dividend of 0.30 per share by the asset manager on Wednesday, November 21st. This represents a $1.20 annualized dividend and a yield of 1.05%. The ex-dividend date is Wednesday, November 7th.
Affiliated Managers Group has a payout ratio of 7.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Affiliated Managers Group to earn $15.94 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 7.5%.
Affiliated Managers Group stock opened at $114.78 on Tuesday. The stock has a market capitalization of $6.24 billion, a P/E ratio of 7.86, a PEG ratio of 0.64 and a beta of 1.53. Affiliated Managers Group has a 12-month low of $110.27 and a 12-month high of $216.99. The company has a current ratio of 0.49, a quick ratio of 0.42 and a debt-to-equity ratio of 0.07.
Affiliated Managers Group (NYSE:AMG) last posted its quarterly earnings results on Monday, October 29th. The asset manager reported $3.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.42 by $0.03. The business had revenue of $601.30 million for the quarter, compared to analysts’ expectations of $604.82 million. Affiliated Managers Group had a return on equity of 19.37% and a net margin of 29.38%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the business earned $3.41 earnings per share. As a group, equities analysts predict that Affiliated Managers Group will post 14.8 earnings per share for the current fiscal year.
In related news, EVP Hugh Cutler bought 1,564 shares of Affiliated Managers Group stock in a transaction on Wednesday, October 31st. The shares were purchased at an average price of $115.48 per share, for a total transaction of $180,610.72. Following the completion of the acquisition, the executive vice president now owns 7,087 shares in the company, valued at $818,406.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.91% of the stock is currently owned by company insiders.
Several equities analysts recently issued reports on AMG shares. Zacks Investment Research upgraded Affiliated Managers Group from a “sell” rating to a “hold” rating in a report on Friday, September 21st. Deutsche Bank decreased their price target on Affiliated Managers Group from $195.00 to $191.00 and set a “buy” rating on the stock in a report on Thursday, August 16th. Citigroup raised their target price on Affiliated Managers Group from $180.00 to $200.00 and gave the stock a “buy” rating in a report on Tuesday, July 31st. Keefe, Bruyette & Woods upgraded Affiliated Managers Group from a “market perform” rating to an “outperform” rating and set a $191.00 target price on the stock in a report on Monday, July 30th. Finally, Barrington Research reduced their target price on Affiliated Managers Group from $200.00 to $150.00 and set an “outperform” rating on the stock in a report on Monday, October 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. Affiliated Managers Group currently has a consensus rating of “Hold” and an average target price of $190.50.
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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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