Zacks Investment Research cut shares of Affiliated Managers Group Inc. (NYSE:AMG) from “buy” to “hold” in a research note published on October 12th, in reports covered by The Cerbat Gem and Breaking Finance News.
“Affiliated Managers has a positive record of earnings surprises in the recent quarters. Also, the estimates have been rising ahead of the company’s third-quarter 2016 earnings release,” the research note said. “The company remains well positioned based on successful partnerships and global distribution capability along with a diverse product mix and initiatives undertaken to strengthen the retail market operations.”
Zack’s elaborated by saying that, “Given its strong balance sheet and liquidity position, the company has considerable capabilities to invest in other firms. However, the company’s one of the major concerns is the continuous increase in expenses due to investment in affiliates. Further, intangible assets form a substantial part of the balance sheet and hence the company faces the risk of impairment.”
Other agencies have also provided guidance on AMG recently.
- Jefferies Group cut their target price from $195.00 to $193.00 and set a “buy” rating on October 11th.
- Capital One Financial Corp. reaffirmed a “buy” rating and issued a $188.00 target price on October 5th.
- Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $212.00 target price on September 8th.
- Keefe, Bruyette & Woods cut their target price from $215.00 to $196.00 and set an “outperform” rating on August 2nd.
AMG has an average rating of “buy” and an average target price of $179.75.
During its most recent earning call on August 1st, AMG reported earnings per share of $3.06 for the quarter, topping analysts’ estimates of $3.01.
AMG had a return on equity of 18.39% and a net margin of 20.47%. The company had revenue of $646.60 million for the quarter, compared to analyst estimates of $565.16 million.
During the same quarter in the prior year, the company posted $3.08 EPS. Revenue for the quarter was down 14.3% compared to the same quarter last year.
Investors that made adjustments in their positions in AMG included:
- Mizuho Asset Management Co. Ltd. increased its stake in 92.3% in the second quarter. The company now owns 729 shares of the company’s stock worth $103,000 after buying an additional 350 shares during the period.
- Mycio Wealth Partners LLC increased its stake by 47.9% in the second quarter. The company now owns 880 shares of the company’s stock worth $124,000 after buying an additional 285 shares during the period.
- Advisor Group Inc. acquired a new stake the second quarter worth $124,000.
- FNY Managed Accounts LLC increased its stake by 360.0% in the second quarter. The company now owns 920 shares of the company’s stock worth $130,000 after buying an additional 720 shares during the period.
- Washington Trust Bank increased its stake by 90.1% in the second quarter. The bank now owns 998 shares of the company’s stock worth $140,000 after buying an additional 473 shares during the period.
AMG is one of the various industry connected stocks monitored each business day on the industry’s only daily market report, featured exclusively on the Daily Business News. For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##
(Image credits are as shown above.)
Submitted by RC Williams to the Daily Business News for MHProNews.
