SA News • Wed, Dec. 17
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- AMG has shown incredible operational improvements for the 9M despite facing its largest headwinds in 5 years - its income statement displays this in amazing fashion.
- AMG's sequential AUM contraction was more a factor of performance rather than outflows, when performance reverts to the mean so should AUM growth and fee growth.
- AMG is undervalued according to several modeling metrics that I have used to historically track its share price.
Affiliated Managers Group: Undervalued By 34% And Offers Opportunity For Highly Visible Leveraged Returns
- AMG has grown AUM at faster rates than the prior 36 months, yet hasn't priced in historical share price appreciation normally seen as a result.
- AMG should be able to achieve a lower price to revenues multiple as a result of the decreased risk profile at the company post acquisition implementation.
- The options market has yet to price in the historical share price growth normally seen with the current level of AUM growth, and presents an opportunity for leveraged returns.
Affiliated Management Group Should Be Good For 22% Returns By The End Of The Year
- AMG's year-end share price has always traded in a tight range to their FY revenue number, one that I believe I have projected accurately.
- AMG is at an attractive fundamental and technical spot which makes initiating a position easier to risk manage.
- With one quarter on the books AMG is looking to have yet another predictably high growth year.
Affiliated Managers Group Preferred Stock: Opportunities And Risks
- AMG offers two investment-grade Exchange-Traded Debt Securities.
- MGR is more suitable to today's risk-averse income investor.
- AFM has a non-competitive yield, and is consistently overpriced.
Wed, Dec. 17, 8:17 AM
- AQR's principals, among them Cliff Asness, will continue to hold a majority interest in the hedge fund, and all have signed long-term commitments to stay there.
- Terms of the deal weren't disclosed, but Affiliated Managers Group (NYSE:AMG) describes the transaction as meaningfully increasing its minority investment. The deal is expected to close this year, and should boost economic EPS by about $0.60 next year.
- Source: Press Release
Mon, Nov. 3, 7:56 AM| Comment!
Sun, Nov. 2, 5:30 PM
Tue, Aug. 26, 1:14 PM
- "We look for 2-4 acquisition announcements over the next 12 months, while we also look for strong (5-8%) organic growth through 2016," says Credit Suisse, reiterating its Outperform rating and $260 price target on Affiliated Managers Group (AMG +3.7%). "We estimate AMG will generate the highest organic growth in our coverage - but also relatively higher quality flows driven by significant product/manager diversification which drives lower risk/variability in results."
Tue, Jul. 29, 8:00 AM| Comment!
Mon, Jul. 28, 5:30 PM
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Mon, Jun. 30, 1:11 PM
- Based in Louisville, River Road Asset Management value-oriented equity strategies to a broad and diverse institutional and retail client base, including mutual funds, endowments, foundations, retirement plan sponsors, corporations and sovereign wealth funds worldwide.
- River Road's executive team and key investment professionals have agreed to long-term commitments to remain with AMG and maintain an ongoing relationship with seller Aviva through a number of sub-advisory mandates.
- Terms of the deal are undisclosed.
- Source: Press release
Tue, Jun. 24, 5:44 PM
- Joining the S&P 500: Affiliated Managers (AMG)
- Leaving the 500: Forest Labs (FRX)
- Joining the S&P MidCap 400: Forest Labs, LaSalle Hotel (LHO), Rayonier Advanced Materials (RYAM - about to be spun off from Rayonier), TimkenSteel (TMST - about to be spun off from Timken), Belden (BDC).
- Leaving the 400: Affiliated Managers, Intrepid Potash (IPI), Fidelity National (FNF), Greenhill (GHL).
- Joining the S&P SmallCap 600: Intrepid Potash, Greenhill, Synergy Resources (SYRG), Veritiv (VRTV - about to be spun off from International Paper), Sagent Pharma (SGNT).
- Leaving the 600: La Salle Hotel, Belden, JAKKS Pacific (JAKK), Spartan Motors (SPAR), Higher One (ONE).
- AMG +3.3% AH. LHO +1.8%. SGNT +3.3%. SYRG +3%. FNF -1.3%.
Mon, Jun. 16, 8:25 AM
- Affiliated Managers' (AMG) bid for a 20% stake D.E. Shaw would value the hedge-fund giant at more than $2B, reports the WSJ. The holding is up for sale by the estate of Lehman Brothers (Lehman paid between $750M-$800M in 2007).
- D.E. Shaw manages about $32B and is known for its quantitative strategies.
- AMG was one of six invited to bid on the asset, and others invited include Blackstone and KKR, but some are finding the terms limited as Lehman's original agreement allowed it a share of profits, but not much say in the business' direction or management.
Thu, May. 15, 4:48 PM
- BlackRock (BLK), says analyst Brian Bedell. starting the stock with a Buy and $358 price target, is best positioned among the large-cap asset managers and has three catalysts over the next year: 1) Rising organic growth, 2) Continued strong execution, 3) The likelihood the company will not be judged a SIFI by regulators.
- T. Rowe Price - also a Buy and with $93 price target - catalysts: 1) Inflection to improved inflows after a rough 2013, 2) Continued traction in target date funds, 3) Continued margin improvement.
- Invesco (IVZ) rates only a Hold and $39 price target, with Bedell saying the risk of elevated outflows in Europe could weigh on the shares and provide a better entry point.
- Also rated a Buy is Affiliated Managers Group (AMG).
Tue, Apr. 29, 1:55 PM
- Affiliated Managers Group (AMG +9.1%) trades higher after cruising past earnings estimates and making another acquisition, this time Asian equity manager Veritas Asset Management with $17B in AUM. It's AMG's 4th deal in the past five months.
- More to come? "We continue to see substantial opportunities for investments in additional outstanding boutique firms including both traditional and alternative firms on a global basis."
- Previously: Affiliated Managers Group beats by $0.11, misses on revenue
- Source: Press Release
Tue, Apr. 29, 7:30 AM| Comment!
Mon, Apr. 28, 5:30 PM
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Mon, Apr. 14, 11:12 AM
- A check of some mutual fund managers after TIAA-CREF agrees to buy Nuveen for $6.5B find Janus (JNS +2.9%), Invesco (IVZ +1.2%), Affiliated Managers (AMG +1.4%), and Federated Investors all posting gains. Acquisitions in this industry don't happen too often as key assets - star fund managers - can pick up and leave pretty much when they choose.
- Top tick? Nuveen's P-E owner Madison Dearborn purchased the company for $6.3B in June 2007. TIAA-CREF chief Roger Ferguson's purchase today takes Madison out at near breakeven.
Fri, Apr. 11, 12:46 PM
- Extrapolating JPMorgan's Q1 results to some other banks, KBW sees a modest positive "read-across" to Citigroup (C -0.6%) and a neutral to Goldman Sachs (GS -1.6%) and Morgan Stanley (MS -1.6%).
- As for JPMorgan's results in asset management, KBW says a 9% Q/Q drop in revenues provides a "modestly disappointing," but not "a significant negative" read-across for peers. The team's favorites in the sector remain Affiliated Managers (AMG -0.7%), Invesco (IVZ -0.3%), and BlackRock (BLK -0.1%).
- JPMorgan earnings coverage
Thu, Apr. 10, 3:21 PM
- The latest data from Invesco (IVZ -2.1%) suggests U.K.-related attrition is manageable and no major increase in retail redemptions have taken place, says Citi's William Katz, maintaining his Buy rating and $47 price target.
- At Artisan Partners Asset Mangement (APAM -8.1%), however, inflows appear to have disappeared, leaving the firm with small outflows. "We suspect the acceleration in U.S. Value outflows may be related to a lumpy mandate loss while we are encouraged by the initial disclosure of assets for High Yield," says Katz, maintaining his Buy rating and $72 price target.
- Taken together, and adding in figures from Franklin Resources (BEN -2.2%), "point(s) to uninspiring equities flows, which likely suggest tough(er) flow backdrop for the industry at large." Standing out, says Katz, may be Waddell & Reed (WDR -3.7%) which announced $3.5B in inflows QTD back in early March.
- Others: Gamco Investors (GBL -3.1%), Calamos (CLMS -0.6%), Janus (JNS -2.5%), T. Rowe Price (TROW -2.2%), AllianceBernstein (AB -1.9%), Affiliated Managers (AMG -5%), Federated Investors (FII -1.5%).
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