Affiliated Managers Group, Inc. (NYSE:AMG), a company specializing in investment advice, has announced the upcoming retirement of a key executive. Rizwan M. Jamal, who currently serves as the Head of Affiliate Investments, will retire from his role effective January 3, 2025. Following his departure from this position, Mr. Jamal will continue his association with the company as Managing Director, Affiliate Partnerships.
Jay C. Horgen, President and Chief Executive Officer of Affiliated Managers Group, expressed gratitude for Mr. Jamal's significant contributions to the company's success and development over his more than twenty-year tenure. Horgen praised Jamal's influence across the company's commercial activities and acknowledged his partnership.
The announcement was made in a filing with the United States Securities and Exchange Commission on Friday, August 2, 2024. The company is headquartered in West Palm Beach, Florida, and is incorporated in Delaware. Affiliated Managers Group is known for its diverse suite of investment management firms and has a presence on the New York Stock Exchange under the ticker symbol AMG.
In other recent news, Affiliated Managers Group (AMG) has seen a change in its stock price targets by Deutsche Bank and TD Cowen. Deutsche Bank raised its price target for AMG to $202, maintaining a Buy rating, while TD Cowen reduced its own target to $198, also retaining a Buy rating. These adjustments come in the wake of AMG's aggressive share repurchase program, with the company buying back $327 million of its shares in the recent quarter, and projecting over $700 million in repurchases for the full year of 2024.
AMG has shown robust financial growth with a strong start to 2024. The company reported significant year-over-year growth in EBITDA, which reached $260 million, marking a 28% increase from the previous year. Additionally, AMG's economic earnings per share rose to $5.37, reflecting strong growth.
Despite some outflows in equities, the company's diverse portfolio and focus on alternative investments are expected to drive long-term growth and shareholder value. AMG's strategic collaborations with its affiliates have led to new product launches and strong fundraising in private markets. These recent developments underline the company's commitment to its investors and its focus on sustaining growth.
InvestingPro Insights
As Affiliated Managers Group (NYSE:AMG) navigates executive transitions, investors and analysts are keeping a close eye on the company's financial health and market performance. According to recent data from InvestingPro, AMG boasts a solid market capitalization of $5.4 billion and an attractive P/E ratio of 8.83, suggesting that the company is potentially undervalued relative to its earnings. This is further supported by an adjusted P/E ratio for the last twelve months as of Q2 2024, which stands at 10.11.
InvestingPro Tips highlight the company's aggressive share buyback strategy and high shareholder yield, both of which can be indicative of AMG's confidence in its own financial stability and commitment to returning value to its shareholders. Additionally, the fact that five analysts have revised their earnings upwards for the upcoming period could signal anticipated growth or an improved financial outlook for AMG.
Investors may also find reassurance in AMG's strong return over the last month, with a 13.23% price total return, and an even more impressive 29.41% return over the past year. These figures, coupled with a robust gross profit margin of 55.03% for the last twelve months as of Q2 2024, paint a picture of a company that is not only profitable but also efficient in its operations.
For those interested in a deeper analysis, there are additional InvestingPro Tips available, providing more nuanced insights into AMG's performance and prospects. With these metrics in mind, stakeholders can continue to monitor AMG's progress as it adapts to the upcoming changes in its executive team.
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