WEST PALM BEACH, FL – In a recent move, Rizwan M. Jamal, the Head of Affiliate Investments at Affiliated Managers Group, Inc. (NYSE:AMG), has sold a portion of his company stock, while also acquiring options. The transactions, which occurred on August 16, were reported in a filing with the Securities and Exchange Commission.
Jamal sold 8,622 shares of AMG at a weighted average price of $172.89, totaling approximately $1.49 million. The sale prices for these shares ranged from $171.89 to $173.49. On the same day, he also acquired 428,807 shares through option exercises at a price of $74.49 per share, amounting to roughly $31.9 million.
The transactions resulted in Jamal's direct holdings in AMG decreasing slightly, although the acquisition of shares through options signifies a continued investment in the company's future. Following these transactions, Jamal directly owns 128,457 shares of AMG common stock.
Investors often monitor insider transactions such as these for insights into executive confidence and company performance. Shares of Affiliated Managers Group, Inc. are publicly traded on the New York Stock Exchange under the ticker symbol AMG.
In other recent news, Affiliated Managers Group, Inc. has reported robust financial growth, with a significant year-over-year increase in EBITDA reaching $260 million, marking a 28% rise. The company's economic earnings per share also rose to $5.37. In addition to these financial highlights, Affiliated Managers Group announced the upcoming retirement of Rizwan M. Jamal, the Head of Affiliate Investments, effective January 3, 2025. After stepping down, Jamal will maintain his connection with the company as Managing Director, Affiliate Partnerships.
Analysts from Deutsche Bank and TD Cowen have adjusted their stock price targets for Affiliated Managers Group. Deutsche Bank raised its price target to $202, maintaining a Buy rating, while TD Cowen reduced its target to $198, also retaining a Buy rating. These changes follow the company's aggressive share repurchase program, with Affiliated Managers Group having repurchased $327 million of its shares in the recent quarter.
Affiliated Managers Group also reported strong second-quarter results for 2024, attributing its success to the organic growth of private markets affiliates, solid performance in liquid alternatives, and effective capital allocation. The company's Q2 adjusted EBITDA stood at $218 million, with an EPS of $4.67. These recent developments underline Affiliated Managers Group's commitment to its investors and its focus on maintaining growth.
InvestingPro Insights
Amidst the recent insider transactions at Affiliated Managers Group, Inc. (NYSE:AMG), investors tracking the company's performance have several positive signals to consider. According to InvestingPro data, AMG boasts a robust market capitalization of $5.07 billion, underlining its significant presence in the industry. The company's P/E ratio stands at an attractive 8.84, suggesting a potentially undervalued stock compared to earnings. Moreover, AMG has demonstrated a strong return on assets over the last twelve months, reaching 9.7%, which may indicate efficient management of its assets.
Insights from InvestingPro Tips reveal that AMG's management has been actively repurchasing shares, a move that can often signal leadership's belief in the company's undervalued stock and future growth potential. Furthermore, a high shareholder yield is noted, which combines dividends and buybacks to provide investors with a comprehensive view of shareholder returns. These factors could be particularly compelling to those looking for companies with proactive management and a track record of returning value to shareholders.
For investors seeking more in-depth analysis and additional insights, InvestingPro offers further tips, including the fact that four analysts have revised their earnings upwards for the upcoming period, suggesting potential positive momentum for AMG's financials. The platform also highlights that the company has been profitable over the last twelve months and analysts predict it will remain profitable this year. With six more InvestingPro Tips available, including a look at the company's long-term profitability and financial health, investors can gain a more nuanced understanding of AMG's market position by visiting https://www.investing.com/pro/AMG.
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