Affiliated Managers Group Up 3.04% To $131.50 After Earnings

Affiliated Managers Group (AMG) said before open Monday that it broke even in quarter three 2023.

In the same quarter a year ago, the company earned $4.21 per share on revenue of $578.6 million.

The stock is up 3.04% to $131.50 after the report.

Affiliated Managers Group's profit margins maintained as both earnings and revenue declined at the same pace.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Affiliated Managers Group a Bullish Sentiment Rank from InvestorsObserver.

Affiliated Managers Group has performed a little below average during the past few months. Before the report, Affiliated Managers Group received a Long-Term Technical Rank by InvestorsObserver of 44, putting it in the bottom half of stocks. The firm was recently trading at a 52-week low of $120.22 on October 25, 2023 and set a 52-week high on February 2, 2023 at $180.63.

Affiliated Managers Group offers investment strategies to investors through its network of affiliates. The firm typically buys a majority interest in small to midsize boutique asset managers, receiving a fixed percentage of revenue from these firms in return. Affiliates operate independently, with AMG providing strategic, operational, and technology support, as well as global distribution. At the end of March 2022, AMG's affiliate network--which includes firms like AQR Capital Management, BPEA and Pantheon in alternative assets and other products (which accounted for 32% of AUM), Artemis, Genesis, Harding Loevner, and Tweedy Browne in global and emerging-market equities (32%) and Frontier, River Road, Parnassus and Yacktman in U.S. equities (20%)--had $776.7 billion in managed assets.