RBC Reduces Stake in AMG After Analysts Upgrade to 'Buy'
Royal Bank of Canada sold 4,500 shares of Affiliated Managers Group (NYSE:AMG) in the first quarter, reducing its stake by 26.9%. The fund now owns 12,216 shares worth $3,380,000 as of its latest SEC filing.
Other large investors also made changes to their positions in AMG during the period. Fisher Asset Management LLC increased its position in Affiliated Managers Group by 19.7% in the fourth quarter and now owns 243,830 shares valued at $70,291,000. Sei Investments Co. raised its stake in AMG by 5.2% during the first quarter.
AMG's CEO Jay C. Horgen sold 17,500 shares of the firm's stock on June 8th for a total transaction of $5,919,725. Director Annette Franqui purchased 750 shares of the firm's stock on June 1st at an average price of $304.88 per share.
A number of research analysts have commented on AMG shares, with several upgrading their ratings to 'buy' and setting a target price of $370.86. The company has a consensus rating of 'buy' among analysts.