Affiliated Managers Group posts record AUM
Affiliated Managers Group posts record AUM
Overview
US investment manager posted record AUM of $974 bln at end Q3; $21 billion in net client cash flows
Adjusted EBITDA for Q3 beat analyst expectations
Company repurchased $400 mln in stock during Q3, bringing YTD buybacks to $775 mln
Outlook
Company did not provide specific financial guidance for the current quarter or full year
Result Drivers
ALTERNATIVE STRATEGIES - Co said record net inflows of more than $31 bln into alternative strategies drove growth in assets under management and earnings
NET CLIENT INFLOWS - Co reported $21 bln in net client cash flows during Q3, citing continued demand for its offerings
CAPITAL ALLOCATION - Co said it deployed $400 mln into share repurchases in Q3 as part of its capital allocation strategy
Company press release: ID:nGNX7sdLMk
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Miss | $595.20 mln | $655.08 mln (4 Analysts) |
Q3 EPS |
| $6.64 |
|
Q3 Adjusted EBITDA | Beat | $353.70 mln | $324.81 mln (3 Analysts) |
Q3 Assets Under Management |
| $973.90 bln |
|
Analyst Coverage
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the investment management & fund operators peer group is "buy."
Wall Street's median 12-month price target for Affiliated Managers Group, Inc. is $441.00, about 21.5% above its November 6 closing price of $362.96
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)