Affiliated Managers Group Inc.
) touched a new 52-week high of $170.40 during its trading
session on Jun 13. This represents an increase over the previous
high of $168.92 reached on May 22.
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Affiliated Managers closed trading on Jun 13 at $169.85,
reflecting a solid year-to-date return of 67.6%. The trading
volume for the session was 0.4 million shares. Further upside
potential exists for this Zacks Rank #3 (Hold) assets management
company as can be deduced from its earnings estimate revisions in
the last 60 days and expected earnings growth of 21.9% for 2013.
Affiliated Managers reported impressive financial results for the
first quarter of 2013 on Apr 30. Earnings per share came in at
$2.27, up 43.7% year over year and 12.4% above the Zacks
Consensus Estimate of $2.02.
Net earnings outperformance was driven by roughly a 20% increase
in revenue, led by rising product demand. Growth of 7% in Assets
Under Management as well as a significant increase in cash flow
from operating activities also proved beneficial for the company.
Additionally, Affiliated Managers posted positive earnings
surprise in all of the four trailing quarters with an average of
5.0%. This, along with impressive quarter results, has raised
optimism for a better performance ahead. We currently have an
Earnings ESP (Read:
Zacks Earnings ESP: A Better Method
) of +3.8% for 2013 and +4.6% for 2014.
Estimate Revisions Show Potency
Over the last 60 days, the Zacks Consensus Estimate for
Affiliated Managers increased by 0.1% to $9.40 per share for 2013
and grew by 0.9% to $10.87 for 2014.
Other stocks to watch out for in the industry are
Artisan Partners Asset Management Inc.
Noah Holdings Limited
Virtus Investment Partners, Inc.
), each with a Zacks Rank #1 (Strong Buy).