AMG · Analysis updated Nov 10, 2026, 6:00 PM ET

Why is Affiliated Managers Group, Inc. (AMG) stock moving?

Affiliated Managers Group reported Q3 2026 results on Nov 9. Economic EPS was $9.50, up 56% year over year and ahead of the $8.79 estimate, while reported sales of $595.2M missed the $655.1M estimate by about 9%. Diluted EPS was $6.64, net income attributable to the controlling interest was $173M, and adjusted EBITDA was $354M. Assets under management reached a record $974B, with $21B of net client cash flows in the quarter, including a record $31B+ of alternative-strategy inflows. The company repurchased $400M of stock in the quarter and $775M year to date. Both TD Cowen (target raised to $583) and Deutsche Bank (raised to $458) kept Buy ratings and lifted their targets on Nov 10. The price fell from $399.02 on Oct 29 to a $350.54 close on Nov 5, roughly 12% lower, before rebounding 5.6% on Nov 9 and 4.7% on Nov 10 to $401.32. Nov 10 volume of 778,782 shares was the highest in the 30-day window, against roughly 160,000 to 620,000 on most other sessions, and the Nov 10 high of $407.06 was the highest in the window. The quarterly dividend is $0.01 per share, payable Dec 3, 2026. Unrelated companies that use the AMG symbol, such as AMG Critical Materials and Atlas Metals Group, were excluded from this analysis. The main risk is the revenue miss, and the stock already trades after a sharp rally, so the short-term lean depends on whether volume holds.

News behind the analysis

About Affiliated Managers Group

Financials · Asset Management

Affiliated Managers Group (AMG) is a Massachusetts-based holding company that buys stakes in independent investment firms it calls Affiliates, letting each one keep its own management and a large ownership share. Those firms managed roughly $940 billion in total as of mid-2026, spread across private markets, liquid alternatives (such as hedge-fund-style and tax-aware strategies) and specialised long-only funds.

How it makes money

AMG collects its share of the management fees its Affiliates charge clients, and these fees depend on how much money each firm manages. Performance fees, earned when funds beat their targets, add more income but rise and fall from year to year. Some Affiliates are consolidated into AMG's reported revenue, while others count only as AMG's share of their earnings. AMG uses its cash to invest in new partner firms and to buy back large amounts of its own stock, and it pays only a token dividend of about $0.01 per share each quarter.

What usually moves AMG

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This analysis is for informational purposes only and is not financial advice. It is based only on news and market data available up to Nov 10, 2026, and past performance does not guarantee future results.