Research Desk Line-up: Voya Financial Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 14, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Affiliated Managers Group, Inc. (NYSE: AMG) ("AMG"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=AMG, following the Company's announcement of its second quarter fiscal 2017 earnings results on July 31, 2017. The asset manager exceeded earnings expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Asset Management industry. Pro-TD has currently selected Voya Financial, Inc. (NYSE: VOYA) for due-diligence and potential coverage as the Company announced on August 01, 2017, its financial results for Q2 2017. Register for a free membership today, and be among the early birds that get access to our report on Voya Financial when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on AMG; also brushing on VOYA. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=AMG

http://protraderdaily.com/optin/?symbol=VOYA

Earnings Reviewed

For the second quarter of 2017, AMG's revenue was $570.9 million compared to $554.1 million for Q2 2016. The Company's revenue numbers fell short of analysts' estimates of $571.7 million.

AMG's aggregate revenue, which includes revenue from consolidated Affiliates as well as Equity method revenue (asset-based fees and performance fees earned by Affiliates accounted for under the equity method) was $1.2 billion, up 23% versus $1.0 billion for the prior year's comparable quarter, driven primarily by strong markets and organic growth in alternatives together with the full effect of the Company's new investments in 2016.

For Q2 2017, AMG's net income was $126.3 million, or 2.22 per diluted share, compared to $108.3 million, or $1.98 per diluted share, for Q2 2016. The Company's reported quarter economic net income was $188.7 million compared to $167.4 million for the prior year's same quarter. AMG's economic earnings per share ("Economic EPS") were $3.33 in Q2 2017 compared to $3.07 for Q2 2016. AMG's earnings exceeded Wall Street's expectations of $3.24 per share.

For Q2 2017, AMG's adjusted EBITDA grew 16% to $254.8 million compared to $220.3 million for Q2 2016, reflecting the mix between consolidated and equity method Affiliates. For the reported quarter, the ratio of adjusted EBITDA to average assets under management was 13.3 basis points or 12.6 basis points excluding performance fees. In Q3 3017, the Company is estimating this ratio to be approximately 12.7 basis points, reflecting a more modest level of performance fees in the range of $0.01 to $0.03 per share.

Operating Metrics

During Q2 2017, AMG's net client cash flows were $1.8 billion as ongoing strong demand for a wide range of alternative strategies from both institutional and retail clients was partially offset by continued net outflows in US equities.

The Company's aggregate assets under management were approximately $772 billion at June 30, 2017, up 19% on a y-o-y basis, strong organic growth from positive net client cash flows and markets as well as the impact of its 2016 new investments. The ratio of aggregate revenue to average assets under management increased y-o-y from 62 basis points to 64 basis points, reflecting slightly higher performance fees.

Cash Matters

AMG repurchased approximately $120 million in stock, or 0.8 million common shares, during Q2 2017, and a total of approximately $200 million in the six months ended June 30, 2017. Having initiated a cash dividend earlier this year, the Company announced Q3 2017 cash dividend of $0.20 per common share, payable August 24, 2017, to stockholders of record as of the close of business on August 10, 2017.

AMG stated that it will retire its $200 million senior bond in August 2017, which the Company believes to be accretive to earnings given its relatively high cost, and also anticipate additional share repurchases of up to $100 million by year-end.

Stock Performance

Affiliated Managers' share price finished last Friday's trading session at $175.23, slightly declining 0.11%. A total volume of 414.17 thousand shares have exchanged hands. The Company's stock price surged 14.10% in the last three months, 4.54% in the past six months, and 21.85% in the previous twelve months. Additionally, the stock rallied 20.60% since the start of the year. Shares of the Company have a PE ratio of 19.42 and have a dividend yield of 0.46%. The stock currently has a market cap of $9.82 billion.

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SOURCE: Pro-Trader Daily