Analyst Consensus ?
ConsensusBuy12 ratings
Bullish12100.0%
Neutral00.0%
Bearish00.0%
Affiliated Managers Group, Inc. · AMG · FY2026 Q2 · Calendar Q3 2026
AMG’s record Q2 results highlight alternatives growth and flow risks
AMG’s record Q2 earnings, AUM and net inflows support its diversified affiliate model, with alternative strategies now the primary growth engine. Increasing earnings reliance on alternatives and outflows from other strategies are important counterweights to that thesis.
What drove AMG's +1.5% move after FY2026 Q2 earnings?
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Reported Before market openNYSEFinancial Services
$10.38B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $7.90
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $590.9M
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+1.5%
Event window
SPY move
+1.7%
Same window
Abnormal move
-0.2%
Stock minus SPY
Volume
1.2×
Versus trailing sessions
Subsequent drift
+1.4%
Up to 20 sessions
AMGSPY benchmark
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What drove AMG's +1.5% move after FY2026 Q2 earnings?What changed in AMG's guidance and outlook in FY2026 Q2?Give me the bull and bear case for AMG after FY2026 Q2 earnings.
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Transcript intelligence
What changed
The current-quarter analysis describes record earnings and AUM, with net inflows concentrated in alternative strategies. Alternatives now contribute more than 60% of earnings, while differentiated long-only equity and multi-asset/fixed income recorded net outflows. Management maintained its Q3 guidance.
Guidance delta
Management maintained Q3 guidance; the analysis characterizes it as in line with expectations. The supplied current-quarter analysis does not provide the numeric Q3 guidance ranges.
Key takeaways
- Record Q2 earnings and AUM coincided with net inflows, particularly in alternative strategies.
- Alternatives have become the main growth engine and contribute more than 60% of earnings, according to the supplied analysis.
- The company continues affiliate investments and share repurchases while maintaining its Q3 guidance.
- Outflows from differentiated long-only equity and multi-asset/fixed income temper the otherwise strong flow picture.
Management priorities
- Invest in new and existing affiliates, with checks targeted at $100–$500 million.
- Continue disciplined share repurchases.
- Expand tax-aware and liquid-alternative offerings globally and increase alternative-strategy exposure.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$404.21Current
$192Low
$337Average
$425High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 11, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Buy | Buy | Maintain | Nov 10, 2026 |
| Barrington Research | Outperform | Outperform | Maintain | Apr 27, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jan 6, 2026 |
| B of A Securities | Buy | Buy | Maintain | Oct 2, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Feb 10, 2025 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | May 2, 2023 |
| Jefferies | Buy | Hold | Upgrade | Nov 28, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | Nov 8, 2022 |
| Citigroup | Buy | Buy | Maintain | Apr 12, 2022 |
| Keefe Bruyette & Woods | Outperform | Market Perform | Upgrade | Jul 31, 2018 |
| ABN Amro | Buy | Hold | Upgrade | May 9, 2016 |
| Bank of America | Buy | Buy | Maintain | Oct 14, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $404.21. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barrington | Alexander Paris | $425 | $366.73 | +5.1% | Jul 31, 2026 |
| Deutsche Bank | Analyst unavailable | $400 | $303.62 | -1.0% | May 4, 2026 |
| Goldman Sachs | Analyst unavailable | $405 | $291.07 | +0.2% | May 4, 2026 |
| Deutsche Bank | Brian Bedell | $408 | $321.91 | +0.9% | Feb 13, 2026 |
| Goldman Sachs | Alexander Blostein | $341 | $303.57 | -15.6% | Jan 6, 2026 |
| UBS | Analyst unavailable | $295 | $252.62 | -27.0% | Nov 4, 2025 |
| Jefferies | Daniel Fannon | $282 | $256.56 | -30.2% | Nov 4, 2025 |
| Barrington | Analyst unavailable | $285 | $239.95 | -29.5% | Oct 8, 2025 |
| Deutsche Bank | Brian Bedell | $204 | $177.8 | -49.5% | Nov 5, 2024 |
| Deutsche Bank | Brian Bedell | $202 | $183.9 | -50.0% | Jul 29, 2024 |
| Barrington | Alexander Paris | $190 | $168.97 | -53.0% | Apr 9, 2024 |
| Deutsche Bank | Brian Bedell | $190 | $163.89 | -53.0% | Apr 5, 2024 |
| Deutsche Bank | Analyst unavailable | $192 | $170.4 | -52.5% | Feb 7, 2023 |
| Barrington | Analyst unavailable | $195 | $170.52 | -51.8% | Feb 7, 2023 |
| Jefferies | Analyst unavailable | $192 | $156.88 | -52.5% | Nov 28, 2022 |
| Deutsche Bank | Analyst unavailable | $171 | $156.13 | -57.7% | Nov 15, 2022 |
| Deutsche Bank | Analyst unavailable | $163 | $139.64 | -59.7% | Aug 12, 2022 |
| Deutsche Bank | Analyst unavailable | $133 | $113.09 | -67.1% | Jul 13, 2022 |
| Deutsche Bank | Analyst unavailable | $152 | $124.47 | -62.4% | May 19, 2022 |
Track every rating change on AMG the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationAffiliated Managers Group, Inc. (AMG) functions as an asset management firm, leveraging its network of affiliates to provide comprehensive investment management solutions. Its primary clientele in the United States includes mutual funds, institutional investors, and high-net-worth individuals. AMG additionally offers advisory and subadvisory services to mutual funds, which are distributed to retail and institutional clients through direct channels and a wide range of intermediaries. These intermediaries encompass independent financial advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments.…
Historical context
All AMG earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| BAP Credicorp Ltd. | FY2026 Q3 · Calendar Q4 2026 | -2.6% | +3.3% | Credicorp maintains 2026 guidance as lending and fee growth meet El Niño risks |
| CIB Grupo Cibest S.A. | FY2026 Q3 · Calendar Q4 2026 | -10.1% | -4.0% | Grupo Cibest raises loan-growth outlook as commercial lending and Nequi underpin Q3 |
| MGRE Affiliated Managers Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | +8.1% | +0.6% | AMG: Alternatives drive record Q3 as firm maintains Q4 outlook |
| MGRD Affiliated Managers Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | +8.1% | +1.4% | AMG’s Q3 Growth Centers on Alternatives, Inflows and Buybacks |
| MGRB Affiliated Managers Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | +8.1% | +1.4% | AMG’s alternatives-led growth strengthens, while revenue misses estimates |
| KKR KKR & Co. Inc. | FY2026 Q3 · Calendar Q4 2026 | +12.7% | +1.7% | KKR’s record quarter pairs fee growth with deployment and liquidity |
Latest beats and misses
Who reports nextBeat on EPS
- VGFY2026 Q3 · November 10, 2026+92.7% EPS+1.7% move
- TDGFY2026 Q4 · November 10, 2026+1.9% EPS+0.5% move
- ONONFY2026 Q3 · November 10, 2026+39.9% EPS-7.5% move
- CRWVFY2026 Q3 · November 10, 20260.0% EPS-0.5% move
- OXYFY2026 Q3 · November 9, 2026+30.8% EPS+2.0% move
- MGREFY2026 Q3 · November 9, 2026+8.1% EPS+0.6% move
Missed on EPS
- EMBJFY2026 Q3 · November 10, 2026-49.4% EPS+7.0% move
- VODFY2027 Q2 · November 10, 2026-72.8% EPS-1.2% move
- SEFY2026 Q3 · November 10, 2026-5.1% EPS-1.5% move
- BAPFY2026 Q3 · November 9, 2026-2.6% EPS+3.3% move
- JBSFY2026 Q3 · November 9, 2026-28.6% EPS-5.5% move
- CIBFY2026 Q3 · November 9, 2026-10.1% EPS-4.0% move
Get the AMG recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-13T16:15:52.979301+00:00
- FN2 earnings calendar · 2026-07-30T01:23:13.872335+00:00
- Polygon adjusted daily market bars · 2026-11-11T02:50:46.725334+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-11T02:50:46.722555+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-11. For educational purposes only; not investment advice.