Macquarie Downgrades Asset Management Stocks
Macquarie downgraded a number of asset management firms today.
The firms downgraded are Legg Mason (NYSE:LM), Affiliated Managers Group (NYSE:AMG) and Pzena Investment (NYSE:PZN). Following is some information about the stock price performance of these companies.
- Legg Mason (NYSE:LM): The shares recently traded at $25.06, down $1.82, or 6.77%, on the day. The shares have traded in a 52-week range of $22.61 to $37.82 and its market capitalization is $3.69 billion. About the company: Legg Mason, Inc. is a global asset management company. The Company, through its subsidiaries, provides investment management and related services to institutional and individual clients, company-sponsored mutual funds and other pooled investment vehicles.
- Affiliated Managers Group (NYSE:AMG): The shares recently traded at $83.07, down $4.08, or 4.68%, on the day. The shares have traded in a 52-week range of $70.27 to $113 and its market capitalization is $4.32 billion. About the company: Affiliated Managers Group, Inc. is a global asset management company that invests in boutique investment management firms. The Company allows the firms in which it invests operational autonomy while providing assistance in strategic matters, marketing, distribution, product development, and operations.
- Pzena Investment (NYSE:PZN): The shares recently traded at $3.81, down $0.27, or 6.62%, on the day. The shares have traded in a 52-week range of $3.18 to $8.03. About the company: Pzena Investment Management, Inc. is a value-oriented investment management firm. The firm manages client assets across a range of value investing strategies on behalf of institutions, high net worth individuals, and select third-party distributed mutual funds. Pzena Investment Management’s value strategies span different market capitalization segments in both US and international markets.
(Note: Selected financial data are sourced from Google Finance. All data are assumed to be accurate.)
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