Zacks Investment Research upgrades Silvercrest Asset Management Group (NASDAQ: SAMG) to “Buy”

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Silvercrest Asset Management Group (NASDAQ: SAMG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note released Saturday, Zacks.com reports. The company currently has a price target of $ 19.00 on shares of the Asset Manager. Zacks Investment Research’s price target suggests a potential rise of 12.43% from the current share price.

According to Zacks, “Silvercrest Asset Management Group Inc. provides financial advice and related family office services to high net worth individuals and institutional investors, primarily in the United States. Silvercrest Asset Management Group Inc. is headquartered in New York.

SAMG stock opened at $ 16.90 on Friday. The company’s 50-day moving average is $ 16.47 and its 200-day moving average is $ 16.02. The stock has a market cap of $ 244.24 million, a price-to-earnings ratio of 14.20 and a beta of 0.68. Silvercrest Asset Management Group has a one-year minimum of $ 13.17 and a one-year maximum of $ 17.66.

Silvercrest Asset Management Group (NASDAQ: SAMG) last released its quarterly earnings data on Thursday, November 4. The asset manager reported earnings per share of $ 0.44 for the quarter, missing the Thomson Reuters consensus estimate of $ 0.45 ($ 0.01). The company posted revenue of $ 33.46 million in the quarter, compared to a consensus estimate of $ 35.63 million. Silvercrest Asset Management Group recorded a return on equity of 22.60% and a net margin of 9.10%. In the same quarter of last year, the company posted earnings per share of $ 0.35. Stock analysts predict that Silvercrest Asset Management Group will post earnings per share of 1.69 for the current fiscal year.

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Hedge funds and other institutional investors have recently changed their holdings in the company. Advisor Group Holdings Inc. increased its position in Silvercrest Asset Management Group by 45.2% during the second quarter. Advisor Group Holdings Inc. now owns 2,422 shares of the asset manager valued at $ 36,000 after acquiring an additional 754 shares during the last quarter. O Shaughnessy Asset Management LLC increased its position in Silvercrest Asset Management Group by 407.8% during the third quarter. O Shaughnessy Asset Management LLC now owns 6,317 shares of the asset manager valued at $ 98,000 after acquiring an additional 5,073 shares in the last quarter. Stifel Financial Corp purchased a new position in Silvercrest Asset Management Group during the second quarter for a value of approximately $ 162,000. Tibra Equities Europe Ltd purchased a new position in Silvercrest Asset Management Group during the second quarter for a value of approximately $ 320,000. Finally, Two Sigma Investments LP purchased a new position in Silvercrest Asset Management Group during the third quarter for a value of approximately $ 378,000. Institutional investors and hedge funds hold 46.16% of the company’s shares.

About Silvercrest Asset Management Group

Silvercrest Asset Management Group, Inc. operates as a wealth management company. The company provides traditional and alternative investment advice and family office services to high net worth families and select institutional investors. It also offers portfolio, equity and fixed income management services as well as outsourced investment services.

See also: Preferred shares

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