Affiliated Managers Group, Inc.Revenue beat but missed estimates; overall sector positive earnings results.
Custody bank stocks delivered a strong first quarter, with the 16 companies tracked by StockStory beating analysts' consensus revenue estimates by 2.5% on average. Cohen & Steers reported revenues of $145.6 million, up 8.3% year on year and exceeding expectations by 1.6%, though it was a mixed quarter overall. Franklin Resources stood out as the best performer, with revenues of $2.29 billion, an 8.7% increase that surpassed estimates by 11.8%, while Hamilton Lane was the slowest, with revenues of $193.6 million, down 2.2% and missing estimates by 3.4%. BNY posted revenues of $5.41 billion, up 13.8% and beating estimates by 4.3%, and Affiliated Managers Group reported revenues of $544.9 million, up 9.7% but missing estimates by 1.8%. Share prices of the group have been resilient, rising 8% on average since the latest earnings results.
Affiliated Managers Group, Inc.Revenue beat but missed estimates; overall sector positive earnings results.
Cohen & Steers IncRevenue beat by 1.6% with 8.3% YoY growth, though mixed quarter.
Hamilton Lane IncRevenue miss of 3.4% and decline of 2.2% YoY.
Franklin Resources IncBest performer with revenue beat of 11.8% and 8.7% YoY growth.
The Bank of New York Mellon CorporationRevenue beat by 4.3% with 13.8% YoY growth.