Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock is traded on the New York Stock Exchange (symbol: AMG). As of February 16, 2022, there were 81 stockholders of record , including banks, brokers, and other financial institutions holding shares in omnibus accounts for their customers (in total representing substantially all of the beneficial holders of our common stock).
Issuer Purchases of Equity Securities
Period Total Number of Shares Purchased (1)
Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Average Price Paid Per Share Maximum Number of Shares that May Yet Be Purchased Under Outstanding Plans or Programs (2)
October 1-31, 2021 130,941 $ 156.05 130,941 $ 156.05 4,033,025
November 1-30, 2021 161,235 180.15 123,313 178.08 3,909,712
December 1-31, 2021 471,227 164.67 471,227 164.67 3,438,485
Total 763,403 166.46 725,481 165.39
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(1) Includes shares surrendered to the Company to satisfy tax withholding and/or option exercise price obligations in connection with stock swap and net settlement option exercise transactions, if any.
(2) Our Board of Directors authorized share repurchase programs in January 2022 and January 2021 to repurchase up to 2.0 million and 5.0 million shares of our common stock, respectively, and these authorizations have no expiry. Purchases may be made from time to time, at management’s discretion, in the open market or in privately negotiated transactions, including through the use of trading plans, as well as pursuant to accelerated share repurchase programs or other share repurchase strategies that may include derivative financial instruments.
For the years ended December 31, 2019, 2020, and 2021, we repurchased 4.1 million, 5.0 million, and 3.5 million shares of our common stock at an average price per share of $88.73, $86.35, and $146.54, respectively. Between January 1, 2022 and February 16, 2022, we repurchased 0.8 million shares of our common stock in the open market for approximately $110 million.
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Performance Graph
Our peer group comprises AllianceBernstein Holding L.P., Ameriprise Financial, Inc., Ares Management Corporation, Artisan Partners Asset Management Inc., The Carlyle Group Inc., Federated Hermes, Inc., Franklin Resources, Inc., Invesco Ltd., Janus Henderson Group plc, Lazard Ltd., Victory Capital Holdings, Inc. and Virtus Investment Partners, Inc. Prior to this year, our peer group also included T. Rowe Price Group, Inc. and did not include Artisan Partners Asset Management Inc., The Carlyle Group Inc., Federated Hermes, Inc., Victory Capital Holdings, Inc., and Virtus Investment Partners, Inc. Our peer group was revised in 2021 to include comparators with market capitalizations and business scope (including alternative-focused asset management businesses) that are more in line with our own, given the ongoing evolution of our business, and to replace peers impacted by industry consolidation. The following graph compares the cumulative stockholder return on our common stock from December 31, 2016 through December 31, 2021, with the cumulative total return, during the same period, on the Standard & Poor’s MidCap 400 Index, our prior peer group, and our current peer group. The comparison below assumes the investment of $100 on December 31, 2016 in our common stock and each of the comparison indices and, in each case, assumes reinvestment of all dividends.
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