Artisan Partners Asset Management Inc. (NYSE:APAM – Get Free Report) shares gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $33.20, but opened at $34.60. Artisan Partners Asset Management shares last traded at $34.6630, with a volume of 75,049 shares trading hands.
The asset manager reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.07. The company had revenue of $312.50 million for the quarter, compared to analysts’ expectations of $307.60 million. During the same quarter in the prior year, the company earned $1.02 EPS. The company’s revenue was up 3.7% on a year-over-year basis.
Key Stories Impacting Artisan Partners Asset Management
Here are the key news stories impacting Artisan Partners Asset Management this week:
- Positive Sentiment: Artisan Partners reported adjusted EPS of $1.03, beating the $0.96 analyst consensus, while revenue rose 3.7% year over year to $312.5 million, ahead of the $307.6 million estimate. EPS also increased from $1.02 in the year-ago quarter. Earnings Flash
- Positive Sentiment: The company declared a quarterly dividend of $0.88 per share, supporting its income-oriented investment appeal. Reports characterized the dividend as raised, which may reinforce confidence in shareholder returns. Third-quarter results and dividend
- Neutral Sentiment: Management is scheduled to discuss the results during its October 28 conference call, which could provide additional detail on investment performance, client flows and future earnings prospects. Third-quarter results announcement
- Negative Sentiment: Despite beating estimates, Artisan Partners reportedly lost approximately $10.6 billion in assets under management. Persistent client outflows could pressure future management fees and offset the benefit of stronger near-term earnings. Q3 earnings and AUM report
Analyst Ratings Changes
A number of equities research analysts have weighed in on APAM shares. Zacks Research downgraded Artisan Partners Asset Management from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 13th. TD Cowen dropped their target price on Artisan Partners Asset Management from $37.00 to $33.00 and set a “hold” rating for the company in a research report on Monday, October 12th. Royal Bank Of Canada dropped their target price on Artisan Partners Asset Management from $45.00 to $43.00 and set an “outperform” rating for the company in a research report on Friday, October 9th. The Goldman Sachs Group cut their target price on Artisan Partners Asset Management from $35.00 to $31.00 and set a “sell” rating for the company in a research note on Friday, October 2nd. Finally, Evercore set a $34.00 price target on shares of Artisan Partners Asset Management in a research report on Friday, October 9th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Artisan Partners Asset Management currently has a consensus rating of “Reduce” and an average price target of $35.25.
View Our Latest Report on APAM
Insider Buying and Selling at Artisan Partners Asset Management
In related news, EVP Gregory Ramirez sold 7,000 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $42.59, for a total value of $298,130.00. Following the completion of the transaction, the executive vice president directly owned 109,194 shares of the company’s stock, valued at $4,650,572.46. This represents a 6.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 11.30% of the company’s stock.
Institutional Investors Weigh In On Artisan Partners Asset Management
Several hedge funds have recently bought and sold shares of the business. Trust Co. of Vermont purchased a new position in shares of Artisan Partners Asset Management in the 2nd quarter worth about $28,000. Nykredit A S bought a new position in Artisan Partners Asset Management in the 2nd quarter worth about $40,000. Highland Investment Advisors LLC purchased a new stake in Artisan Partners Asset Management during the 2nd quarter valued at about $51,000. Public Employees Retirement System of Ohio bought a new stake in Artisan Partners Asset Management during the 2nd quarter valued at about $52,000. Finally, Versant Capital Management Inc increased its stake in Artisan Partners Asset Management by 51.0% during the 2nd quarter. Versant Capital Management Inc now owns 1,658 shares of the asset manager’s stock valued at $57,000 after purchasing an additional 560 shares in the last quarter. Institutional investors own 86.45% of the company’s stock.
Artisan Partners Asset Management Stock Up 4.0%
The firm’s fifty day simple moving average is $37.19 and its 200-day simple moving average is $38.47. The firm has a market capitalization of $2.80 billion, a PE ratio of 8.41 and a beta of 1.70.
About Artisan Partners Asset Management
Artisan Partners Asset Management Inc is an investment management company that provides actively managed investment strategies to institutional and intermediary clients, as well as certain private wealth investors. The company operates through Artisan Partners, L.P. and related entities, offering investment expertise across equity, fixed-income and alternative asset classes.
Its products and services include strategies focused on U.S. and international equities, emerging markets, non-U.S.
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