Artisan Partners Asset Management (NYSE:APAM) Shares Gap Down on Disappointing Earnings

Artisan Partners Asset Management Inc. (NYSE:APAMGet Rating) shares gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $40.04, but opened at $37.80. Artisan Partners Asset Management shares last traded at $36.77, with a volume of 1,588 shares.

The asset manager reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.05). Artisan Partners Asset Management had a net margin of 24.10% and a return on equity of 128.02%. During the same period in the prior year, the business earned $1.28 EPS.

Artisan Partners Asset Management Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Wednesday, August 17th will be issued a $0.60 dividend. The ex-dividend date is Tuesday, August 16th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 6.25%. Artisan Partners Asset Management’s dividend payout ratio is presently 74.69%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on APAM shares. StockNews.com downgraded Artisan Partners Asset Management from a “buy” rating to a “hold” rating in a report on Friday, May 6th. The Goldman Sachs Group cut their price target on Artisan Partners Asset Management from $33.50 to $30.00 and set a “neutral” rating on the stock in a report on Thursday, July 14th. Keefe, Bruyette & Woods lifted their price target on Artisan Partners Asset Management from $36.00 to $38.00 and gave the company a “market perform” rating in a report on Tuesday, June 28th. Finally, Citigroup dropped their target price on Artisan Partners Asset Management from $41.50 to $36.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 12th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Artisan Partners Asset Management has a consensus rating of “Hold” and a consensus price target of $42.10.

Institutional Trading of Artisan Partners Asset Management

Several large investors have recently added to or reduced their stakes in APAM. HM Payson & Co. purchased a new stake in Artisan Partners Asset Management during the 1st quarter valued at about $25,000. Acadian Asset Management LLC purchased a new stake in Artisan Partners Asset Management during the 1st quarter valued at about $26,000. Castle Wealth Management LLC purchased a new stake in Artisan Partners Asset Management during the 2nd quarter valued at about $27,000. CWM LLC purchased a new stake in Artisan Partners Asset Management during the 4th quarter valued at about $31,000. Finally, Signaturefd LLC grew its stake in Artisan Partners Asset Management by 145.6% during the 1st quarter. Signaturefd LLC now owns 813 shares of the asset manager’s stock valued at $32,000 after purchasing an additional 482 shares during the last quarter. Hedge funds and other institutional investors own 66.91% of the company’s stock.

Artisan Partners Asset Management Trading Down 0.5 %

The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.61 and a current ratio of 0.61. The company has a 50 day simple moving average of $37.09 and a two-hundred day simple moving average of $37.69. The firm has a market cap of $3.03 billion, a PE ratio of 9.43 and a beta of 1.71.

About Artisan Partners Asset Management

(Get Rating)

Artisan Partners Asset Management Inc is publicly owned investment manager. It provides its services to pension and profit sharing plans, trusts, endowments, foundations, charitable organizations, government entities, private funds and non-U.S. funds, as well as mutual funds, non-U.S. funds and collective trusts.

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