Artisan Partners Asset Management (NYSE:APAM) Stock Price Down 5% Following Weak Earnings

Artisan Partners Asset Management Inc. (NYSE:APAM)’s share price was down 5% during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $41.11 and last traded at $41.25. Approximately 77,984 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 474,798 shares. The stock had previously closed at $43.43.

The asset manager reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.03). The firm had revenue of $264.40 million for the quarter, compared to analyst estimates of $270.90 million. Artisan Partners Asset Management had a net margin of 22.99% and a return on equity of 74.25%. The firm’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.64 earnings per share.

Artisan Partners Asset Management Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be issued a dividend of $0.61 per share. The ex-dividend date is Thursday, May 16th. This represents a $2.44 annualized dividend and a dividend yield of 5.95%. Artisan Partners Asset Management’s dividend payout ratio is 82.93%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on APAM shares. TD Cowen started coverage on Artisan Partners Asset Management in a report on Thursday, January 4th. They issued a “market perform” rating and a $41.00 target price for the company. StockNews.com upgraded Artisan Partners Asset Management from a “hold” rating to a “buy” rating in a report on Sunday, March 17th.

Insider Buying and Selling

In other Artisan Partners Asset Management news, EVP Gregory K. Ramirez sold 2,500 shares of Artisan Partners Asset Management stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $42.28, for a total value of $105,700.00. Following the transaction, the executive vice president now directly owns 83,335 shares of the company’s stock, valued at approximately $3,523,403.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 18.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in APAM. SG Americas Securities LLC bought a new position in Artisan Partners Asset Management in the 3rd quarter worth approximately $1,191,000. Private Trust Co. NA increased its position in shares of Artisan Partners Asset Management by 458.3% during the third quarter. Private Trust Co. NA now owns 670 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 550 shares during the period. Commonwealth Equity Services LLC increased its position in shares of Artisan Partners Asset Management by 5.2% during the third quarter. Commonwealth Equity Services LLC now owns 8,097 shares of the asset manager’s stock valued at $303,000 after purchasing an additional 397 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in shares of Artisan Partners Asset Management by 10.5% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 6,261 shares of the asset manager’s stock valued at $234,000 after purchasing an additional 597 shares during the period. Finally, Drake & Associates LLC increased its position in shares of Artisan Partners Asset Management by 13.9% during the third quarter. Drake & Associates LLC now owns 12,731 shares of the asset manager’s stock valued at $476,000 after purchasing an additional 1,554 shares during the period. 86.45% of the stock is owned by institutional investors.

Artisan Partners Asset Management Trading Down 2.8 %

The firm has a market capitalization of $3.28 billion, a P/E ratio of 12.38 and a beta of 1.85. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.57. The business has a 50-day moving average price of $43.72 and a 200-day moving average price of $41.01.

Artisan Partners Asset Management Company Profile

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.