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

Key Points

• Stock gapped down after quarterly results — Artisan reported EPS of $0.87 (vs. $0.91 expected) and revenue of $303M (vs. $306.05M), opening at $35.96 after a $37.83 close.
• The board declared a quarterly dividend of $0.77 (annualized $3.08) for an 8.3% yield with an ex-dividend date of May 15, though the payout ratio is above 100% (100.75%).
• Analyst sentiment is mixed-to-cautious: Goldman Sachs cut its target to $34 and issued a sell, and MarketBeat shows an average rating of "Reduce" with a $40.20 average target.

Artisan Partners Asset Management Inc. (NYSE:APAM - Get Free Report)'s stock price gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $37.83, but opened at $35.96. Artisan Partners Asset Management shares last traded at $36.9120, with a volume of 137,719 shares traded.

The asset manager reported $0.87 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.04). Artisan Partners Asset Management had a return on equity of 73.73% and a net margin of 24.26%.The firm had revenue of $303.00 million for the quarter, compared to analysts' expectations of $306.05 million. During the same quarter last year, the firm posted $0.83 earnings per share. Artisan Partners Asset Management's quarterly revenue was up 9.3% on a year-over-year basis.

Artisan Partners Asset Management Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 15th will be paid a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a yield of 8.3%. The ex-dividend date is Friday, May 15th. Artisan Partners Asset Management's payout ratio is 100.75%.

Analysts Set New Price Targets

APAM has been the subject of several research reports. TD Cowen reaffirmed a "hold" rating on shares of Artisan Partners Asset Management in a research note on Thursday, April 9th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $48.00 price objective on shares of Artisan Partners Asset Management in a research note on Tuesday, April 21st. Wall Street Zen cut shares of Artisan Partners Asset Management from a "buy" rating to a "hold" rating in a research note on Saturday, April 11th. Zacks Research cut shares of Artisan Partners Asset Management from a "hold" rating to a "strong sell" rating in a research note on Tuesday, April 21st. Finally, The Goldman Sachs Group dropped their price objective on shares of Artisan Partners Asset Management from $39.00 to $34.00 and set a "sell" rating for the company in a research note on Tuesday, April 7th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Artisan Partners Asset Management has an average rating of "Reduce" and an average target price of $40.20.

Hedge Funds Weigh In On Artisan Partners Asset Management

Hedge funds have recently modified their holdings of the business. Foster Dykema Cabot & Partners LLC purchased a new position in shares of Artisan Partners Asset Management during the 3rd quarter worth $27,000. Chilton Capital Management LLC purchased a new position in shares of Artisan Partners Asset Management during the 3rd quarter worth $28,000. Community Bank N.A. purchased a new position in shares of Artisan Partners Asset Management during the 3rd quarter worth $33,000. Eagle Bay Advisors LLC purchased a new position in shares of Artisan Partners Asset Management during the 4th quarter worth $32,000. Finally, Triumph Capital Management grew its holdings in shares of Artisan Partners Asset Management by 112.5% during the 4th quarter. Triumph Capital Management now owns 850 shares of the asset manager's stock worth $35,000 after purchasing an additional 450 shares during the period. 86.45% of the stock is currently owned by hedge funds and other institutional investors.

Artisan Partners Asset Management Trading Down 2.2%

The firm has a market capitalization of $2.98 billion, a PE ratio of 9.27 and a beta of 1.76. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.40. The business has a fifty day moving average price of $37.62 and a two-hundred day moving average price of $41.09.

Artisan Partners Asset Management Company Profile

Artisan Partners Asset Management Inc is a global investment management firm that specializes in active, fundamental research-driven strategies across a range of equity, fixed income and alternative asset classes. Founded in 1994 by Andrew Ziegler, the company has built a reputation for its team-based approach to portfolio construction, emphasizing deep sector expertise and independent analysis. Its product lineup includes U.S. and international equity strategies, global emerging markets, as well as credit and multisector fixed income offerings.

Artisan Partners serves a diverse client base that spans institutional investors, intermediaries and high-net-worth individuals located in North America, Europe and Asia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.