Artisan Partners Asset Management (NYSE:APAM) Shares Gap Up After Better-Than-Expected Earnings

Artisan Partners Asset Management Inc. (NYSE:APAM) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. 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 changing hands.

The asset manager reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.07. The company had revenue of $312.50 million during the quarter, compared to analyst estimates of $307.60 million. During the same period in the prior year, the firm posted $1.02 EPS. Artisan Partners Asset Management’s revenue was up 3.7% compared to the same quarter last year.

Trending Headlines about 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 Upgrades and Downgrades

Several equities research analysts recently weighed in on APAM shares. Evercore set a $34.00 price objective on shares of Artisan Partners Asset Management in a research report on Friday, October 9th. Zacks Research downgraded shares of Artisan Partners Asset Management from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 13th. TD Cowen reduced their price target on shares of Artisan Partners Asset Management from $37.00 to $33.00 and set a “hold” rating on the stock in a research report on Monday, October 12th. The Goldman Sachs Group lowered their price objective on shares of Artisan Partners Asset Management from $35.00 to $31.00 and set a “sell” rating for the company in a research report on Friday, October 2nd. Finally, Royal Bank Of Canada reduced their price objective on Artisan Partners Asset Management from $45.00 to $43.00 and set an “outperform” rating on the stock in a research note on Friday, October 9th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $35.25.

Insider Transactions at Artisan Partners Asset Management

In other news, EVP Gregory Ramirez sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $42.59, for a total value of $298,130.00. Following the completion of the sale, the executive vice president directly owned 109,194 shares in the company, valued at $4,650,572.46. This trade represents a 6.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 11.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Trust Co. of Vermont purchased a new stake in shares of Artisan Partners Asset Management during the 2nd quarter valued at $28,000. Nykredit A S purchased a new position in shares of Artisan Partners Asset Management in the 2nd quarter worth about $40,000. Highland Investment Advisors LLC purchased a new position in shares of Artisan Partners Asset Management in the 2nd quarter worth about $51,000. Public Employees Retirement System of Ohio purchased a new position in shares of Artisan Partners Asset Management in the 2nd quarter worth about $52,000. Finally, Versant Capital Management Inc grew its position in Artisan Partners Asset Management by 51.0% during the second quarter. Versant Capital Management Inc now owns 1,658 shares of the asset manager’s stock valued at $57,000 after buying an additional 560 shares during the period. Hedge funds and other institutional investors own 86.45% of the company’s stock.

Artisan Partners Asset Management Stock Up 4.0%

The company’s 50-day moving average is $37.19 and its two-hundred day moving average is $38.47. The company has a market cap of $2.80 billion, a P/E ratio of 8.41 and a beta of 1.70.

Artisan Partners Asset Management Company Profile

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.