Bank of America Trims Artisan Partners Asset Management (NYSE:APAM) Target Price to $18.00

Artisan Partners Asset Management (NYSE:APAM) had its price objective decreased by Bank of America from $23.00 to $18.00 in a research note released on Monday, Stock Target Advisor reports. Bank of America currently has an underperform rating on the asset manager’s stock.

Several other equities analysts have also weighed in on APAM. ValuEngine upgraded shares of Artisan Partners Asset Management from a strong sell rating to a sell rating in a report on Thursday, March 5th. Royal Bank of Canada reaffirmed a buy rating and set a $34.00 target price on shares of Artisan Partners Asset Management in a report on Monday, January 6th. Citigroup dropped their target price on shares of Artisan Partners Asset Management from $40.00 to $24.50 and set a buy rating for the company in a research report on Friday, March 13th. Finally, Zacks Investment Research raised Artisan Partners Asset Management from a hold rating to a buy rating and set a $36.00 price target on the stock in a research note on Monday, December 23rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $28.13.

Shares of APAM stock opened at $19.99 on Monday. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 7.69, a PEG ratio of 0.79 and a beta of 1.85. Artisan Partners Asset Management has a 12 month low of $17.69 and a 12 month high of $38.09. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 2.17. The stock has a 50-day moving average price of $28.73 and a 200 day moving average price of $29.66.

Artisan Partners Asset Management (NYSE:APAM) last released its earnings results on Tuesday, February 4th. The asset manager reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.02. Artisan Partners Asset Management had a net margin of 19.59% and a return on equity of 180.34%. The company had revenue of $208.40 million for the quarter, compared to the consensus estimate of $207.35 million. During the same period in the prior year, the company posted $0.61 EPS. The company’s revenue was up 8.8% compared to the same quarter last year. Sell-side analysts predict that Artisan Partners Asset Management will post 2.82 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were issued a dividend of $0.68 per share. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $2.72 dividend on an annualized basis and a yield of 13.61%. This is a boost from Artisan Partners Asset Management’s previous quarterly dividend of $0.65. Artisan Partners Asset Management’s dividend payout ratio (DPR) is 101.87%.

In related news, Director Tench Coxe purchased 50,000 shares of the stock in a transaction dated Friday, March 13th. The stock was bought at an average cost of $21.02 per share, with a total value of $1,051,000.00. Following the purchase, the director now directly owns 61,631 shares in the company, valued at approximately $1,295,483.62. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 24.44% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in the company. O Shares Investment Advisers LLC raised its holdings in Artisan Partners Asset Management by 1.4% during the 4th quarter. O Shares Investment Advisers LLC now owns 20,906 shares of the asset manager’s stock worth $676,000 after buying an additional 286 shares during the period. Amalgamated Bank boosted its holdings in shares of Artisan Partners Asset Management by 4.7% in the fourth quarter. Amalgamated Bank now owns 8,550 shares of the asset manager’s stock valued at $276,000 after buying an additional 384 shares during the period. Westpac Banking Corp increased its position in shares of Artisan Partners Asset Management by 0.5% during the fourth quarter. Westpac Banking Corp now owns 75,770 shares of the asset manager’s stock worth $2,449,000 after acquiring an additional 400 shares in the last quarter. Raymond James Trust N.A. increased its position in shares of Artisan Partners Asset Management by 5.4% during the fourth quarter. Raymond James Trust N.A. now owns 9,975 shares of the asset manager’s stock worth $322,000 after acquiring an additional 511 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in shares of Artisan Partners Asset Management by 43.8% during the fourth quarter. Point72 Asset Management L.P. now owns 2,300 shares of the asset manager’s stock worth $74,000 after acquiring an additional 700 shares during the period. 63.03% of the stock is owned by institutional investors.

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.

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