Citigroup Upgrades Artisan Partners Asset Management (NYSE:APAM) to Buy

Citigroup upgraded shares of Artisan Partners Asset Management (NYSE:APAM) from a neutral rating to a buy rating in a research note published on Wednesday, Briefing.com Automated Import reports. The brokerage currently has $33.00 price target on the asset manager’s stock, up from their prior price target of $25.00.

Several other brokerages have also recently commented on APAM. Zacks Investment Research raised Artisan Partners Asset Management from a sell rating to a hold rating in a research report on Tuesday, October 15th. ValuEngine cut Artisan Partners Asset Management from a hold rating to a sell rating in a research report on Tuesday, November 5th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $30.00.

Shares of APAM stock traded down $0.16 on Wednesday, hitting $29.48. 243,745 shares of the stock were exchanged, compared to its average volume of 423,111. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 2.46. The firm has a market capitalization of $2.29 billion, a P/E ratio of 10.03, a price-to-earnings-growth ratio of 1.02 and a beta of 1.86. The business has a 50-day moving average of $27.35 and a 200 day moving average of $27.24. Artisan Partners Asset Management has a fifty-two week low of $20.16 and a fifty-two week high of $30.18.

Artisan Partners Asset Management (NYSE:APAM) last issued its quarterly earnings results on Tuesday, October 29th. The asset manager reported $0.70 EPS for the quarter, meeting the consensus estimate of $0.70. Artisan Partners Asset Management had a return on equity of 169.99% and a net margin of 18.48%. The firm had revenue of $202.90 million during the quarter, compared to analysts’ expectations of $202.46 million. During the same period in the prior year, the firm posted $0.79 earnings per share. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. As a group, research analysts forecast that Artisan Partners Asset Management will post 2.63 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.65 per share. The ex-dividend date of this dividend is Thursday, November 14th. This is a boost from Artisan Partners Asset Management’s previous quarterly dividend of $0.60. This represents a $2.60 annualized dividend and a yield of 8.82%. Artisan Partners Asset Management’s dividend payout ratio is 81.63%.

A number of large investors have recently added to or reduced their stakes in the business. Boston Advisors LLC raised its stake in Artisan Partners Asset Management by 4.9% in the third quarter. Boston Advisors LLC now owns 10,700 shares of the asset manager’s stock valued at $302,000 after buying an additional 500 shares during the period. GW&K Investment Management LLC raised its stake in Artisan Partners Asset Management by 13.0% in the third quarter. GW&K Investment Management LLC now owns 363,374 shares of the asset manager’s stock valued at $10,262,000 after buying an additional 41,832 shares during the period. Russell Investments Group Ltd. raised its stake in Artisan Partners Asset Management by 8.3% in the third quarter. Russell Investments Group Ltd. now owns 62,951 shares of the asset manager’s stock valued at $1,777,000 after buying an additional 4,833 shares during the period. California Public Employees Retirement System raised its stake in Artisan Partners Asset Management by 22.4% in the third quarter. California Public Employees Retirement System now owns 134,472 shares of the asset manager’s stock valued at $3,797,000 after buying an additional 24,625 shares during the period. Finally, State of Tennessee Treasury Department raised its stake in Artisan Partners Asset Management by 5.5% in the third quarter. State of Tennessee Treasury Department now owns 15,892 shares of the asset manager’s stock valued at $449,000 after buying an additional 835 shares during the period. Hedge funds and other institutional investors own 63.12% of the company’s stock.

About Artisan Partners Asset Management

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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