Artisan Partners Q3 adjusted EPS beats analyst expectations; revenue up as fees increase 

Overview

• Global asset manager's Q3 adjusted EPS beat analyst expectations

• Q3 revenue rose yr/yr

• Company declared a quarterly dividend of $0.88 per share

Outlook

• Co plans to launch its first ETF share classes in Q4 and is developing an interval fund for wealth clients

Result Drivers

• PUBLIC-EQUITY REDEMPTIONS – Q3 net outflows of $10.6 bln were driven by public-equity redemptions, including the US Value wind-down and client rebalancing

• CREDIT AND ALTERNATIVES INFLOWS – Credit and alternative strategies generated about $1.1 bln of net inflows, including $747 mln in Global Unconstrained

• FUND MANAGEMENT FEES – Revenue growth reflected Artisan Funds and Artisan Global Funds fees rising to $207.0 mln from $192.5 mln, partly offset by lower separate-account fees

Company press release:

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the investment management & fund operators peer group is "buy."

• Wall Street's median 12-month price target for Artisan Partners Asset Management Inc is $34.50, about 3.9% above its October 27 closing price of $33.20

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago

Reuters Recommended Reads

• Oct 27 - Invesco's Q3 operating revenue up 14%, adjusted EPS rises 18%

• Oct 27 - AllianceBernstein Q3 adjusted EPS beats estimates

• Oct 27 - LPL Financial Q3 adjusted EPS beats estimates as client assets rise

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)