Silvercrest Asset Management Group (NASDAQ:SAMG) Posts Quarterly Earnings Results, Meets Expectations

Silvercrest Asset Management Group (NASDAQ:SAMG) announced its earnings results on Thursday. The asset manager reported $0.10 earnings per share for the quarter, hitting the consensus estimate of $0.10, FiscalAI reports. Silvercrest Asset Management Group had a net margin of 2.12% and a return on equity of 10.51%. The business had revenue of $30.78 million during the quarter, compared to the consensus estimate of $30.90 million.

Silvercrest Asset Management Group Stock Down 0.8%

NASDAQ SAMG traded down $0.08 during trading hours on Thursday, hitting $9.90. 53,972 shares of the stock were exchanged, compared to its average volume of 51,899. The company has a market cap of $117.31 million, a price-to-earnings ratio of 33.00 and a beta of 0.66. Silvercrest Asset Management Group has a 12-month low of $9.57 and a 12-month high of $16.99. The stock has a 50-day moving average of $10.65 and a 200 day moving average of $12.91.

Silvercrest Asset Management Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, June 12th were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 8.5%. The ex-dividend date was Friday, June 12th. Silvercrest Asset Management Group’s payout ratio is 280.00%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Boston Partners increased its position in shares of Silvercrest Asset Management Group by 9.3% in the fourth quarter. Boston Partners now owns 232,310 shares of the asset manager’s stock valued at $3,529,000 after buying an additional 19,753 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Silvercrest Asset Management Group by 24.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 99,056 shares of the asset manager’s stock valued at $1,505,000 after buying an additional 19,186 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Silvercrest Asset Management Group during the 2nd quarter worth $1,014,000. Bank of America Corp DE lifted its position in Silvercrest Asset Management Group by 22.4% during the second quarter. Bank of America Corp DE now owns 31,539 shares of the asset manager’s stock worth $500,000 after buying an additional 5,769 shares during the period. Finally, Millennium Management LLC boosted its position in shares of Silvercrest Asset Management Group by 29.1% in the third quarter. Millennium Management LLC now owns 29,928 shares of the asset manager’s stock worth $471,000 after acquiring an additional 6,753 shares during the last quarter. 47.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SAMG. Zacks Research upgraded Silvercrest Asset Management Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday. Wall Street Zen cut Silvercrest Asset Management Group from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings downgraded Silvercrest Asset Management Group from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Silvercrest Asset Management Group has an average rating of “Reduce”.

About Silvercrest Asset Management Group

Silvercrest Asset Management Group Inc, headquartered in New York City, is an independent registered investment adviser that specializes in delivering customized wealth and asset management solutions for high-net-worth individuals, family offices and institutional clients. Founded in 2002 by senior professionals from leading financial institutions, Silvercrest has built its reputation on a disciplined, research-driven investment process and a commitment to personalized client service.

The firm’s core offerings include discretionary and non-discretionary portfolio management across equities, fixed income, hedge funds and alternative investments.