AssetMark Financial (NYSE:AMK) Rating Increased to Hold at Zacks Investment Research

AssetMark Financial (NYSE:AMK) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.

According to Zacks, “AssetMark Financial Holdings Inc. provides wealth management and technology solutions to financial advisers and their clients. AssetMark Financial Holdings Inc. is based in Concord, California. “

Separately, Raymond James raised AssetMark Financial from an “outperform” rating to a “strong-buy” rating and increased their price target for the company from $33.00 to $34.00 in a research note on Tuesday. Four research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. AssetMark Financial currently has an average rating of “Hold” and a consensus price target of $27.40.

Shares of AMK opened at $24.09 on Thursday. AssetMark Financial has a one year low of $20.88 and a one year high of $29.45. The stock’s fifty day moving average is $22.84 and its 200-day moving average is $23.82. The company has a debt-to-equity ratio of 0.14, a quick ratio of 4.14 and a current ratio of 4.14. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of -1,203.90 and a beta of 1.23.

AssetMark Financial (NYSE:AMK) last released its earnings results on Monday, May 3rd. The company reported $0.30 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by ($0.01). The company had revenue of $119.01 million for the quarter, compared to analyst estimates of $82.71 million. AssetMark Financial had a negative net margin of 0.16% and a positive return on equity of 2.84%. AssetMark Financial’s revenue for the quarter was up 3.6% on a year-over-year basis. Analysts forecast that AssetMark Financial will post 0.43 EPS for the current fiscal year.

In related news, EVP Ted F. Angus sold 20,291 shares of the stock in a transaction dated Monday, March 1st. The stock was sold at an average price of $25.02, for a total value of $507,680.82. Following the completion of the sale, the executive vice president now directly owns 99,342 shares of the company’s stock, valued at approximately $2,485,536.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Ted F. Angus sold 9,780 shares of AssetMark Financial stock in a transaction dated Monday, May 10th. The shares were sold at an average price of $23.09, for a total value of $225,820.20. Following the transaction, the executive vice president now directly owns 69,570 shares in the company, valued at approximately $1,606,371.30. The disclosure for this sale can be found here. Insiders sold a total of 50,063 shares of company stock valued at $1,194,054 in the last quarter. 7.30% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Aigen Investment Management LP acquired a new stake in shares of AssetMark Financial during the 1st quarter valued at $230,000. The Manufacturers Life Insurance Company raised its stake in shares of AssetMark Financial by 4.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 11,222 shares of the company’s stock worth $272,000 after purchasing an additional 443 shares in the last quarter. First Trust Advisors LP acquired a new stake in shares of AssetMark Financial during the 4th quarter valued at about $296,000. Squarepoint Ops LLC bought a new stake in shares of AssetMark Financial in the 4th quarter valued at approximately $342,000. Finally, Credit Suisse AG increased its holdings in AssetMark Financial by 56.1% in the fourth quarter. Credit Suisse AG now owns 18,740 shares of the company’s stock worth $453,000 after buying an additional 6,736 shares during the last quarter. Hedge funds and other institutional investors own 23.50% of the company’s stock.

About AssetMark Financial

AssetMark Financial Holdings, Inc provides wealth management and technology solutions in the United States. The company offers an open-architecture product platform, as well as client advice, asset allocation options, practice management, support services, and technology to the financial adviser channel.

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