AssetMark Financial (NYSE:AMK) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research lowered shares of AssetMark Financial (NYSE:AMK) from a buy rating to a hold rating in a research report report published on Wednesday, 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. “
Other research analysts also recently issued research reports about the stock. Truist began coverage on shares of AssetMark Financial in a research report on Friday, December 18th. They set a hold rating and a $27.00 target price on the stock. Jefferies Financial Group began coverage on shares of AssetMark Financial in a research report on Wednesday, September 23rd. They set a hold rating and a $24.00 target price on the stock. Finally, Raymond James raised their target price on shares of AssetMark Financial from $31.00 to $32.00 and gave the company an outperform rating in a research report on Tuesday, October 13th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of Hold and an average target price of $27.33.
Shares of NYSE:AMK opened at $24.11 on Wednesday. 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 fifty day moving average price of $24.27 and a 200 day moving average price of $24.51. AssetMark Financial has a fifty-two week low of $13.94 and a fifty-two week high of $34.02. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of -1,204.90 and a beta of 1.23.
AssetMark Financial (NYSE:AMK) last issued its earnings results on Sunday, November 15th. The company reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.01. The firm had revenue of $107.14 million during the quarter, compared to analyst estimates of $106.13 million. AssetMark Financial had a negative net margin of 0.16% and a positive return on equity of 2.84%. As a group, research analysts predict that AssetMark Financial will post 0.43 earnings per share for the current year.
In other AssetMark Financial news, EVP Jeremiah H. Chafkin sold 7,934 shares of the business’s stock in a transaction that occurred on Wednesday, October 14th. The stock was sold at an average price of $23.00, for a total value of $182,482.00. Following the sale, the executive vice president now owns 497,120 shares of the company’s stock, valued at $11,433,760. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Michael Kim sold 20,694 shares of the business’s stock in a transaction that occurred on Monday, December 14th. The shares were sold at an average price of $23.93, for a total value of $495,207.42. Following the completion of the sale, the executive vice president now directly owns 306,081 shares in the company, valued at approximately $7,324,518.33. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 194,826 shares of company stock valued at $4,708,976. 7.30% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of Montreal Can purchased a new stake in AssetMark Financial in the second quarter valued at approximately $38,000. Tudor Investment Corp Et Al purchased a new stake in shares of AssetMark Financial during the second quarter worth $206,000. Goldman Sachs Group Inc. purchased a new stake in shares of AssetMark Financial during the second quarter worth $211,000. American International Group Inc. increased its position in shares of AssetMark Financial by 22.7% during the second quarter. American International Group Inc. now owns 10,006 shares of the company’s stock worth $273,000 after acquiring an additional 1,852 shares during the period. Finally, Point72 Asset Management L.P. purchased a new stake in shares of AssetMark Financial during the third quarter worth $335,000. 23.50% of the stock is currently owned by institutional investors.
AssetMark Financial Company Profile
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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