AssetMark Financial (NYSE:AMK – Get Rating) released its quarterly earnings results on Wednesday. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.03, Fidelity Earnings reports. AssetMark Financial had a net margin of 12.38% and a return on equity of 6.25%. During the same period last year, the company earned $0.27 EPS.
AssetMark Financial Stock Performance
Shares of AMK traded up $0.09 during trading hours on Friday, reaching $20.18. 1,805 shares of the company traded hands, compared to its average volume of 83,844. The stock has a market capitalization of $1.49 billion, a P/E ratio of 20.80 and a beta of 1.04. The company has a quick ratio of 3.05, a current ratio of 3.05 and a debt-to-equity ratio of 0.11. AssetMark Financial has a 12-month low of $16.88 and a 12-month high of $29.54. The business has a fifty day moving average price of $19.02 and a 200-day moving average price of $20.91.
Get AssetMark Financial alerts:Wall Street Analyst Weigh In
Several equities analysts have issued reports on AMK shares. BMO Capital Markets cut their price target on shares of AssetMark Financial from $32.00 to $27.00 in a report on Monday, May 2nd. William Blair reaffirmed an "outperform" rating on shares of AssetMark Financial in a report on Monday, July 25th. Finally, Raymond James cut their price target on shares of AssetMark Financial from $36.00 to $30.00 and set a "strong-buy" rating on the stock in a report on Tuesday, July 12th.
Insider Activity
In other news, CFO Gary G. Zyla sold 1,585 shares of the business's stock in a transaction on Thursday, June 9th. The shares were sold at an average price of $20.00, for a total transaction of $31,700.00. Following the sale, the chief financial officer now directly owns 99,431 shares of the company's stock, valued at $1,988,620. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Natalie Grace Wolfsen sold 3,227 shares of the business's stock in a transaction on Thursday, June 9th. The shares were sold at an average price of $20.00, for a total transaction of $64,540.00. Following the completion of the transaction, the chief executive officer now directly owns 419,498 shares in the company, valued at $8,389,960. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Gary G. Zyla sold 1,585 shares of the business's stock in a transaction on Thursday, June 9th. The shares were sold at an average price of $20.00, for a total transaction of $31,700.00. Following the transaction, the chief financial officer now owns 99,431 shares of the company's stock, valued at $1,988,620. The disclosure for this sale can be found here. Insiders have sold 7,995 shares of company stock valued at $159,076 over the last ninety days. 5.30% of the stock is currently owned by insiders.Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its position in shares of AssetMark Financial by 13.1% in the first quarter. Dimensional Fund Advisors LP now owns 235,527 shares of the company's stock worth $5,242,000 after acquiring an additional 27,346 shares during the period. Panagora Asset Management Inc. acquired a new position in shares of AssetMark Financial in the first quarter worth about $321,000. Hsbc Holdings PLC raised its position in shares of AssetMark Financial by 99.9% in the first quarter. Hsbc Holdings PLC now owns 21,521 shares of the company's stock worth $485,000 after acquiring an additional 10,756 shares during the period. Lord Abbett & CO. LLC raised its position in shares of AssetMark Financial by 1.8% in the first quarter. Lord Abbett & CO. LLC now owns 562,776 shares of the company's stock worth $12,522,000 after acquiring an additional 10,202 shares during the period. Finally, MetLife Investment Management LLC raised its position in shares of AssetMark Financial by 57.4% in the first quarter. MetLife Investment Management LLC now owns 10,106 shares of the company's stock worth $225,000 after acquiring an additional 3,684 shares during the period. 26.10% of the stock is currently owned by institutional investors and hedge funds.
About AssetMark Financial
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AssetMark Financial Holdings, Inc provides wealth management and technology solutions in the United States. It 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. The company provides integrated technology platform for advisers for accessing a range of automated processes, including new account opening, portfolio construction, streamlined financial planning, customer billing, investor reporting, progress to goal analysis, and client activity tracking; advisory services; and curated investment platform.
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