AssetMark Financial (NYSE:AMK – Get Rating) issued its quarterly earnings results on Wednesday. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.03, Fidelity Earnings reports. AssetMark Financial had a return on equity of 6.25% and a net margin of 12.38%. During the same period last year, the firm posted $0.27 earnings per share.
AssetMark Financial Price Performance
Shares of AssetMark Financial stock traded up $0.09 during trading on Friday, reaching $20.18. 1,805 shares of the stock traded hands, compared to its average volume of 83,844. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of 20.80 and a beta of 1.04. The business has a fifty day simple moving average of $19.02 and a two-hundred day simple moving average of $20.91. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.05 and a quick ratio of 3.05. AssetMark Financial has a 52-week low of $16.88 and a 52-week high of $29.54.
Get AssetMark Financial alerts:Insider Activity
In related news, CEO Natalie Grace Wolfsen sold 3,227 shares of AssetMark Financial stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $20.00, for a total value of $64,540.00. Following the completion of the transaction, the chief executive officer now owns 419,498 shares in the company, valued at $8,389,960. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Natalie Grace Wolfsen sold 3,227 shares of AssetMark Financial stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $20.00, for a total value of $64,540.00. Following the completion of the transaction, the chief executive officer now owns 419,498 shares in the company, valued at $8,389,960. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael Kim sold 1,801 shares of AssetMark Financial stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $20.00, for a total value of $36,020.00. Following the completion of the transaction, the insider now owns 374,738 shares of the company's stock, valued at approximately $7,494,760. The disclosure for this sale can be found here. Insiders sold a total of 7,995 shares of company stock worth $159,076 over the last 90 days. Corporate insiders own 5.30% of the company's stock.
Institutional Trading of AssetMark Financial
Institutional investors have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC lifted its stake in 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 purchasing an additional 10,202 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of AssetMark Financial by 13.1% during the first quarter. Dimensional Fund Advisors LP now owns 235,527 shares of the company's stock valued at $5,242,000 after acquiring an additional 27,346 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of AssetMark Financial by 2.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 136,447 shares of the company's stock valued at $3,036,000 after acquiring an additional 3,552 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of AssetMark Financial by 2.3% during the first quarter. Bank of New York Mellon Corp now owns 93,557 shares of the company's stock valued at $2,081,000 after acquiring an additional 2,116 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of AssetMark Financial by 6.1% during the first quarter. Invesco Ltd. now owns 50,882 shares of the company's stock valued at $1,132,000 after acquiring an additional 2,926 shares in the last quarter. Institutional investors own 26.10% of the company's stock.Analyst Ratings Changes
A number of equities research analysts have issued reports on AMK shares. William Blair reiterated an "outperform" rating on shares of AssetMark Financial in a research note on Monday, July 25th. BMO Capital Markets cut their price objective on AssetMark Financial from $32.00 to $27.00 in a research report on Monday, May 2nd. Finally, Raymond James cut their price objective on AssetMark Financial from $36.00 to $30.00 and set a "strong-buy" rating for the company in a research report on Tuesday, July 12th.
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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