AssetMark Financial (NYSE:AMK) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

AssetMark Financial (NYSE:AMKGet Rating) announced its quarterly earnings data on Wednesday. The company reported $0.44 earnings per share for the quarter, beating 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 Up 0.3 %

Shares of AMK stock opened at $20.16 on Friday. The firm has a fifty day moving average of $19.01 and a 200-day moving average of $20.87. 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 company has a market capitalization of $1.48 billion, a price-to-earnings ratio of 20.57 and a beta of 1.04.

Insider Transactions at AssetMark Financial

In other news, CFO Gary G. Zyla sold 1,585 shares of the 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 completion of the sale, the chief financial officer now owns 99,431 shares of the company’s stock, valued at $1,988,620. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Michael Kim sold 1,801 shares of the stock in a transaction on Thursday, June 9th. The shares were sold at an average price of $20.00, for a total transaction of $36,020.00. Following the completion of the sale, the insider now owns 374,738 shares of the company’s stock, valued at $7,494,760. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Gary G. Zyla sold 1,585 shares of the firm’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 completion of the transaction, the chief financial officer now directly owns 99,431 shares of the company’s stock, valued at approximately $1,988,620. The disclosure for this sale can be found here. Insiders sold 7,995 shares of company stock valued at $159,076 over the last quarter. Corporate insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. MetLife Investment Management LLC grew its position in AssetMark Financial by 57.4% in the first quarter. MetLife Investment Management LLC now owns 10,106 shares of the company’s stock valued at $225,000 after purchasing an additional 3,684 shares in the last quarter. Panagora Asset Management Inc. bought a new position in AssetMark Financial in the first quarter valued at $321,000. Engineers Gate Manager LP grew its position in AssetMark Financial by 14.1% in the first quarter. Engineers Gate Manager LP now owns 19,381 shares of the company’s stock valued at $431,000 after purchasing an additional 2,394 shares in the last quarter. Hsbc Holdings PLC grew its position in AssetMark Financial by 99.9% in the first quarter. Hsbc Holdings PLC now owns 21,521 shares of the company’s stock valued at $485,000 after purchasing an additional 10,756 shares in the last quarter. Finally, Swiss National Bank grew its position in AssetMark Financial by 9.0% in the first quarter. Swiss National Bank now owns 43,500 shares of the company’s stock valued at $968,000 after purchasing an additional 3,600 shares in the last quarter. Institutional investors own 26.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on AMK. Raymond James cut their price objective 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. BMO Capital Markets cut their target price on shares of AssetMark Financial from $32.00 to $27.00 in a report on Monday, May 2nd. Finally, William Blair reiterated an “outperform” rating on shares of AssetMark Financial in a report on Monday, July 25th.

AssetMark Financial Company Profile

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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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Earnings History for AssetMark Financial (NYSE:AMK)

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