AssetMark Financial (NYSE:AMK) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of AssetMark Financial (NYSE:AMK) from a hold rating to a buy rating in a research report released on Tuesday, Zacks.com reports. Zacks Investment Research currently has $28.00 price target on the stock.

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. “

Several other brokerages have also issued reports on AMK. Credit Suisse Group lifted their price target on AssetMark Financial from $30.00 to $35.00 and gave the stock an outperform rating in a research note on Wednesday, November 10th. TheStreet lowered AssetMark Financial from a b- rating to a c rating in a research note on Tuesday, December 28th. Finally, Raymond James lifted their price target on AssetMark Financial from $41.00 to $45.00 and gave the stock a strong-buy rating in a research note on Wednesday, November 10th.

NYSE:AMK opened at $26.23 on Tuesday. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of 874.33 and a beta of 1.12. AssetMark Financial has a 52-week low of $21.83 and a 52-week high of $29.54. The stock has a fifty day moving average of $26.15 and a 200 day moving average of $25.88. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.23 and a current ratio of 2.23.

AssetMark Financial (NYSE:AMK) last issued its quarterly earnings results on Tuesday, November 9th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.02. AssetMark Financial had a return on equity of 5.05% and a net margin of 0.69%. The firm had revenue of $139.67 million during the quarter, compared to analyst estimates of $137.66 million. During the same quarter in the previous year, the company posted $0.11 earnings per share. Equities analysts forecast that AssetMark Financial will post 0.86 earnings per share for the current fiscal year.

In other news, EVP Mukesh Mehta sold 27,937 shares of the business’s stock in a transaction dated Wednesday, November 10th. The stock was sold at an average price of $28.04, for a total value of $783,353.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.30% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its stake in shares of AssetMark Financial by 8.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 69,235 shares of the company’s stock valued at $1,722,000 after acquiring an additional 5,535 shares during the last quarter. Gyon Technologies Capital Management LP bought a new stake in shares of AssetMark Financial in the 3rd quarter valued at about $245,000. Two Sigma Advisers LP lifted its stake in shares of AssetMark Financial by 1,438.7% in the 3rd quarter. Two Sigma Advisers LP now owns 143,100 shares of the company’s stock valued at $3,559,000 after acquiring an additional 133,800 shares during the last quarter. Two Sigma Investments LP lifted its stake in shares of AssetMark Financial by 227.1% in the 3rd quarter. Two Sigma Investments LP now owns 131,977 shares of the company’s stock valued at $3,282,000 after acquiring an additional 91,624 shares during the last quarter. Finally, UBS Group AG lifted its stake in shares of AssetMark Financial by 561.2% in the 3rd quarter. UBS Group AG now owns 7,723 shares of the company’s stock valued at $192,000 after acquiring an additional 6,555 shares during the last quarter. 26.07% of the stock is owned by institutional investors.

AssetMark Financial Company Profile

AssetMark Financial Holdings, Inc provides wealth management and technology solutions. It also provides end-to-end experience, spanning nearly all elements of an adviser’s engagement with client, from initial conversations to ongoing financial planning discussions, including performance reporting and billing.

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