AssetMark Financial (NYSE:AMK) Shares Gap Up on Strong Earnings

AssetMark Financial Holdings, Inc. (NYSE:AMK – Get Rating) gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $20.08, but opened at $21.20. AssetMark Financial shares last traded at $21.20, with a volume of 21 shares changing hands.

The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. AssetMark Financial had a net margin of 12.38% and a return on equity of 6.25%. During the same quarter in the prior year, the company earned $0.27 EPS.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. William Blair reissued an “outperform” rating on shares of AssetMark Financial in a report on Monday, July 25th. Raymond James decreased 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. Finally, BMO Capital Markets reduced their price target on shares of AssetMark Financial from $32.00 to $27.00 in a report on Monday, May 2nd.

Insider Buying and Selling at AssetMark Financial

In other AssetMark Financial news, CFO Gary G. Zyla sold 1,585 shares of the company’s stock in a transaction dated Thursday, June 9th. The shares were sold at an average price of $20.00, for a total value of $31,700.00. Following 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 the SEC website. In other news, insider Michael Kim sold 1,801 shares of the business’s stock in a transaction that occurred on Thursday, June 9th. The shares were 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 $7,494,760. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Gary G. Zyla sold 1,585 shares of the business’s stock in a transaction that occurred 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 have 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.

Hedge Funds Weigh In On AssetMark Financial

Institutional investors have recently modified their holdings of the company. New York State Teachers Retirement System acquired a new position in shares of AssetMark Financial in the second quarter valued at approximately $30,000. Amalgamated Bank acquired a new position in AssetMark Financial during the first quarter worth approximately $49,000. Strs Ohio acquired a new position in AssetMark Financial during the first quarter worth approximately $140,000. SG Americas Securities LLC acquired a new position in AssetMark Financial during the second quarter worth approximately $152,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in AssetMark Financial by 80.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,878 shares of the company’s stock worth $180,000 after purchasing an additional 3,071 shares during the last quarter. Institutional investors and hedge funds own 26.10% of the company’s stock.

AssetMark Financial Stock Up 0.3 %

The company has a debt-to-equity ratio of 0.11, a current ratio of 3.05 and a quick ratio of 3.05. The firm’s 50-day moving average is $19.01 and its 200 day moving average is $20.87. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 20.57 and a beta of 1.04.

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.