AssetMark Financial (NYSE:AMK) Sets New 12-Month High After Analyst Upgrade

AssetMark Financial Holdings (NYSE:AMK) shares reached a new 52-week high during trading on Thursday after Raymond James raised their price target on the stock from $32.00 to $34.00. Raymond James currently has an outperform rating on the stock. AssetMark Financial traded as high as $30.50 and last traded at $30.41, with a volume of 47101 shares changing hands. The stock had previously closed at $28.80.

AMK has been the topic of several other reports. BMO Capital Markets initiated coverage on AssetMark Financial in a research report on Monday, October 7th. They set a “market perform” rating and a $24.00 target price on the stock. JPMorgan Chase & Co. raised shares of AssetMark Financial from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $30.00 to $31.00 in a research report on Friday, December 13th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $30.00.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Partner Investment Management L.P. purchased a new position in AssetMark Financial in the third quarter valued at about $25,000. Metropolitan Life Insurance Co NY bought a new stake in shares of AssetMark Financial in the 3rd quarter valued at approximately $200,000. Squarepoint Ops LLC acquired a new stake in shares of AssetMark Financial during the 3rd quarter valued at approximately $201,000. State of Tennessee Treasury Department acquired a new stake in shares of AssetMark Financial during the 3rd quarter valued at approximately $208,000. Finally, Rhumbline Advisers acquired a new stake in shares of AssetMark Financial during the 3rd quarter valued at approximately $372,000. 20.66% of the stock is currently owned by institutional investors and hedge funds.

The business has a 50 day simple moving average of $27.78. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.77 and a quick ratio of 2.77.

AssetMark Financial (NYSE:AMK) last released its earnings results on Tuesday, November 5th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.04). The business had revenue of $110.13 million for the quarter, compared to analysts’ expectations of $109.20 million. As a group, sell-side analysts forecast that AssetMark Financial Holdings will post 0.57 EPS for the current fiscal year.

AssetMark Financial Company Profile (NYSE:AMK)

AssetMark Financial Holdings, Inc provides wealth management and technology solutions in the United States. The company 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.

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