AssetMark Financial (NYSE:AMK) Lowered to “Neutral” at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of AssetMark Financial (NYSE:AMK) from an overweight rating to a neutral rating in a research note published on Friday, Marketbeat Ratings reports. The firm currently has $37.00 price objective on the stock.

Several other equities analysts have also recently issued reports on AMK. William Blair cut shares of AssetMark Financial from an outperform rating to a market perform rating in a research report on Thursday. Raymond James increased their price objective on shares of AssetMark Financial from $39.00 to $41.00 and gave the stock a strong-buy rating in a research report on Thursday, April 11th.

AssetMark Financial Price Performance

AMK stock opened at $33.93 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.84 and a quick ratio of 3.84. AssetMark Financial has a 1 year low of $22.92 and a 1 year high of $37.54. The company has a 50 day simple moving average of $35.09 and a 200 day simple moving average of $30.19. The stock has a market cap of $2.52 billion, a price-to-earnings ratio of 20.69 and a beta of 1.11.

AssetMark Financial (NYSE:AMK) last announced its quarterly earnings results on Wednesday, February 21st. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. AssetMark Financial had a net margin of 17.38% and a return on equity of 12.74%. The firm had revenue of $158.18 million during the quarter, compared to analysts’ expectations of $188.88 million. Research analysts anticipate that AssetMark Financial will post 2.46 EPS for the current fiscal year.

Institutional Investors Weigh In On AssetMark Financial

Several large investors have recently modified their holdings of AMK. Lmcg Investments LLC bought a new position in AssetMark Financial during the third quarter worth $915,000. Jennison Associates LLC boosted its stake in AssetMark Financial by 7.8% during the fourth quarter. Jennison Associates LLC now owns 1,853,384 shares of the company’s stock worth $55,509,000 after acquiring an additional 133,576 shares in the last quarter. SG Americas Securities LLC bought a new position in AssetMark Financial during the fourth quarter worth $169,000. Phocas Financial Corp. bought a new position in AssetMark Financial during the fourth quarter worth $3,248,000. Finally, Hsbc Holdings PLC bought a new position in AssetMark Financial during the third quarter worth $231,000. 28.64% of the stock is currently owned by institutional investors and hedge funds.

AssetMark Financial Company Profile

AssetMark Financial Holdings, Inc, together with its subsidiaries, provides wealth management platform 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 solutions to the financial adviser channel.