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

JPMorgan Chase & Co. downgraded shares of AssetMark Financial (NYSE:AMK) from an overweight rating to a neutral rating in a report issued on Friday morning, MarketBeat Ratings reports. JPMorgan Chase & Co. currently has $37.00 target price on the stock.

A number of other research analysts have also recently issued reports on the stock. William Blair cut shares of AssetMark Financial from an outperform rating to a market perform rating in a report on Thursday, April 25th. Raymond James upped their price target on AssetMark Financial from $39.00 to $41.00 and gave the stock a strong-buy rating in a report on Thursday, April 11th.

AssetMark Financial Stock Down 0.4 %

AssetMark Financial stock opened at $33.79 on Friday. AssetMark Financial has a twelve month low of $22.92 and a twelve month high of $37.54. The company has a current ratio of 3.84, a quick ratio of 3.84 and a debt-to-equity ratio of 0.07. The stock has a 50 day moving average of $35.12 and a two-hundred day moving average of $30.34. The stock has a market capitalization of $2.51 billion, a price-to-earnings ratio of 20.60 and a beta of 1.11.

AssetMark Financial (NYSE:AMK) last posted its quarterly earnings results on Wednesday, February 21st. The company reported $0.54 earnings per share (EPS) for the quarter, topping 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. As a group, research analysts expect that AssetMark Financial will post 2.46 earnings per share for the current year.

Institutional Trading of AssetMark Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. Jennison Associates LLC increased its stake in shares of AssetMark Financial by 12.5% during the 3rd quarter. Jennison Associates LLC now owns 1,719,808 shares of the company’s stock valued at $43,133,000 after acquiring an additional 191,481 shares during the last quarter. Azora Capital LP increased its position in AssetMark Financial by 32.8% during the fourth quarter. Azora Capital LP now owns 465,355 shares of the company’s stock worth $13,937,000 after purchasing an additional 114,965 shares during the last quarter. Phocas Financial Corp. acquired a new position in AssetMark Financial during the fourth quarter worth approximately $3,248,000. Adage Capital Partners GP L.L.C. raised its stake in AssetMark Financial by 14.8% during the third quarter. Adage Capital Partners GP L.L.C. now owns 787,960 shares of the company’s stock worth $19,762,000 after purchasing an additional 101,707 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of AssetMark Financial by 11.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 943,396 shares of the company’s stock valued at $28,257,000 after purchasing an additional 98,444 shares during the last quarter. 28.64% of the stock is owned by hedge funds and other institutional investors.

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.