JPMorgan Chase & Co. Downgrades AssetMark Financial (NYSE:AMK) to Neutral

JPMorgan Chase & Co. lowered shares of AssetMark Financial (NYSE:AMK - Free Report) from an overweight rating to a neutral rating in a research note issued to investors on Friday morning, Marketbeat reports. JPMorgan Chase & Co. currently has $37.00 price target on the stock.

AMK has been the topic of a number of other reports. Raymond James lifted 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. William Blair lowered AssetMark Financial from an outperform rating to a market perform rating in a research note on Thursday.

AssetMark Financial Stock Up 0.1 %

Shares of AMK stock traded up $0.04 during trading hours on Friday, reaching $33.93. The company had a trading volume of 1,820,293 shares, compared to its average volume of 263,599. The business has a fifty day simple moving average of $35.05 and a 200-day simple moving average of $30.13. The company has a market cap of $2.52 billion, a price-to-earnings ratio of 20.69 and a beta of 1.11. AssetMark Financial has a 12 month low of $22.92 and a 12 month high of $37.54. 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 (NYSE:AMK - Get Free Report) last issued its quarterly earnings results on Wednesday, February 21st. The company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. The business had revenue of $158.18 million for the quarter, compared to analyst estimates of $188.88 million. AssetMark Financial had a return on equity of 12.74% and a net margin of 17.38%. On average, research analysts expect that AssetMark Financial will post 2.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AssetMark Financial

Several hedge funds have recently made changes to their positions in AMK. Bank of New York Mellon Corp grew its position in AssetMark Financial by 2.1% during the third quarter. Bank of New York Mellon Corp now owns 104,790 shares of the company's stock worth $2,628,000 after buying an additional 2,185 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in AssetMark Financial by 40.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,102 shares of the company's stock worth $178,000 after buying an additional 2,059 shares in the last quarter. Strs Ohio lifted its stake in shares of AssetMark Financial by 5.9% in the 3rd quarter. Strs Ohio now owns 23,300 shares of the company's stock valued at $584,000 after acquiring an additional 1,300 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of AssetMark Financial by 6.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,851 shares of the company's stock valued at $297,000 after acquiring an additional 677 shares during the last quarter. Finally, Jennison Associates LLC raised its position in 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 purchasing an additional 191,481 shares during the last quarter. 28.64% of the stock is currently owned by hedge funds and other institutional investors.

About AssetMark Financial

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.