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AssetMark Launches Advisor Dashboard, First Step in Broader Digital Ecosystem Enhancements
Newsfilter· 2024-03-04 21:15
CONCORD, Calif., March 04, 2024 (GLOBE NEWSWIRE) -- AssetMark, a leading provider of wealth management solutions powering independent financial advisors and their clients, today announced the launch of its Advisor Dashboard, the new central hub of AssetMark's digital platform. Designed to deliver real-time client and business insights, the Advisor Dashboard enhances efficiencies for advisors and streamlines their workflows. "At AssetMark, we are committed to empowering advisors with the technology they need ...
Is AssetMark Financial (AMK) a Solid Growth Stock? 3 Reasons to Think "Yes"
Zacks Investment Research· 2024-03-04 18:46
Core Viewpoint - AssetMark Financial is identified as a strong growth stock due to its impressive earnings growth, asset utilization efficiency, and positive earnings estimate revisions, making it a favorable investment opportunity for growth investors [1][6][7]. Earnings Growth - AssetMark Financial has a historical EPS growth rate of 75.6% and is projected to achieve an EPS growth of 13.3% this year, surpassing the industry average of 13% [3]. Asset Utilization Ratio - The company has an asset utilization ratio (sales-to-total-assets) of 0.45, indicating it generates $0.45 in sales for every dollar in assets, which is significantly higher than the industry average of 0.25. Additionally, its sales are expected to grow by 8.4% this year, compared to the industry average of 4.1% [4]. Earnings Estimate Revisions - The current-year earnings estimates for AssetMark Financial have been revised upward by 5.3% over the past month, reflecting a positive trend that correlates with potential near-term stock price movements [5]. Overall Positioning - With a Growth Score of B and a Zacks Rank of 2, AssetMark Financial is well-positioned for outperformance in the market, making it an attractive option for growth investors [6][7].
Why AssetMark Financial (AMK) Might be Well Poised for a Surge
Zacks Investment Research· 2024-02-28 18:21
Core Insights - AssetMark Financial (AMK) is experiencing solid improvement in earnings estimates, indicating a positive outlook for the company's stock price [1][2] - The Zacks Rank system, which reflects trends in earnings estimate revisions, suggests that AMK is positioned for potential outperformance [1][5] Current-Quarter Estimate Revisions - For the current quarter, AssetMark Financial is expected to earn $0.61 per share, reflecting a year-over-year increase of +15.09% [3] - Over the past 30 days, three estimates have been revised upward while one has been revised downward, leading to a 5.66% increase in the Zacks Consensus Estimate [3] Current-Year Estimate Revisions - The full-year earnings estimate for AssetMark Financial is $2.61 per share, representing a +13.48% change from the previous year [4] - The current year's estimate revisions show three upward adjustments with no negative revisions, resulting in a 5.34% increase in the consensus estimate [4] Favorable Zacks Rank - AssetMark Financial currently holds a Zacks Rank 1 (Strong Buy), indicating strong potential for stock performance based on earnings estimate revisions [5] - Research indicates that stocks with Zacks Rank 1 and 2 significantly outperform the S&P 500 [5] Bottom Line - Strong estimate revisions have led to a 10.2% increase in AssetMark Financial's stock over the past four weeks, suggesting further upside potential [6]
Best Momentum Stocks to Buy for February 27th
Zacks Investment Research· 2024-02-27 16:01
Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, February 27:CI Financial Corp. (CIXXF) : This asset management holding company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 13.9% over the last 60 days.CI Financial's shares gained 23.9% over the last three months compared with the S&P 500’s advance of 11.4%. The company possesses a Momentum Score of A.SPX Technologies, Inc. (SPXC) : This company ...
Are Finance Stocks Lagging Berkshire Hathaway (BRK.B) This Year?
Zacks Investment Research· 2024-02-27 15:46
The Finance group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Berkshire Hathaway B (BRK.B) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.Berkshire Hathaway B is a member of our Finance group, which includes 857 different companies and currently sits at #5 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the ...
New Strong Buy Stocks for February 27th
Zacks Investment Research· 2024-02-27 12:41
Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:Unisys Corporation (UIS) : This information technology solutions company has seen the Zacks Consensus Estimate for its current year earnings increasing 25% over the last 60 days.CI Financial Corp. (CIXXF) : This asset management holding company has seen the Zacks Consensus Estimate for its current year earnings increasing 13.9% over the last 60 days.Heartland BancCorp (HLAN) : This bank holding company for Heartland Bank has seen the Za ...
AssetMark(AMK) - 2023 Q4 - Earnings Call Transcript
2024-02-25 07:50
Financial Data and Key Metrics Changes - In 2023, total revenue reached a record $709 million, up 15% year-over-year, while net revenue was a record $545 million, also up 20% year-over-year [7][23] - Adjusted EBITDA for the year was $250 million, with an adjusted EBITDA margin of 35.2%, an increase of 290 basis points year-over-year [7][32] - Net income was $123 million, up 19% year-over-year, while adjusted net income was $171 million, up 31% year-over-year [7][32] - Adjusted earnings per share for the year was $2.30, reflecting a 30% increase year-over-year [7] Business Line Data and Key Metrics Changes - The company advanced its penetration into adjacent channels, such as the RIA channel with Adhesion Wealth and the bank trust channel with Accutech Cheetah, seeing meaningful contributions from these integrations [7][8] - The Investment Consulting offering worked on 60 different opportunities in 2023, with over $2.5 billion in asset commitments [15] Market Data and Key Metrics Changes - Platform assets increased 19% year-over-year to $108.9 billion in Q4 2023, with quarterly net flows of $1.3 billion [23][24] - The engaged adviser count reached a record 3,123, up 8.4% from the previous year, accounting for 93% of platform assets [25] Company Strategy and Development Direction - The company simplified its strategy from five pillars to three: offering flexible integrated technology, delivering exceptional service and consulting, and providing compelling wealth solutions [8][9] - Plans for 2024 include enhancing technology offerings, expanding service and consulting strategies, and continuing to add wealth solutions [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2024, targeting platform asset growth of 12% or more and net flows as a percentage of beginning-of-period platform assets in the range of 8% to 10% [35] - The company anticipates a 10% to 14% growth in net revenue for 2024, driven by strong momentum from the end of 2023 [35][36] Other Important Information - The company generated $175 million in cash from operating activities in 2023 and plans to increase capital expenditures to 8% to 10% of total revenue in 2024 [33][36] - The Tax Management Services initiative is expected to provide incremental revenue opportunities and has been well received by advisers [67][68] Q&A Session Summary Question: What are the drivers of the acceleration in growth? - Management noted improved sentiment among advisers and clients, with significant cash returning to the market and Adhesion showing accelerated momentum with nearly double the flows compared to the previous year [40][42] Question: Can you discuss the current M&A environment? - Management emphasized that M&A remains a key part of the growth strategy, focusing on consolidation opportunities and capabilities, with an active pipeline of potential acquisitions [46][47] Question: What is the outlook for client cash balances? - Management indicated that cash balances are expected to grow alongside overall asset levels, with improved sentiment leading to more cash being deployed into strategies [51][53] Question: What is the potential for extending fixed-rate contracts? - Management confirmed that they have started extending fixed-rate contracts to four and five years, focusing on optimizing cash balances while balancing rate considerations [56][57] Question: Is the Tax Management Services solution an incremental monetization opportunity? - Management confirmed that TMS represents an incremental revenue opportunity, with advisers excited about its potential to improve client tax positions [66][68]
AssetMark Financial (AMK) Q4 Earnings: How Key Metrics Compare to Wall Street Estimates
Zacks Investment Research· 2024-02-22 01:31
For the quarter ended December 2023, AssetMark Financial (AMK) reported revenue of $158.18 million, down 3.6% over the same period last year. EPS came in at $0.59, compared to $0.46 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $188.88 million, representing a surprise of -16.25%. The company delivered an EPS surprise of +3.51%, with the consensus EPS estimate being $0.57.While investors scrutinize revenue and earnings changes year-over-year and how they compare wit ...
AssetMark Financial (AMK) Q4 Earnings Top Estimates
Zacks Investment Research· 2024-02-21 23:41
AssetMark Financial (AMK) came out with quarterly earnings of $0.59 per share, beating the Zacks Consensus Estimate of $0.57 per share. This compares to earnings of $0.46 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.51%. A quarter ago, it was expected that this financial services company would post earnings of $0.59 per share when it actually produced earnings of $0.62, delivering a surprise of 5.08%.Over the last four qu ...
AssetMark Reports $108.9B Platform Assets for Fourth Quarter 2023
Newsfilter· 2024-02-21 21:15
CONCORD, Calif., Feb. 21, 2024 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE:AMK) today announced financial results for the quarter ended December 31, 2023. Fourth Quarter 2023 Financial and Operational Highlights Net income for the quarter was $34.6 million, or $0.47 per share.Adjusted net income for the quarter was $44.0 million, or $0.59 per share, on total revenue of $158.2 million.Adjusted EBITDA for the quarter was $63.8 million, or 40.3% of total revenue.Platform assets increased 19.1% ...