Gary G. Zyla, the Executive Vice President and Chief Financial Officer of AssetMark Financial Holdings, Inc. (NYSE:AMK), has sold a total of 7,786 shares of common stock in a transaction dated June 10, 2024. The shares were sold at prices ranging from $34.33 to $34.41, with the total value of the sale amounting to approximately $267,816.
The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission. According to the filing, the shares sold by Zyla were to satisfy tax withholding requirements upon the vesting of restricted stock units. The sales were made under a mandatory "sell to cover" provision outlined in the executive's restricted stock unit agreement.
Following the sale, Zyla's direct ownership in the company stands at 94,041 shares of common stock. The filing noted that the shares were sold solely to cover required taxes and fees, and did not represent a discretionary sale by Zyla.
Investors often monitor insider transactions as they provide insights into executives' perspectives on the company's stock value and financial health. The transactions by high-level executives like Zyla can be particularly noteworthy.
AssetMark Financial Holdings, Inc., headquartered in Concord, California, specializes in providing investment advice and is incorporated in Delaware. The company has not provided any additional comments on the transaction at this time.
In other recent news, AssetMark Financial Holdings, Inc. is set to be acquired by private equity firm GTCR in a cash deal valued at approximately $2.7 billion. This development was announced following unanimous approval from AssetMark's Board of Directors and consent from majority stockholders. The agreement will see AssetMark's stockholders receive $35.25 per share.
AssetMark, a wealth management technology platform with around $117 billion of assets, is expected to focus on product expansion and client service following the acquisition. The transaction, anticipated to close in the fourth quarter of 2024, will result in the delisting of AssetMark's common stock from public markets.
The deal will be financed through a credit facility and equity capital from funds affiliated with GTCR. The acquisition was facilitated by several financial advisors and legal counsels, including Morgan Stanley (NYSE:MS) & Co. LLC and Davis Polk & Wardwell LLP for AssetMark, and UBS Investment Bank, Barclays (LON:BARC), BofA Securities, Jefferies LLC, Kirkland & Ellis LLP, and Paul Hastings LLP for GTCR. These are the latest developments in the financial sector.
InvestingPro Insights
AssetMark Financial Holdings, Inc. (NYSE:AMK) has recently been under the investor's microscope following the insider sale by Executive Vice President and CFO Gary G. Zyla. In light of this, a deeper dive into the company's financials reveals several key metrics that may influence investor sentiment. With a market capitalization of $2.54 billion and a P/E ratio standing at 17.58, AssetMark presents a picture of a company with a solid valuation basis. The adjusted P/E ratio for the last twelve months as of Q1 2024 slightly improves to 17.14, reflecting a consistent earnings outlook.
An InvestingPro Tip highlights that AssetMark is trading at a low P/E ratio relative to near-term earnings growth, with a PEG ratio for the last twelve months as of Q1 2024 at an attractive 0.4. This suggests that the company's earnings growth may not be fully reflected in its current stock price, offering potential value for investors. Additionally, analysts have revised their earnings upwards for the upcoming period, indicating optimism regarding AssetMark's financial trajectory.
Revenue growth also stands out for AssetMark, with a notable increase of 14.96% in the last twelve months as of Q1 2024. The company's gross profit margin remains robust at 50.9%, signaling efficient operations and a strong hold on cost management. Furthermore, with liquid assets exceeding short-term obligations, AssetMark showcases a sound liquidity position, which is reassuring for investors considering the company's financial stability.
For investors seeking further insights, there are 6 additional InvestingPro Tips available, providing a deeper analysis of AssetMark's financial position and market performance. These can be accessed through the InvestingPro platform at https://www.investing.com/pro/AMK. To enhance the value of your research, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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