Royal Bank of Canada trimmed its stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM – Free Report) (TSE:BAM.A) by 2.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,709,657 shares of the financial services provider’s stock after selling 468,701 shares during the quarter. Royal Bank of Canada’s holdings in Brookfield Asset Management were worth $876,094,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently made changes to their positions in BAM. Vanguard Group Inc. boosted its holdings in shares of Brookfield Asset Management by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 17,723,182 shares of the financial services provider’s stock valued at $928,414,000 after acquiring an additional 297,790 shares in the last quarter. TD Asset Management Inc grew its holdings in Brookfield Asset Management by 2.0% during the fourth quarter. TD Asset Management Inc now owns 15,769,066 shares of the financial services provider’s stock worth $827,135,000 after acquiring an additional 315,036 shares during the period. Principal Financial Group Inc. raised its position in Brookfield Asset Management by 62.0% in the first quarter. Principal Financial Group Inc. now owns 12,735,547 shares of the financial services provider’s stock worth $566,092,000 after acquiring an additional 4,872,090 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Brookfield Asset Management by 15.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 5,319,506 shares of the financial services provider’s stock valued at $236,308,000 after acquiring an additional 716,892 shares during the last quarter. Finally, Norges Bank acquired a new stake in Brookfield Asset Management in the 4th quarter valued at about $263,444,000. 68.41% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of analysts recently commented on the stock. Wall Street Zen downgraded shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. Piper Sandler restated a “neutral” rating and set a $50.00 target price (up from $48.00) on shares of Brookfield Asset Management in a report on Monday, May 18th. JPMorgan Chase & Co. decreased their target price on Brookfield Asset Management from $72.00 to $60.00 and set a “neutral” rating on the stock in a report on Wednesday, May 6th. Scotiabank reaffirmed an “outperform” rating and set a $57.00 target price (up from $56.00) on shares of Brookfield Asset Management in a research report on Monday, May 11th. Finally, Morgan Stanley set a $56.00 target price on Brookfield Asset Management and gave the company an “equal weight” rating in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $59.03.
Brookfield Asset Management Stock Up 1.1%
Shares of NYSE:BAM opened at $48.10 on Wednesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market cap of $78.80 billion, a PE ratio of 31.23, a price-to-earnings-growth ratio of 1.93 and a beta of 1.29. Brookfield Asset Management Ltd. has a 52 week low of $42.20 and a 52 week high of $64.10. The firm has a 50 day simple moving average of $47.00 and a 200 day simple moving average of $47.73.
Brookfield Asset Management (NYSE:BAM – Get Free Report) (TSE:BAM.A) last posted its quarterly earnings data on Friday, May 8th. The financial services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.02. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 30.66%. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.43 billion. As a group, research analysts expect that Brookfield Asset Management Ltd. will post 1.76 earnings per share for the current year.
Brookfield Asset Management Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Friday, May 29th were given a $0.5025 dividend. This represents a $2.01 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, May 29th. Brookfield Asset Management’s dividend payout ratio (DPR) is 130.52%.
Brookfield Asset Management Profile
Brookfield Asset Management is a global alternative asset manager headquartered in Toronto, Canada, that specializes in investments in real assets and related private equity and credit strategies. The firm acquires, manages and develops assets in sectors such as real estate, renewable power, infrastructure and private equity, seeking long-term value through active asset management and operational improvements. Brookfield structures and manages commingled funds, listed partnerships and separate accounts for institutional and retail investors.
The company’s products and services include fund management across equity and debt strategies, direct asset ownership and operations, property and facilities management, and capital markets solutions.
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