Legal & General Group Plc reduced its holdings in shares of Brookfield Asset Management Inc (NYSE:BAM) (TSE:BAM.A) by 6.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 3,269,129 shares of the financial services provider’s stock after selling 231,189 shares during the period. Legal & General Group Plc’s holdings in Brookfield Asset Management were worth $127,315,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Pin Oak Investment Advisors Inc. bought a new stake in shares of Brookfield Asset Management during the 4th quarter worth approximately $103,000. Moors & Cabot Inc. bought a new stake in shares of Brookfield Asset Management during the 4th quarter worth approximately $209,000. Cubist Systematic Strategies LLC bought a new stake in shares of Brookfield Asset Management during the 1st quarter worth approximately $216,000. Advisor Partners LLC bought a new stake in shares of Brookfield Asset Management during the 1st quarter worth approximately $220,000. Finally, Aperio Group LLC bought a new stake in shares of Brookfield Asset Management during the 1st quarter worth approximately $221,000. 62.95% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have weighed in on BAM. TD Securities lifted their target price on Brookfield Asset Management from $54.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, May 14th. Scotiabank lifted their target price on Brookfield Asset Management from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, May 11th. Finally, TheStreet raised Brookfield Asset Management from a “c+” rating to a “b” rating in a research report on Wednesday, April 11th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Brookfield Asset Management has a consensus rating of “Buy” and a consensus target price of $48.75.
Shares of Brookfield Asset Management opened at $41.18 on Friday, according to Marketbeat Ratings. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.19 and a quick ratio of 0.93. The firm has a market cap of $39.62 billion, a price-to-earnings ratio of 18.40 and a beta of 1.04. Brookfield Asset Management Inc has a twelve month low of $37.22 and a twelve month high of $44.33.
Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its earnings results on Thursday, May 10th. The financial services provider reported $1.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.16 by $1.00. The business had revenue of $12.63 billion during the quarter. Brookfield Asset Management had a return on equity of 3.18% and a net margin of 4.97%. The company’s revenue for the quarter was up 110.5% on a year-over-year basis. During the same period last year, the firm earned ($0.08) earnings per share.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Thursday, May 31st will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date of this dividend is Wednesday, May 30th.
Brookfield Asset Management Company Profile
Brookfield Asset Management Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm invests in the property, power, and infrastructure sectors. Its property business includes owning and managing office properties, developing master planned residential communities, and offering clients bridge and mezzanine lending, alternative assets funds, and financial and advisory services.
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