Canoe Financial LP Acquires New Position in Brookfield Asset Management Ltd. $BAM

Canoe Financial LP bought a new position in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 162,000 shares of the financial services provider’s stock, valued at approximately $7,200,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Zions Bancorporation National Association UT boosted its holdings in Brookfield Asset Management by 241.3% in the fourth quarter. Zions Bancorporation National Association UT now owns 488 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 345 shares during the period. LOM Asset Management Ltd purchased a new stake in Brookfield Asset Management during the 4th quarter worth about $31,000. eCIO Inc. acquired a new stake in Brookfield Asset Management in the 4th quarter valued at about $42,000. Cary Street Partners Financial LLC boosted its stake in shares of Brookfield Asset Management by 227.5% in the 3rd quarter. Cary Street Partners Financial LLC now owns 809 shares of the financial services provider’s stock valued at $46,000 after buying an additional 562 shares during the period. Finally, Allworth Financial LP boosted its stake in shares of Brookfield Asset Management by 47.8% in the 4th quarter. Allworth Financial LP now owns 1,029 shares of the financial services provider’s stock valued at $54,000 after buying an additional 333 shares during the period. Hedge funds and other institutional investors own 68.41% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on BAM. Wall Street Zen upgraded shares of Brookfield Asset Management from a “sell” rating to a “hold” rating in a research note on Saturday, June 20th. Scotiabank reiterated an “outperform” rating and set a $57.00 price target (up from $56.00) on shares of Brookfield Asset Management in a report on Monday, May 11th. Canadian Imperial Bank of Commerce set a $62.50 price objective on shares of Brookfield Asset Management in a report on Monday, May 11th. Zacks Research cut shares of Brookfield Asset Management from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Finally, Morgan Stanley lowered their target price on shares of Brookfield Asset Management from $63.00 to $62.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $60.21.

Brookfield Asset Management Stock Up 0.1%

Shares of NYSE BAM opened at $44.66 on Monday. The stock has a market cap of $73.16 billion, a PE ratio of 29.00, a price-to-earnings-growth ratio of 1.79 and a beta of 1.26. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.34. Brookfield Asset Management Ltd. has a 52-week low of $42.20 and a 52-week high of $64.10. The business has a 50-day moving average price of $47.67 and a 200 day moving average price of $48.77.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings results on Friday, May 8th. The financial services provider reported $0.43 EPS for the quarter, topping the consensus estimate of $0.41 by $0.02. Brookfield Asset Management had a return on equity of 30.66% and a net margin of 49.69%.The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.43 billion. Equities research analysts forecast that Brookfield Asset Management Ltd. will post 1.75 earnings per share for the current year.

Brookfield Asset Management Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Friday, May 29th will be issued a $0.5025 dividend. This represents a $2.01 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Friday, May 29th. Brookfield Asset Management’s payout ratio is presently 130.52%.

About Brookfield Asset Management

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.