Bank of Nova Scotia Sells 25,281 Shares of Brookfield Asset Management Ltd. $BAM

Bank of Nova Scotia lessened its stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 0.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,001,762 shares of the financial services provider’s stock after selling 25,281 shares during the quarter. Bank of Nova Scotia’s holdings in Brookfield Asset Management were worth $133,428,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of BAM. Zions Bancorporation National Association UT boosted its position in Brookfield Asset Management by 241.3% in the 4th quarter. Zions Bancorporation National Association UT now owns 488 shares of the financial services provider’s stock valued at $26,000 after buying an additional 345 shares during the last quarter. LOM Asset Management Ltd bought a new stake in shares of Brookfield Asset Management during the fourth quarter worth $31,000. eCIO Inc. acquired a new position in shares of Brookfield Asset Management during the fourth quarter valued at $42,000. Allworth Financial LP lifted its stake in shares of Brookfield Asset Management by 47.8% during the fourth quarter. Allworth Financial LP now owns 1,029 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 333 shares during the period. Finally, Fifth Third Bancorp boosted its holdings in Brookfield Asset Management by 709.8% in the fourth quarter. Fifth Third Bancorp now owns 1,069 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 937 shares during the last quarter. 68.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on BAM shares. The Goldman Sachs Group dropped their price objective on Brookfield Asset Management from $60.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, April 7th. Wall Street Zen cut shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a research report on Saturday, July 4th. JPMorgan Chase & Co. dropped their price target on shares of Brookfield Asset Management from $72.00 to $60.00 and set a “neutral” rating for the company in a research note on Wednesday, May 6th. Piper Sandler restated a “neutral” rating and issued a $50.00 price objective (up from $48.00) on shares of Brookfield Asset Management in a report on Monday, May 18th. Finally, Canadian Imperial Bank of Commerce set a $62.50 price objective on shares of Brookfield Asset Management in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $60.03.

Brookfield Asset Management Stock Down 1.4%

Shares of NYSE:BAM opened at $45.76 on Friday. Brookfield Asset Management Ltd. has a 52 week low of $42.20 and a 52 week high of $64.10. 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 capitalization of $74.96 billion, a PE ratio of 29.71, a PEG ratio of 1.91 and a beta of 1.29. The company has a 50 day moving average price of $47.03 and a two-hundred day moving average price of $47.88.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its quarterly earnings results on Friday, May 8th. The financial services provider reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 30.66%. Analysts forecast that Brookfield Asset Management Ltd. will post 1.73 earnings per share for the current year.

Brookfield Asset Management Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Friday, May 29th were paid a $0.5025 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $2.01 dividend on an annualized basis and a yield of 4.4%. 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.