Bank of America Corp DE Sells 182,432 Shares of Brookfield Asset Management Inc. (NYSE:BAM)

Bank of America Corp DE reduced its position in Brookfield Asset Management Inc. (NYSE:BAMGet Rating) (TSE:BAM.A) by 4.0% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 4,389,657 shares of the financial services provider’s stock after selling 182,432 shares during the quarter. Bank of America Corp DE’s holdings in Brookfield Asset Management were worth $248,323,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV increased its holdings in Brookfield Asset Management by 46.2% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 636 shares of the financial services provider’s stock valued at $36,000 after buying an additional 201 shares during the period. Glassman Wealth Services boosted its stake in shares of Brookfield Asset Management by 6.5% in the 4th quarter. Glassman Wealth Services now owns 3,951 shares of the financial services provider’s stock valued at $239,000 after purchasing an additional 241 shares in the last quarter. Blue Fin Capital Inc. boosted its stake in shares of Brookfield Asset Management by 0.3% in the 1st quarter. Blue Fin Capital Inc. now owns 77,803 shares of the financial services provider’s stock valued at $4,401,000 after purchasing an additional 264 shares in the last quarter. Belpointe Asset Management LLC boosted its stake in shares of Brookfield Asset Management by 2.6% in the 1st quarter. Belpointe Asset Management LLC now owns 10,470 shares of the financial services provider’s stock valued at $592,000 after purchasing an additional 268 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Brookfield Asset Management by 0.7% in the 1st quarter. American Century Companies Inc. now owns 38,228 shares of the financial services provider’s stock valued at $2,161,000 after purchasing an additional 268 shares in the last quarter. 59.54% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on BAM. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Brookfield Asset Management from $57.00 to $52.00 in a research note on Wednesday, July 13th. TD Securities raised their price target on shares of Brookfield Asset Management from $72.00 to $73.00 and gave the company an “action list buy” rating in a research note on Thursday, September 15th. Finally, StockNews.com downgraded shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Brookfield Asset Management has a consensus rating of “Moderate Buy” and an average price target of $66.50.

Insider Buying and Selling

In related news, major shareholder Opps Tpic Holdings, Llc sold 3,963,416 shares of Brookfield Asset Management stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $18.85, for a total transaction of $74,710,391.60. Following the sale, the insider now directly owns 12,263 shares in the company, valued at approximately $231,157.55. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Brookfield Asset Management Stock Down 2.0 %

NYSE:BAM opened at $47.42 on Wednesday. The firm’s 50 day simple moving average is $49.21 and its 200 day simple moving average is $50.01. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.31 and a quick ratio of 1.11. Brookfield Asset Management Inc. has a one year low of $42.21 and a one year high of $62.47. The company has a market cap of $77.60 billion, a PE ratio of 20.80 and a beta of 1.31.

Brookfield Asset Management (NYSE:BAMGet Rating) (TSE:BAM.A) last posted its earnings results on Thursday, August 11th. The financial services provider reported $0.34 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.23). Brookfield Asset Management had a return on equity of 3.02% and a net margin of 4.48%. During the same quarter last year, the company earned $1.01 EPS. On average, research analysts anticipate that Brookfield Asset Management Inc. will post 3.19 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 Thursday, September 29th. Investors of record on Wednesday, August 31st will be given a dividend of $0.14 per share. The ex-dividend date is Tuesday, August 30th. This represents a $0.56 annualized dividend and a yield of 1.18%. Brookfield Asset Management’s dividend payout ratio is presently 24.56%.

About Brookfield Asset Management

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Brookfield Asset Management is an alternative asset manager and REIT/Real Estate Investment Manager firm focuses on real estate, renewable power, infrastructure and venture capital and private equity assets. It manages a range of public and private investment products and services for institutional and retail clients.

Further Reading

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Institutional Ownership by Quarter for Brookfield Asset Management (NYSE:BAM)

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