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

Bank of Nova Scotia lowered its stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 0.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,001,762 shares of the financial services provider’s stock after selling 25,281 shares during the quarter. Bank of Nova Scotia owned about 0.18% of Brookfield Asset Management worth $133,428,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in BAM. Zions Bancorporation National Association UT increased its stake in Brookfield Asset Management by 241.3% during the fourth quarter. Zions Bancorporation National Association UT now owns 488 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 345 shares during the period. LOM Asset Management Ltd acquired a new stake in shares of Brookfield Asset Management during the 4th quarter worth approximately $31,000. eCIO Inc. acquired a new stake in shares of Brookfield Asset Management during the 4th quarter worth approximately $42,000. Allworth Financial LP increased its position 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 purchasing an additional 333 shares during the period. Finally, Fifth Third Bancorp raised its stake in shares of 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 purchasing an additional 937 shares in the last quarter. Institutional investors and hedge funds own 68.41% of the company’s stock.

Brookfield Asset Management Trading Down 1.4%

Shares of Brookfield Asset Management stock opened at $45.76 on Friday. Brookfield Asset Management Ltd. has a 12-month low of $42.20 and a 12-month high of $64.10. The stock has a market capitalization of $74.96 billion, a P/E ratio of 29.71, a price-to-earnings-growth ratio of 1.91 and a beta of 1.29. The company has a 50-day simple moving average of $47.03 and a 200 day simple moving average of $47.88. 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 (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, beating analysts’ consensus estimates of $0.41 by $0.02. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.43 billion. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 30.66%. Research analysts expect that Brookfield Asset Management Ltd. will post 1.73 earnings per share for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Friday, May 29th were issued a $0.5025 dividend. This represents a $2.01 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Friday, May 29th. Brookfield Asset Management’s payout ratio is presently 130.52%.

Analysts Set New Price Targets

Several research analysts recently commented on BAM shares. Royal Bank Of Canada reduced their target price on Brookfield Asset Management from $74.00 to $65.00 and set an “outperform” rating for the company in a research report on Monday, May 11th. 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. The Goldman Sachs Group decreased their target price on shares of Brookfield Asset Management from $60.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, April 7th. Morgan Stanley set a $56.00 target price on shares of Brookfield Asset Management and gave the company an “equal weight” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. cut 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. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $60.03.

Brookfield Asset Management Company 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.