Bank of Nova Scotia reduced its holdings in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 21.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,241,920 shares of the financial services provider's stock after selling 621,188 shares during the quarter. Bank of Nova Scotia owned about 0.51% of Brookfield Asset Management worth $121,547,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Brookfield Asset Management in the fourth quarter valued at about $287,361,000. William Blair Investment Management LLC purchased a new position in Brookfield Asset Management in the fourth quarter valued at about $204,169,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Brookfield Asset Management by 103.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,997,157 shares of the financial services provider's stock valued at $216,507,000 after acquiring an additional 2,031,995 shares during the period. Madison Investment Advisors LLC purchased a new stake in shares of Brookfield Asset Management during the 4th quarter worth approximately $94,122,000. Finally, TD Asset Management Inc. grew its holdings in shares of Brookfield Asset Management by 8.9% in the 4th quarter. TD Asset Management Inc. now owns 16,664,426 shares of the financial services provider's stock worth $903,323,000 after acquiring an additional 1,359,126 shares during the period. 68.41% of the stock is currently owned by hedge funds and other institutional investors.
Brookfield Asset Management Stock Performance
Shares of NYSE:BAM traded up $1.27 during trading on Friday, reaching $47.35. 1,751,265 shares of the stock were exchanged, compared to its average volume of 1,446,244. The firm's 50-day moving average price is $51.89 and its 200 day moving average price is $53.62. The firm has a market cap of $77.52 billion, a price-to-earnings ratio of 35.87, a price-to-earnings-growth ratio of 1.92 and a beta of 1.63. Brookfield Asset Management Ltd. has a 12-month low of $37.29 and a 12-month high of $62.61.
Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last released its quarterly earnings data on Wednesday, February 12th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.01. Brookfield Asset Management had a net margin of 54.47% and a return on equity of 81.16%. As a group, equities research analysts forecast that Brookfield Asset Management Ltd. will post 1.7 EPS for the current year.
Brookfield Asset Management Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, February 28th were paid a dividend of $0.4375 per share. This represents a $1.75 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date was Friday, February 28th. This is a boost from Brookfield Asset Management's previous quarterly dividend of $0.38. Brookfield Asset Management's payout ratio is currently 132.58%.
Analysts Set New Price Targets
A number of analysts have commented on the company. Scotiabank decreased their target price on Brookfield Asset Management from $62.50 to $58.00 and set a "sector outperform" rating on the stock in a research report on Monday, April 7th. Bank of America raised shares of Brookfield Asset Management from a "neutral" rating to a "buy" rating and set a $65.00 price objective on the stock in a research note on Thursday. BMO Capital Markets lifted their target price on shares of Brookfield Asset Management from $50.00 to $53.00 and gave the stock a "market perform" rating in a research report on Thursday, February 13th. StockNews.com lowered shares of Brookfield Asset Management from a "hold" rating to a "sell" rating in a research report on Monday, April 7th. Finally, Wells Fargo & Company cut their price objective on Brookfield Asset Management from $50.00 to $48.00 and set an "underweight" rating for the company in a research report on Tuesday, April 8th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $57.75.
Read Our Latest Stock Report on BAM
About Brookfield Asset Management
(
Free Report)
Brookfield Asset Management Ltd. is a real estate investment firm specializing in alternative asset management services. Its renewable power and transition business includes the operates in the hydroelectric, wind, solar, distributed generation, and sustainable solution sector. The company's infrastructure business engages in the utilities, transport, midstream, and data infrastructure sectors.
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