Commonwealth Equity Services LLC increased its stake in Brookfield Asset Management Inc (NYSE:BAM) (TSE:BAM.A) by 2.7% during the 1st quarter, HoldingsChannel reports. The fund owned 131,981 shares of the financial services provider’s stock after purchasing an additional 3,501 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Brookfield Asset Management were worth $6,156,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in BAM. Vanguard Group Inc raised its stake in Brookfield Asset Management by 2.9% in the third quarter. Vanguard Group Inc now owns 21,512,690 shares of the financial services provider’s stock valued at $957,960,000 after buying an additional 607,328 shares in the last quarter. FIL Ltd raised its stake in Brookfield Asset Management by 7.8% in the first quarter. FIL Ltd now owns 20,918,094 shares of the financial services provider’s stock valued at $974,566,000 after buying an additional 1,518,467 shares in the last quarter. TD Asset Management Inc. raised its stake in Brookfield Asset Management by 1.7% in the first quarter. TD Asset Management Inc. now owns 18,882,154 shares of the financial services provider’s stock valued at $879,976,000 after buying an additional 315,763 shares in the last quarter. CIBC Asset Management Inc raised its stake in Brookfield Asset Management by 3.4% in the first quarter. CIBC Asset Management Inc now owns 12,279,020 shares of the financial services provider’s stock valued at $572,070,000 after buying an additional 398,105 shares in the last quarter. Finally, Mackenzie Financial Corp raised its stake in Brookfield Asset Management by 36.0% in the fourth quarter. Mackenzie Financial Corp now owns 12,258,486 shares of the financial services provider’s stock valued at $470,113,000 after buying an additional 3,244,827 shares in the last quarter. Institutional investors and hedge funds own 61.45% of the company’s stock.
Brookfield Asset Management stock opened at $47.35 on Thursday. Brookfield Asset Management Inc has a 1-year low of $36.58 and a 1-year high of $48.43. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.91 and a current ratio of 1.10. The firm has a market capitalization of $47.14 billion, a price-to-earnings ratio of 14.91 and a beta of 1.14.
Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its earnings results on Thursday, May 9th. The financial services provider reported $0.58 EPS for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.01. Brookfield Asset Management had a return on equity of 3.86% and a net margin of 5.63%. The business had revenue of $15.21 billion for the quarter, compared to analysts’ expectations of $12.35 billion. During the same quarter in the previous year, the firm earned $1.16 earnings per share.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.35%. This is a boost from Brookfield Asset Management’s previous quarterly dividend of $0.15.
A number of analysts have weighed in on BAM shares. TD Securities raised their price target on Brookfield Asset Management from $57.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, February 15th. Royal Bank of Canada raised their price target on Brookfield Asset Management from $47.00 to $48.00 and gave the company an “outperform” rating in a research note on Tuesday, February 19th. Finally, BMO Capital Markets restated a “buy” rating on shares of Brookfield Asset Management in a research note on Friday, April 5th. Six investment analysts have rated the stock with a buy rating, Brookfield Asset Management presently has an average rating of “Buy” and an average price target of $52.92.
Brookfield Asset Management Company Profile
Brookfield Asset Management Inc is a publicly owned asset management holding company. The firm specializes in early stage, acquisition, distressed investments, short-term financing to mid-market companies, corporate carve-outs, recapitalizations, convertible, senior and mezzanine financings, operational and capital structure restructuring, strategic re-direction, turnaround, and under-performing midmarket companies.
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