Royal Bank of Canada Cuts Stock Position in Brookfield Asset Management Ltd. $BAM

Royal Bank of Canada lessened its stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 18.8% in the 4th quarter, Holdings Channel.com reports. The fund owned 20,178,358 shares of the financial services provider’s stock after selling 4,681,330 shares during the quarter. Royal Bank of Canada’s holdings in Brookfield Asset Management were worth $1,057,145,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAM. Graham Capital Management L.P. purchased a new stake in shares of Brookfield Asset Management during the fourth quarter worth $1,018,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Brookfield Asset Management during the fourth quarter worth $121,000. NewGen Asset Management Ltd grew its holdings in shares of Brookfield Asset Management by 33.3% during the fourth quarter. NewGen Asset Management Ltd now owns 100,000 shares of the financial services provider’s stock worth $5,239,000 after buying an additional 25,000 shares in the last quarter. Alberta Investment Management Corp purchased a new stake in shares of Brookfield Asset Management during the fourth quarter worth $27,825,000. Finally, TritonPoint Partners LLC purchased a new stake in shares of Brookfield Asset Management during the fourth quarter worth $393,000. Hedge funds and other institutional investors own 68.41% of the company’s stock.

Brookfield Asset Management Trading Up 0.8%

Shares of BAM opened at $48.56 on Wednesday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.34. Brookfield Asset Management Ltd. has a 12-month low of $42.20 and a 12-month high of $64.10. The firm has a 50-day moving average price of $47.57 and a 200 day moving average price of $49.13. The firm has a market capitalization of $79.54 billion, a P/E ratio of 31.53, a P/E/G ratio of 1.93 and a beta of 1.26.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its quarterly earnings data on Friday, May 8th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 30.66%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.43 billion. Sell-side analysts forecast that Brookfield Asset Management Ltd. will post 1.75 EPS for the current year.

Brookfield Asset Management Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, May 29th will be issued a $0.5025 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $2.01 dividend on an annualized basis and a dividend yield of 4.1%. Brookfield Asset Management’s dividend payout ratio is currently 130.52%.

Analysts Set New Price Targets

BAM has been the subject of a number of research reports. Zacks Research lowered shares of Brookfield Asset Management from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. The Goldman Sachs Group dropped their target price on shares of Brookfield Asset Management from $60.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, April 7th. Scotiabank reaffirmed an “outperform” rating and set a $57.00 target price (up from $56.00) on shares of Brookfield Asset Management in a report on Monday, May 11th. JPMorgan Chase & Co. dropped their target price on shares of Brookfield Asset Management from $72.00 to $60.00 and set a “neutral” rating for the company in a report on Wednesday, May 6th. Finally, Royal Bank Of Canada dropped their target price on shares of Brookfield Asset Management from $74.00 to $65.00 and set an “outperform” rating for the company in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $60.21.

Brookfield Asset Management 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.