Bank of Nova Scotia Has $121.55 Million Stake in Brookfield Asset Management Ltd. (NYSE:BAM)

Bank of Nova Scotia reduced its stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 21.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,241,920 shares of the financial services provider’s stock after selling 621,188 shares during the period. Bank of Nova Scotia owned about 0.51% of Brookfield Asset Management worth $121,547,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. FMR LLC grew its holdings in Brookfield Asset Management by 2.3% during the fourth quarter. FMR LLC now owns 19,646,285 shares of the financial services provider’s stock worth $1,064,983,000 after buying an additional 447,642 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Brookfield Asset Management by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 16,901,942 shares of the financial services provider’s stock worth $916,676,000 after acquiring an additional 263,660 shares during the last quarter. TD Asset Management Inc. grew its stake 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 in the last quarter. FIL Ltd raised its holdings in shares of Brookfield Asset Management by 3.9% in the fourth quarter. FIL Ltd now owns 15,369,816 shares of the financial services provider’s stock valued at $833,581,000 after purchasing an additional 574,978 shares during the last quarter. Finally, Bank of Montreal Can lifted its position in shares of Brookfield Asset Management by 3.7% during the fourth quarter. Bank of Montreal Can now owns 9,575,446 shares of the financial services provider’s stock valued at $518,655,000 after purchasing an additional 339,072 shares in the last quarter. 68.41% of the stock is owned by hedge funds and other institutional investors.

Brookfield Asset Management Stock Down 1.9 %

Shares of NYSE BAM opened at $43.39 on Tuesday. The business has a 50-day simple moving average of $53.57 and a two-hundred day simple moving average of $53.72. Brookfield Asset Management Ltd. has a 52 week low of $37.29 and a 52 week high of $62.61. The company has a market cap of $71.04 billion, a P/E ratio of 32.87, a P/E/G ratio of 1.92 and a beta of 1.63.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings data on Wednesday, February 12th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.01. Brookfield Asset Management had a return on equity of 81.16% and a net margin of 54.47%. Equities research analysts anticipate 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. Stockholders of record on Friday, February 28th were given a dividend of $0.4375 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.75 annualized dividend and a dividend yield of 4.03%. This is a boost from Brookfield Asset Management’s previous quarterly dividend of $0.38. Brookfield Asset Management’s dividend payout ratio (DPR) is 132.58%.

Wall Street Analysts Forecast Growth

BAM has been the subject of a number of recent analyst reports. HSBC raised shares of Brookfield Asset Management from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. UBS Group began coverage on Brookfield Asset Management in a report on Monday, December 16th. They issued a “buy” rating for the company. Scotiabank dropped their price target on Brookfield Asset Management from $62.50 to $58.00 and set a “sector outperform” rating on the stock in a report on Monday. CIBC upped their price objective on Brookfield Asset Management from $63.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, Wells Fargo & Company lowered their target price on Brookfield Asset Management from $54.00 to $50.00 and set an “underweight” rating on the stock in a research note on Thursday, March 20th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $57.67.

Brookfield Asset Management Profile

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.