NewGen Asset Management Ltd Lowers Position in Brookfield Asset Management Ltd. $BAM

NewGen Asset Management Ltd decreased its holdings in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 46.0% in the 1st quarter, Holdings Channel reports. The firm owned 54,000 shares of the financial services provider’s stock after selling 46,000 shares during the period. Brookfield Asset Management comprises 0.9% of NewGen Asset Management Ltd’s investment portfolio, making the stock its 15th largest holding. NewGen Asset Management Ltd’s holdings in Brookfield Asset Management were worth $2,400,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of BAM. Norges Bank bought a new stake in Brookfield Asset Management during the fourth quarter valued at approximately $263,444,000. Principal Financial Group Inc. increased its holdings in shares of Brookfield Asset Management by 62.0% in the 1st quarter. Principal Financial Group Inc. now owns 12,735,547 shares of the financial services provider’s stock worth $566,092,000 after buying an additional 4,872,090 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Brookfield Asset Management by 88,805.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,725,314 shares of the financial services provider’s stock worth $247,559,000 after buying an additional 4,719,999 shares during the last quarter. State Street Corp raised its position in shares of Brookfield Asset Management by 11,172.2% during the 2nd quarter. State Street Corp now owns 3,524,700 shares of the financial services provider’s stock valued at $194,845,000 after buying an additional 3,493,431 shares in the last quarter. Finally, GFI Investment Counsel Ltd. bought a new stake in shares of Brookfield Asset Management during the 4th quarter worth $182,090,000. 68.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BAM has been the subject of several research reports. Weiss Ratings lowered shares of Brookfield Asset Management from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, May 15th. JPMorgan Chase & Co. lowered their price target on Brookfield Asset Management from $72.00 to $60.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 6th. Scotiabank reaffirmed an “outperform” rating and set a $57.00 price target (up from $56.00) on shares of Brookfield Asset Management in a research note on Monday, May 11th. Morgan Stanley cut their price objective on Brookfield Asset Management from $63.00 to $62.00 and set an “equal weight” rating for the company in a report on Tuesday, April 21st. Finally, Canadian Imperial Bank of Commerce set a $62.50 price objective on Brookfield Asset Management in a research report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Brookfield Asset Management has a consensus rating of “Hold” and an average price target of $60.41.

Brookfield Asset Management Trading Down 2.0%

BAM stock opened at $47.34 on Tuesday. The company has a market capitalization of $77.56 billion, a PE ratio of 30.74, a price-to-earnings-growth ratio of 1.99 and a beta of 1.29. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.38 and a current ratio of 1.38. Brookfield Asset Management Ltd. has a one year low of $42.20 and a one year high of $64.10. The company’s 50 day moving average price is $47.17 and its two-hundred day moving average price is $48.02.

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 company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.43 billion. As a group, analysts predict that Brookfield Asset Management Ltd. will post 1.73 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Friday, May 29th were paid a $0.5025 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $2.01 annualized dividend and a yield of 4.2%. Brookfield Asset Management’s payout ratio is currently 130.52%.

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.