Brookfield Asset Management (NYSE:BAM) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) from a hold rating to a sell rating in a research report report published on Saturday,Wall Street Zen reports.

BAM has been the topic of a number of other reports. National Bank Financial upped their price target on Brookfield Asset Management from $69.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Morgan Stanley set a $56.00 price objective on Brookfield Asset Management and gave the company an “equal weight” rating in a report on Tuesday, July 21st. Scotia upped their target price on Brookfield Asset Management from $57.00 to $59.00 and gave the stock a “sector outperform” rating in a research report on Thursday, August 6th. Scotiabank reiterated an “outperform” rating and issued a $59.00 target price on shares of Brookfield Asset Management in a report on Thursday, August 6th. Finally, UBS Group lifted their price target on shares of Brookfield Asset Management from $48.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $58.65.

Brookfield Asset Management Trading Down 0.4%

BAM opened at $44.41 on Friday. Brookfield Asset Management has a 1-year low of $42.20 and a 1-year high of $59.33. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06. The company has a market cap of $72.74 billion, a P/E ratio of 25.82, a price-to-earnings-growth ratio of 1.82 and a beta of 1.27. The company has a fifty day moving average price of $49.48 and a two-hundred day moving average price of $47.58.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. The company had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.47 billion. Brookfield Asset Management had a net margin of 48.89% and a return on equity of 31.50%. Analysts predict that Brookfield Asset Management will post 1.78 EPS for the current fiscal year.

Brookfield Asset Management Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be issued a dividend of $0.5025 per share. This represents a $2.01 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend is Monday, August 31st. Brookfield Asset Management’s payout ratio is currently 116.86%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Norges Bank purchased a new position in Brookfield Asset Management during the fourth quarter worth about $263,444,000. Principal Financial Group Inc. increased its stake in 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 valued at $566,092,000 after buying an additional 4,872,090 shares during the last quarter. CIBC Asset Management Inc lifted its position in shares of Brookfield Asset Management by 99.1% during the 4th quarter. CIBC Asset Management Inc now owns 4,853,861 shares of the financial services provider’s stock worth $255,449,000 after buying an additional 2,415,593 shares in the last quarter. Madison Asset Management LLC purchased a new position in shares of Brookfield Asset Management in the 2nd quarter worth approximately $70,433,000. Finally, Cibc World Market Inc. boosted its stake in shares of Brookfield Asset Management by 33.9% in the 4th quarter. Cibc World Market Inc. now owns 4,312,939 shares of the financial services provider’s stock worth $225,955,000 after buying an additional 1,092,851 shares during the last quarter. Institutional investors own 68.41% of the company’s stock.

Brookfield Asset Management Company Profile

Brookfield Asset Management Ltd. (NYSE: BAM) is a global alternative asset management company that provides investment management services and strategies for institutional investors, governments, financial institutions and private wealth clients. The company invests in and manages assets on behalf of its clients across a range of private-market sectors.

Its principal investment strategies include renewable power and energy transition, infrastructure, private equity, real estate and credit.