Harvest Portfolios Group Inc. Acquires New Shares in Brookfield Asset Management Ltd. $BAM

Harvest Portfolios Group Inc. acquired a new stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) in the fourth quarter, Holdings Channel.com reports. The firm acquired 59,880 shares of the financial services provider’s stock, valued at approximately $3,137,000.

A number of other hedge funds have also bought and sold shares of BAM. LOM Asset Management Ltd purchased a new position in Brookfield Asset Management in the 4th quarter valued at approximately $31,000. eCIO Inc. purchased a new position in shares of Brookfield Asset Management during the 4th quarter valued at $42,000. Assetmark Inc. grew its position in shares of Brookfield Asset Management by 95.9% during the 3rd quarter. Assetmark Inc. now owns 807 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 395 shares in the last quarter. Cary Street Partners Financial LLC grew its position in shares of Brookfield Asset Management by 227.5% during the 3rd quarter. Cary Street Partners Financial LLC now owns 809 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 562 shares in the last quarter. Finally, Cullen Frost Bankers Inc. grew its position in shares of Brookfield Asset Management by 38.0% during the 3rd quarter. Cullen Frost Bankers Inc. now owns 846 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 233 shares in the last quarter. 68.41% of the stock is currently owned by hedge funds and other institutional investors.

Brookfield Asset Management Stock Performance

NYSE BAM opened at $48.10 on Thursday. Brookfield Asset Management Ltd. has a 52-week low of $42.20 and a 52-week high of $64.10. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market capitalization of $78.80 billion, a P/E ratio of 31.23, a P/E/G ratio of 1.91 and a beta of 1.28. The company has a fifty day moving average of $46.14 and a 200-day moving average of $49.75.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings data on Friday, May 8th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping 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 $1.32 billion during the quarter, compared to the consensus estimate of $1.43 billion. As a group, equities research analysts predict that Brookfield Asset Management Ltd. will post 1.74 EPS for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Friday, May 29th will be paid a $0.5025 dividend. The ex-dividend date of this dividend is 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%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BAM. Scotiabank restated an “outperform” rating and set a $57.00 price target (up from $56.00) on shares of Brookfield Asset Management in a research report on Monday, May 11th. Piper Sandler restated a “neutral” rating and set a $50.00 price target (up from $48.00) on shares of Brookfield Asset Management in a research report on Monday. BMO Capital Markets upgraded shares of Brookfield Asset Management from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 5th. Canadian Imperial Bank of Commerce set a $62.50 price target on shares of Brookfield Asset Management in a research report on Monday, May 11th. Finally, UBS Group set a $52.00 price target on shares of Brookfield Asset Management in a research report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, nine have issued a Hold rating and two have issued 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 price target of $60.21.

About Brookfield Asset Management

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.