Brookfield Asset Management (NYSE:BAM) Shares Down 4.8% - Here's Why

Brookfield Asset Management Ltd. (NYSE:BAM - Get Free Report) TSE: BAM.A dropped 4.8% during trading on Monday . The company traded as low as $54.73 and last traded at $54.78. Approximately 424,713 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 1,439,885 shares. The stock had previously closed at $57.53.

Wall Street Analyst Weigh In

BAM has been the topic of a number of analyst reports. Bank of America upgraded Brookfield Asset Management from a "neutral" rating to a "buy" rating and set a $65.00 price target on the stock in a research report on Thursday, April 10th. HSBC upgraded Brookfield Asset Management from a "hold" rating to a "buy" rating in a research report on Friday, February 14th. Scotiabank upped their price target on Brookfield Asset Management from $58.00 to $59.00 and gave the company an "outperform" rating in a research report on Wednesday, May 7th. Jefferies Financial Group reduced their price target on Brookfield Asset Management from $52.00 to $46.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. Finally, Wells Fargo & Company upped their target price on Brookfield Asset Management from $54.00 to $55.00 and gave the company an "underweight" rating in a research report on Friday, May 23rd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Brookfield Asset Management presently has a consensus rating of "Moderate Buy" and a consensus target price of $59.15.

Brookfield Asset Management Stock Performance

The firm has a market capitalization of $90.56 billion, a P/E ratio of 42.55, a price-to-earnings-growth ratio of 1.92 and a beta of 1.51. The business has a 50 day simple moving average of $53.50 and a two-hundred day simple moving average of $54.40.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last announced its earnings results on Tuesday, May 6th. The financial services provider reported $0.40 earnings per share for the quarter, hitting analysts' consensus estimates of $0.40. Brookfield Asset Management had a return on equity of 81.16% and a net margin of 54.47%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.29 billion. On average, equities analysts anticipate that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, May 30th will be issued a $0.4375 dividend. This represents a $1.75 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Friday, May 30th. Brookfield Asset Management's payout ratio is currently 124.11%.

Hedge Funds Weigh In On Brookfield Asset Management

Hedge funds and other institutional investors have recently modified their holdings of the company. Truvestments Capital LLC boosted its holdings in shares of Brookfield Asset Management by 487.2% in the 4th quarter. Truvestments Capital LLC now owns 505 shares of the financial services provider's stock worth $27,000 after purchasing an additional 419 shares in the last quarter. Rossby Financial LCC purchased a new stake in Brookfield Asset Management during the 1st quarter valued at about $28,000. ST Germain D J Co. Inc. purchased a new stake in Brookfield Asset Management during the 1st quarter valued at about $26,000. Mountain Hill Investment Partners Corp. purchased a new stake in Brookfield Asset Management during the 4th quarter valued at about $32,000. Finally, NewEdge Advisors LLC boosted its holdings in Brookfield Asset Management by 61.0% during the 4th quarter. NewEdge Advisors LLC now owns 858 shares of the financial services provider's stock valued at $47,000 after acquiring an additional 325 shares during the period. 68.41% of the stock is currently owned by hedge funds and other institutional investors.

Brookfield Asset Management Company 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.