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Bank of Nova Scotia Purchases 27,913 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

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Key Points

  • Bank of Nova Scotia has increased its stake in Brookfield Asset Management Ltd. by 1.2%, acquiring an additional 27,913 shares during the first quarter.
  • Brookfield Asset Management reported an EPS of $0.40, matching analysts' expectations, but its revenue of $1.04 billion fell short of the estimated $1.29 billion.
  • The company announced a quarterly dividend of $0.4375, resulting in an annualized dividend of $1.75 and a yield of 2.9%.
  • MarketBeat previews the top five stocks to own by September 1st.

Bank of Nova Scotia increased its position in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 1.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,269,833 shares of the financial services provider's stock after acquiring an additional 27,913 shares during the period. Bank of Nova Scotia owned about 0.14% of Brookfield Asset Management worth $109,913,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of BAM. ST Germain D J Co. Inc. bought a new stake in shares of Brookfield Asset Management in the first quarter worth $26,000. Rossby Financial LCC bought a new stake in Brookfield Asset Management during the first quarter valued at about $28,000. NewEdge Advisors LLC grew its holdings in Brookfield Asset Management by 61.0% during the fourth quarter. NewEdge Advisors LLC now owns 858 shares of the financial services provider's stock valued at $47,000 after purchasing an additional 325 shares during the period. Larson Financial Group LLC grew its holdings in Brookfield Asset Management by 1,079.6% during the first quarter. Larson Financial Group LLC now owns 1,097 shares of the financial services provider's stock valued at $53,000 after purchasing an additional 1,004 shares during the period. Finally, Kapitalo Investimentos Ltda bought a new stake in Brookfield Asset Management during the fourth quarter valued at about $54,000. Institutional investors own 68.41% of the company's stock.

Brookfield Asset Management Price Performance

NYSE:BAM opened at $59.81 on Friday. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $97.95 billion, a P/E ratio of 42.42, a P/E/G ratio of 2.38 and a beta of 1.44. Brookfield Asset Management Ltd. has a 12 month low of $38.18 and a 12 month high of $63.53. The business's 50-day moving average is $57.27 and its 200 day moving average is $54.85.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last posted its earnings results on Tuesday, May 6th. The financial services provider reported $0.40 EPS for the quarter, hitting analysts' consensus estimates of $0.40. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.29 billion. Brookfield Asset Management had a return on equity of 52.70% and a net margin of 55.26%. On average, equities research analysts forecast 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 announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, May 30th were given a $0.4375 dividend. This represents a $1.75 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Friday, May 30th. Brookfield Asset Management's payout ratio is currently 124.11%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. JPMorgan Chase & Co. boosted their price target on Brookfield Asset Management from $51.00 to $55.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Scotiabank reissued an "outperform" rating and set a $66.00 price target (down previously from $69.00) on shares of Brookfield Asset Management in a report on Wednesday. National Bankshares set a $71.00 price target on Brookfield Asset Management and gave the company an "outperform" rating in a report on Tuesday. Wall Street Zen raised Brookfield Asset Management from a "sell" rating to a "hold" rating in a report on Tuesday, April 15th. Finally, Royal Bank Of Canada assumed coverage on Brookfield Asset Management in a report on Wednesday, June 18th. They set an "outperform" rating and a $72.00 price target for the company. Two analysts have rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Brookfield Asset Management currently has a consensus rating of "Moderate Buy" and a consensus price target of $62.06.

View Our Latest Stock Analysis on BAM

Brookfield Asset Management Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Brookfield Asset Management (NYSE:BAM)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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