Scotia Capital Inc. Increases Stock Position in Brookfield Asset Management Ltd. (NYSE:BAM)

Key Points

• Scotia Capital Inc. increased its stock position in Brookfield Asset Management Ltd. by 0.6%, owning 1,074,952 shares valued at approximately $51.3 million as of the most recent reporting period.
• Several institutional investors have also increased their stakes in Brookfield, with FMR LLC notably raising its holdings by 2.3% to over $1 billion.
• Analysts have given Brookfield a moderate buy rating, with an average target price of $62.06, and the company recently posted earnings consistent with estimates at $0.40 per share.

Scotia Capital Inc. raised its holdings in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 0.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,074,952 shares of the financial services provider's stock after purchasing an additional 5,998 shares during the period. Scotia Capital Inc. owned 0.07% of Brookfield Asset Management worth $51,314,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. FMR LLC lifted its holdings in shares of Brookfield Asset Management by 2.3% in the fourth quarter. FMR LLC now owns 19,646,285 shares of the financial services provider's stock valued at $1,064,983,000 after purchasing an additional 447,642 shares in the last quarter. Capital International Investors lifted its holdings in shares of Brookfield Asset Management by 0.7% in the fourth quarter. Capital International Investors now owns 16,116,518 shares of the financial services provider's stock valued at $873,354,000 after purchasing an additional 116,008 shares in the last quarter. FIL Ltd lifted its holdings in shares of Brookfield Asset Management by 3.9% in the fourth quarter. FIL Ltd now owns 15,369,816 shares of the financial services provider's stock valued at $833,581,000 after purchasing an additional 574,978 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Brookfield Asset Management by 3.7% in the fourth quarter. Bank of Montreal Can now owns 9,575,446 shares of the financial services provider's stock valued at $518,655,000 after purchasing an additional 339,072 shares in the last quarter. Finally, Bank of Nova Scotia lifted its holdings in shares of Brookfield Asset Management by 1.2% in the first quarter. Bank of Nova Scotia now owns 2,269,833 shares of the financial services provider's stock valued at $109,913,000 after purchasing an additional 27,913 shares in the last quarter. Hedge funds and other institutional investors own 68.41% of the company's stock.

Wall Street Analysts Forecast Growth

BAM has been the topic of several recent research reports. Royal Bank Of Canada assumed coverage on shares of Brookfield Asset Management in a report on Wednesday, June 18th. They issued an "outperform" rating and a $72.00 price target on the stock. National Bankshares set a $71.00 price objective on shares of Brookfield Asset Management and gave the company an "outperform" rating in a research note on Tuesday, July 29th. JPMorgan Chase & Co. upped their price objective on shares of Brookfield Asset Management from $51.00 to $55.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Piper Sandler assumed coverage on shares of Brookfield Asset Management in a research note on Monday, June 30th. They set a "neutral" rating and a $60.00 price objective on the stock. Finally, Wall Street Zen raised shares of Brookfield Asset Management from a "sell" rating to a "hold" rating in a research note on Tuesday, April 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $62.06.

Brookfield Asset Management Stock Performance

NYSE:BAM opened at $59.81 on Friday. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.07. The company has a market cap of $97.95 billion, a P/E ratio of 42.42, a P/E/G ratio of 2.30 and a beta of 1.44. Brookfield Asset Management Ltd. has a fifty-two week low of $38.18 and a fifty-two week high of $63.53. The firm's 50 day moving average is $57.27 and its two-hundred day moving average is $54.85.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last posted its quarterly 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 net margin of 55.26% and a return on equity of 52.70%. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.29 billion. Analysts expect that Brookfield Asset Management Ltd. will post 1.7 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, May 30th were given a $0.4375 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.75 annualized dividend and a dividend yield of 2.9%. Brookfield Asset Management's dividend payout ratio is presently 124.11%.

Brookfield Asset Management 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.

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.