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

Scotia Capital Inc. reduced its stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 0.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,068,954 shares of the financial services provider's stock after selling 7,359 shares during the quarter. Scotia Capital Inc. owned approximately 0.24% of Brookfield Asset Management worth $57,810,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in BAM. Norges Bank purchased a new stake in Brookfield Asset Management in the 4th quarter valued at about $287,361,000. William Blair Investment Management LLC bought a new stake in shares of Brookfield Asset Management during the fourth quarter valued at approximately $204,169,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Brookfield Asset Management by 103.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,997,157 shares of the financial services provider's stock valued at $216,507,000 after purchasing an additional 2,031,995 shares during the period. Madison Investment Advisors LLC bought a new position in Brookfield Asset Management in the fourth quarter worth approximately $94,122,000. Finally, TD Asset Management Inc. increased its holdings in Brookfield Asset Management by 8.9% during the 4th quarter. TD Asset Management Inc. now owns 16,664,426 shares of the financial services provider's stock worth $903,323,000 after purchasing an additional 1,359,126 shares during the period. 68.41% of the stock is currently owned by institutional investors.

Brookfield Asset Management Stock Up 0.9 %

Shares of Brookfield Asset Management stock traded up $0.42 during trading on Tuesday, reaching $48.75. The company's stock had a trading volume of 464,044 shares, compared to its average volume of 1,443,437. The company has a 50-day simple moving average of $51.70 and a two-hundred day simple moving average of $53.63. Brookfield Asset Management Ltd. has a 1-year low of $37.29 and a 1-year high of $62.61. The company has a market cap of $79.82 billion, a price-to-earnings ratio of 36.93, a P/E/G ratio of 1.92 and a beta of 1.63.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last issued its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.01. Brookfield Asset Management had a return on equity of 81.16% and a net margin of 54.47%. As a group, analysts anticipate that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current year.

Brookfield Asset Management Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, February 28th were given a dividend of $0.4375 per share. This represents a $1.75 annualized dividend and a yield of 3.59%. The ex-dividend date was Friday, February 28th. This is an increase from Brookfield Asset Management's previous quarterly dividend of $0.38. Brookfield Asset Management's payout ratio is currently 132.58%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Keefe, Bruyette & Woods lowered their target price on Brookfield Asset Management from $57.00 to $56.00 and set an "underperform" rating for the company in a report on Monday, January 13th. UBS Group started coverage on shares of Brookfield Asset Management in a report on Monday, December 16th. They set a "buy" rating on the stock. Scotiabank reduced their price target on shares of Brookfield Asset Management from $62.50 to $58.00 and set a "sector outperform" rating for the company in a report on Monday, April 7th. Hsbc Global Res raised shares of Brookfield Asset Management from a "hold" rating to a "strong-buy" rating in a research report on Friday, February 14th. Finally, Morgan Stanley cut their price objective on shares of Brookfield Asset Management from $62.00 to $50.00 and set an "equal weight" rating on the stock in a report on Monday. Two analysts have rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $57.15.

About Brookfield Asset Management

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.