NewGen Asset Management Ltd Sells 46,000 Shares of Brookfield Asset Management Ltd. $BAM

NewGen Asset Management Ltd lowered its stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 46.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 54,000 shares of the financial services provider’s stock after selling 46,000 shares during the period. Brookfield Asset Management accounts for 0.9% of NewGen Asset Management Ltd’s investment portfolio, making the stock its 15th biggest holding. NewGen Asset Management Ltd’s holdings in Brookfield Asset Management were worth $2,400,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Brookfield Asset Management by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 17,723,182 shares of the financial services provider’s stock valued at $928,414,000 after purchasing an additional 297,790 shares during the period. TD Asset Management Inc lifted its position in shares of Brookfield Asset Management by 2.0% during the 4th quarter. TD Asset Management Inc now owns 15,769,066 shares of the financial services provider’s stock valued at $827,135,000 after buying an additional 315,036 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Brookfield Asset Management by 62.0% during the 1st quarter. Principal Financial Group Inc. now owns 12,735,547 shares of the financial services provider’s stock valued at $566,092,000 after buying an additional 4,872,090 shares during the last quarter. Norges Bank bought a new position in shares of Brookfield Asset Management during the 4th quarter worth $263,444,000. Finally, CIBC Asset Management Inc increased its holdings in Brookfield Asset Management by 99.1% in the 4th quarter. CIBC Asset Management Inc now owns 4,853,861 shares of the financial services provider’s stock worth $255,449,000 after acquiring an additional 2,415,593 shares during the last quarter. Hedge funds and other institutional investors own 68.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on BAM. The Goldman Sachs Group lowered their price objective on Brookfield Asset Management from $60.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, April 7th. Scotiabank reiterated an “outperform” rating and set a $57.00 target price (up from $56.00) on shares of Brookfield Asset Management in a research report on Monday, May 11th. Weiss Ratings downgraded shares of Brookfield Asset Management from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, May 15th. Morgan Stanley lowered their price target on shares of Brookfield Asset Management from $63.00 to $62.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 21st. Finally, Wall Street Zen cut shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a research note on Saturday, July 4th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $60.41.

Brookfield Asset Management Stock Performance

NYSE:BAM opened at $47.34 on Tuesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.38 and a current ratio of 1.38. Brookfield Asset Management Ltd. has a 52-week low of $42.20 and a 52-week high of $64.10. The firm has a market cap of $77.56 billion, a price-to-earnings ratio of 30.74, a PEG ratio of 1.99 and a beta of 1.29. The business’s fifty day moving average is $47.17 and its 200 day moving average is $48.02.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its earnings results on Friday, May 8th. The financial services provider reported $0.43 EPS for the quarter, topping the consensus estimate of $0.41 by $0.02. Brookfield Asset Management had a return on equity of 30.66% and a net margin of 49.69%.The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.43 billion. Research analysts predict that Brookfield Asset Management Ltd. will post 1.73 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Friday, May 29th were issued a $0.5025 dividend. This represents a $2.01 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, May 29th. Brookfield Asset Management’s dividend payout ratio is presently 130.52%.

Brookfield Asset Management Profile

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.