Brookfield Asset Management (NYSE:BAM) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) from a hold rating to a sell rating in a research report released on Sunday.

A number of other equities analysts have also commented on the stock. National Bankshares dropped their price target on shares of Brookfield Asset Management from $71.00 to $69.00 and set an “outperform” rating on the stock in a research report on Monday, October 27th. Scotiabank cut their target price on shares of Brookfield Asset Management from $67.25 to $65.75 and set a “sector outperform” rating for the company in a research report on Monday, November 10th. Piper Sandler decreased their price target on shares of Brookfield Asset Management from $65.00 to $60.00 and set a “neutral” rating for the company in a report on Thursday, September 11th. Morgan Stanley set a $62.00 price target on Brookfield Asset Management in a research report on Monday, October 13th. Finally, Keefe, Bruyette & Woods cut their price objective on Brookfield Asset Management from $62.00 to $59.00 and set an “underperform” rating for the company in a research report on Monday, November 10th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Brookfield Asset Management currently has a consensus rating of “Hold” and a consensus price target of $63.86.

Brookfield Asset Management Price Performance

Shares of NYSE:BAM opened at $53.06 on Friday. Brookfield Asset Management has a fifty-two week low of $41.78 and a fifty-two week high of $64.10. The business has a 50-day moving average of $53.10 and a two-hundred day moving average of $56.55. The stock has a market capitalization of $86.90 billion, a P/E ratio of 33.16, a P/E/G ratio of 2.38 and a beta of 1.39. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.97 and a quick ratio of 0.97.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its quarterly earnings data on Friday, November 7th. The financial services provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. Brookfield Asset Management had a return on equity of 33.77% and a net margin of 58.25%.The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.34 billion. On average, equities research analysts predict that Brookfield Asset Management will post 1.7 EPS for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Friday, November 28th will be issued a $0.4375 dividend. This represents a $1.75 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Friday, November 28th. Brookfield Asset Management’s payout ratio is 109.38%.

Institutional Trading of Brookfield Asset Management

Several institutional investors have recently made changes to their positions in BAM. Norges Bank acquired a new position in Brookfield Asset Management in the second quarter worth about $294,730,000. State Street Corp raised its holdings in shares of Brookfield Asset Management by 11,172.2% in the 2nd quarter. State Street Corp now owns 3,524,700 shares of the financial services provider’s stock worth $194,845,000 after buying an additional 3,493,431 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Brookfield Asset Management by 2,834.0% during the 3rd quarter. Legal & General Group Plc now owns 2,365,709 shares of the financial services provider’s stock worth $134,659,000 after buying an additional 2,285,077 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Brookfield Asset Management by 72.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,904,677 shares of the financial services provider’s stock valued at $222,161,000 after buying an additional 1,642,375 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Brookfield Asset Management by 62.4% in the 2nd quarter. Geode Capital Management LLC now owns 3,755,340 shares of the financial services provider’s stock valued at $208,571,000 after buying an additional 1,443,441 shares in the last quarter. 68.41% of the stock is currently owned by institutional investors and hedge funds.

Brookfield Asset Management Company 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.