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

Wall Street Zen cut shares of Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) from a hold rating to a sell rating in a report released on Saturday,Wall Street Zen reports.

A number of other brokerages have also recently commented on BAM. National Bank Financial upped their price target on Brookfield Asset Management from $69.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Scotiabank reissued an “outperform” rating and set a $59.00 price objective on shares of Brookfield Asset Management in a research note on Thursday, August 6th. Bank of America reduced their price objective on shares of Brookfield Asset Management from $61.00 to $60.00 and set a “neutral” rating on the stock in a research note on Monday, October 5th. UBS Group decreased their price objective on shares of Brookfield Asset Management from $55.00 to $49.00 and set a “neutral” rating for the company in a report on Tuesday, October 13th. Finally, Scotia upped their target price on shares of Brookfield Asset Management from $57.00 to $59.00 and gave the company a “sector outperform” rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $57.03.

Brookfield Asset Management Trading Down 0.2%

NYSE BAM opened at $45.21 on Friday. The stock has a 50-day simple moving average of $48.25 and a 200 day simple moving average of $47.75. The company has a market capitalization of $74.07 billion, a PE ratio of 26.28, a P/E/G ratio of 1.87 and a beta of 1.31. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06. Brookfield Asset Management has a 12 month low of $42.20 and a 12 month high of $56.37.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.01. Brookfield Asset Management had a return on equity of 31.50% and a net margin of 48.89%. The firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.47 billion. Research analysts forecast that Brookfield Asset Management will post 1.78 EPS for the current year.

Brookfield Asset Management Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Monday, August 31st were paid a dividend of $0.5025 per share. This represents a $2.01 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Monday, August 31st. Brookfield Asset Management’s dividend payout ratio (DPR) is presently 116.86%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BAM. Principal Financial Group Inc. lifted its stake in Brookfield Asset Management by 62.0% in the first 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 in the last quarter. Madison Asset Management LLC bought a new stake in shares of Brookfield Asset Management during the second quarter worth $70,433,000. Renaissance Technologies LLC raised its holdings in shares of Brookfield Asset Management by 283.7% during the first quarter. Renaissance Technologies LLC now owns 1,103,325 shares of the financial services provider’s stock worth $49,043,000 after acquiring an additional 815,800 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Brookfield Asset Management by 15.6% during the first quarter. The Manufacturers Life Insurance Company now owns 5,319,506 shares of the financial services provider’s stock worth $236,308,000 after acquiring an additional 716,892 shares during the period. Finally, Bank of America Corp DE raised its holdings in shares of Brookfield Asset Management by 11.0% during the first quarter. Bank of America Corp DE now owns 3,448,351 shares of the financial services provider’s stock worth $153,279,000 after acquiring an additional 341,600 shares during the period. 68.41% of the stock is currently owned by institutional investors.

Brookfield Asset Management Company Profile

Brookfield Asset Management Ltd. (NYSE: BAM) is a global alternative asset manager that invests in and manages assets on behalf of institutional investors, insurance companies, sovereign wealth funds, financial institutions and private-wealth clients. The company focuses on long-term investments in real assets and businesses, with an emphasis on sectors supported by essential services, economic growth and the transition to a lower-carbon economy.

Its investment activities span renewable power and transition, infrastructure, private equity, real estate and credit.