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Spire Wealth Management lessened its holdings in shares of Brookfield Asset Management Inc. (NYSE:BAM – Get Rating) (TSE:BAM.A) by 22.8% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 7,514 shares of the financial services provider’s stock after selling 2,213 shares during the period. Spire Wealth Management’s holdings in Brookfield Asset Management were worth $425,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in BAM. Guggenheim Capital LLC lifted its stake in shares of Brookfield Asset Management by 10.5% during the third quarter. Guggenheim Capital LLC now owns 5,191 shares of the financial services provider’s stock valued at $278,000 after acquiring an additional 495 shares during the period. Schonfeld Strategic Advisors LLC acquired a new position in shares of Brookfield Asset Management during the third quarter valued at $219,000. Bank of New York Mellon Corp lifted its stake in shares of Brookfield Asset Management by 2.2% during the third quarter. Bank of New York Mellon Corp now owns 1,384,946 shares of the financial services provider’s stock valued at $74,110,000 after acquiring an additional 30,318 shares during the period. Patriot Financial Group Insurance Agency LLC lifted its stake in shares of Brookfield Asset Management by 40.7% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 2,853 shares of the financial services provider’s stock valued at $172,000 after acquiring an additional 825 shares during the period. Finally, Stonnington Group LLC acquired a new position in shares of Brookfield Asset Management during the fourth quarter valued at $206,000. Institutional investors own 60.24% of the company’s stock.
Several research firms have weighed in on BAM. Credit Suisse Group raised Brookfield Asset Management from a “neutral” rating to an “outperform” rating and increased their target price for the company from $68.00 to $71.50 in a research note on Wednesday, April 27th. Royal Bank of Canada cut their target price on Brookfield Asset Management from $72.00 to $68.00 and set an “outperform” rating on the stock in a research note on Friday, May 20th. Deutsche Bank Aktiengesellschaft cut their target price on Brookfield Asset Management from $60.00 to $57.00 in a research note on Thursday, May 19th. Finally, StockNews.com raised Brookfield Asset Management from a “sell” rating to a “hold” rating in a research note on Saturday, April 30th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.50.
NYSE:BAM opened at $45.02 on Friday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.99 and a current ratio of 1.17. The company has a market cap of $73.90 billion, a PE ratio of 18.53 and a beta of 1.31. Brookfield Asset Management Inc. has a 52-week low of $42.86 and a 52-week high of $62.47. The stock has a 50-day simple moving average of $47.62 and a 200 day simple moving average of $53.04.
Brookfield Asset Management (NYSE:BAM – Get Rating) (TSE:BAM.A) last posted its quarterly earnings results on Thursday, May 12th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.11. Brookfield Asset Management had a return on equity of 3.25% and a net margin of 5.04%. The firm had revenue of $21.88 billion during the quarter, compared to the consensus estimate of $18.35 billion. During the same period last year, the company earned $1.80 earnings per share. On average, research analysts predict that Brookfield Asset Management Inc. will post 3.24 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Tuesday, May 31st were given a $0.14 dividend. The ex-dividend date of this dividend was Friday, May 27th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.24%. Brookfield Asset Management’s payout ratio is 23.05%.
In related news, insider Brookfield Asset Management In sold 1,500,000 shares of Brookfield Asset Management stock in a transaction that occurred on Friday, May 6th. The stock was sold at an average price of $26.63, for a total transaction of $39,945,000.00. Following the completion of the sale, the insider now directly owns 16,392,780 shares of the company’s stock, valued at approximately $436,539,731.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Oaktree Capital Management Lp sold 163,915 shares of Brookfield Asset Management stock in a transaction that occurred on Thursday, May 26th. The stock was sold at an average price of $11.35, for a total value of $1,860,435.25. Following the sale, the insider now directly owns 12,727,802 shares of the company’s stock, valued at $144,460,552.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,586,644 shares of company stock valued at $112,704,831.
About Brookfield Asset Management (Get Rating)
Brookfield Asset Management is an alternative asset manager and REIT/Real Estate Investment Manager firm focuses on real estate, renewable power, infrastructure and venture capital and private equity assets. It manages a range of public and private investment products and services for institutional and retail clients.
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