Brookfield Asset Management (NYSE:BAM) Shares Down 5.1% – Here’s What Happened

Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A)’s stock price traded down 5.1% on Thursday . The stock traded as low as $49.92 and last traded at $51.20. 402,479 shares traded hands during trading, a decline of 68% from the average session volume of 1,239,891 shares. The stock had previously closed at $53.97.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. BMO Capital Markets boosted their price target on Brookfield Asset Management from $50.00 to $53.00 and gave the stock a “market perform” rating in a research report on Thursday, February 13th. The Goldman Sachs Group boosted their price target on Brookfield Asset Management from $57.00 to $63.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Scotiabank lowered their price target on Brookfield Asset Management from $63.00 to $62.50 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. UBS Group started coverage on Brookfield Asset Management in a research report on Monday, December 16th. They set a “buy” rating on the stock. Finally, TD Securities boosted their target price on Brookfield Asset Management from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, February 10th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $56.71.

Brookfield Asset Management Stock Performance

The business has a fifty day simple moving average of $56.50 and a 200 day simple moving average of $52.70. The stock has a market capitalization of $21.60 billion, a price-to-earnings ratio of 36.93, a price-to-earnings-growth ratio of 1.92 and a beta of 1.46.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its earnings results on Wednesday, February 12th. The financial services provider reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.01. Brookfield Asset Management had a return on equity of 81.16% and a net margin of 54.47%. On average, sell-side analysts forecast that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current fiscal year.

Brookfield Asset Management Increases Dividend

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

Institutional Trading of Brookfield Asset Management

Institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC lifted its position in shares of Brookfield Asset Management by 11.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,611,859 shares of the financial services provider’s stock worth $77,293,000 after buying an additional 168,170 shares during the last quarter. Avior Wealth Management LLC lifted its position in shares of Brookfield Asset Management by 2,857.1% during the 3rd quarter. Avior Wealth Management LLC now owns 10,350 shares of the financial services provider’s stock worth $489,000 after buying an additional 10,000 shares during the last quarter. Laffer Tengler Investments Inc. lifted its position in shares of Brookfield Asset Management by 24.2% during the 4th quarter. Laffer Tengler Investments Inc. now owns 147,773 shares of the financial services provider’s stock worth $8,008,000 after buying an additional 28,768 shares during the last quarter. Tacita Capital Inc lifted its position in shares of Brookfield Asset Management by 19.3% during the 4th quarter. Tacita Capital Inc now owns 47,767 shares of the financial services provider’s stock worth $2,585,000 after buying an additional 7,743 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Brookfield Asset Management by 5.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 834,929 shares of the financial services provider’s stock worth $39,516,000 after purchasing an additional 45,670 shares in the last quarter. 68.41% of the stock is currently owned by institutional investors.

Brookfield Asset Management Company Profile

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.