Cornerstone Advisors Inc. Has $55,000 Stock Position in Brookfield Asset Management Inc (NYSE:BAM)

Cornerstone Advisors Inc. grew its stake in Brookfield Asset Management Inc (NYSE:BAM) (TSE:BAM.A) by 27.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,031 shares of the financial services provider’s stock after purchasing an additional 223 shares during the quarter. Cornerstone Advisors Inc.’s holdings in Brookfield Asset Management were worth $55,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of BAM. Vestmark Advisory Solutions Inc. raised its stake in Brookfield Asset Management by 4.8% during the 2nd quarter. Vestmark Advisory Solutions Inc. now owns 4,719 shares of the financial services provider’s stock worth $225,000 after buying an additional 217 shares during the period. Stephens Inc. AR raised its stake in Brookfield Asset Management by 2.0% during the 2nd quarter. Stephens Inc. AR now owns 11,597 shares of the financial services provider’s stock worth $554,000 after buying an additional 231 shares during the period. Bronfman E.L. Rothschild L.P. raised its stake in Brookfield Asset Management by 4.5% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 5,468 shares of the financial services provider’s stock worth $261,000 after buying an additional 234 shares during the period. Advisor Partners LLC raised its stake in Brookfield Asset Management by 3.3% during the 3rd quarter. Advisor Partners LLC now owns 7,871 shares of the financial services provider’s stock worth $418,000 after buying an additional 249 shares during the period. Finally, Signaturefd LLC raised its stake in Brookfield Asset Management by 11.1% during the 3rd quarter. Signaturefd LLC now owns 2,616 shares of the financial services provider’s stock worth $139,000 after buying an additional 262 shares during the period. 57.83% of the stock is currently owned by institutional investors.

Several research firms have issued reports on BAM. Citigroup lifted their price target on Brookfield Asset Management from $56.00 to $62.50 and gave the company a “buy” rating in a research note on Friday, September 27th. TD Securities lifted their price target on Brookfield Asset Management from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Canaccord Genuity set a $62.00 price target on Brookfield Asset Management and gave the company a “buy” rating in a research note on Friday, September 27th. Royal Bank of Canada lifted their price target on Brookfield Asset Management from $54.00 to $57.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Finally, BMO Capital Markets lifted their price target on Brookfield Asset Management from $55.00 to $59.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $59.92.

Shares of BAM traded up $0.01 during midday trading on Thursday, hitting $53.89. The stock had a trading volume of 24,269 shares, compared to its average volume of 2,386,321. The company has a 50 day simple moving average of $52.91 and a two-hundred day simple moving average of $49.53. Brookfield Asset Management Inc has a twelve month low of $36.58 and a twelve month high of $54.47. The firm has a market cap of $56.43 billion, a price-to-earnings ratio of 18.38 and a beta of 1.06. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.11 and a quick ratio of 0.87.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings results on Thursday, August 8th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.25. The firm had revenue of $16.92 billion for the quarter, compared to the consensus estimate of $14.30 billion. Brookfield Asset Management had a return on equity of 3.31% and a net margin of 4.86%. The company’s revenue for the quarter was up 27.5% on a year-over-year basis. During the same quarter last year, the business posted $0.77 EPS.

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, August 30th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.19%. The ex-dividend date was Thursday, August 29th.

Brookfield Asset Management Profile

Brookfield Asset Management Inc is a publicly owned asset management holding company. The firm specializes in early stage, acquisition, distressed investments, short-term financing to mid-market companies, corporate carve-outs, recapitalizations, convertible, senior and mezzanine financings, operational and capital structure restructuring, strategic re-direction, turnaround, and under-performing midmarket companies.

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Institutional Ownership by Quarter for Brookfield Asset Management (NYSE:BAM)

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