Brookfield Asset Management Inc. (NYSE:BAM – Get Rating) (TSE:BAM.A) declared a quarterly dividend on Thursday, May 12th, RTT News reports. Stockholders of record on Tuesday, May 31st will be given a dividend of 0.14 per share by the financial services provider on Thursday, June 30th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date of this dividend is Friday, May 27th.
Brookfield Asset Management has decreased its dividend by an average of 4.7% annually over the last three years and has increased its dividend every year for the last 12 years. Brookfield Asset Management has a dividend payout ratio of 15.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Brookfield Asset Management to earn $3.59 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 15.6%.
BAM opened at $47.71 on Friday. The stock has a market cap of $78.31 billion, a price-to-earnings ratio of 19.63 and a beta of 1.31. The stock’s 50 day moving average price is $53.50 and its 200-day moving average price is $56.03. Brookfield Asset Management has a one year low of $44.13 and a one year high of $62.47.
In related news, major shareholder Oaktree Capital Management Gp, sold 585,735 shares of Brookfield Asset Management stock in a transaction dated Tuesday, April 19th. The stock was sold at an average price of $31.00, for a total value of $18,157,785.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Brookfield Asset Management In sold 1,500,000 shares of Brookfield Asset Management stock in a transaction dated Friday, May 6th. The stock was sold at an average price of $26.63, for a total value of $39,945,000.00. Following the completion of the sale, the insider now owns 16,392,780 shares in the company, valued at $436,539,731.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,976,384 shares of company stock worth $105,795,602.
A number of hedge funds have recently bought and sold shares of BAM. Vanguard Group Inc. lifted its stake in Brookfield Asset Management by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 44,050,716 shares of the financial services provider’s stock worth $2,491,950,000 after purchasing an additional 1,220,298 shares in the last quarter. Royal London Asset Management Ltd. purchased a new position in Brookfield Asset Management in the 1st quarter worth approximately $31,320,000. Canada Pension Plan Investment Board purchased a new position in Brookfield Asset Management in the 1st quarter worth approximately $22,369,000. Mariner LLC raised its position in shares of Brookfield Asset Management by 676.6% during the 1st quarter. Mariner LLC now owns 201,682 shares of the financial services provider’s stock valued at $11,409,000 after buying an additional 175,712 shares during the period. Finally, Parametric Portfolio Associates LLC raised its position in shares of Brookfield Asset Management by 4.6% during the 4th quarter. Parametric Portfolio Associates LLC now owns 899,101 shares of the financial services provider’s stock valued at $54,288,000 after buying an additional 39,217 shares during the period. Institutional investors own 60.24% of the company’s stock.
Several research analysts recently issued reports on the company. Credit Suisse Group raised Brookfield Asset Management from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $68.00 to $71.50 in a research note on Wednesday, April 27th. StockNews.com raised Brookfield Asset Management from a “sell” rating to a “hold” rating in a research report on Saturday, April 30th. Citigroup increased their price objective on Brookfield Asset Management from $61.00 to $65.50 in a report on Friday, February 11th. Royal Bank of Canada reduced their target price on Brookfield Asset Management from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Zacks Investment Research upgraded Brookfield Asset Management from a “sell” rating to a “hold” rating in a research note on Monday, May 9th. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $66.10.
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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