Brookfield Asset Management (NYSE:BAM) Announces Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Brookfield Asset Management (NYSE:BAMGet Rating) (TSE:BAM.A) posted its earnings results on Thursday. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.70 by $0.11, MarketWatch Earnings reports. Brookfield Asset Management had a return on equity of 3.21% and a net margin of 5.24%. The company had revenue of $21.88 billion during the quarter, compared to analyst estimates of $18.35 billion. During the same period in the prior year, the company earned $1.80 earnings per share.

BAM stock traded up $2.28 during trading on Friday, hitting $47.71. The company had a trading volume of 2,942,122 shares, compared to its average volume of 1,761,109. The firm has a 50-day moving average price of $53.50 and a 200-day moving average price of $56.03. Brookfield Asset Management has a 12 month low of $44.13 and a 12 month high of $62.47. 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 firm also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Tuesday, May 31st will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.17%. The ex-dividend date of this dividend is Friday, May 27th. Brookfield Asset Management’s payout ratio is currently 23.05%.

BAM has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft lowered their price target on Brookfield Asset Management from $62.00 to $60.00 in a research report on Friday. Citigroup raised their price objective on Brookfield Asset Management from $61.00 to $65.50 in a research note on Friday, February 11th. Zacks Investment Research raised Brookfield Asset Management from a “sell” rating to a “hold” rating in a research note on Monday, May 9th. Credit Suisse Group raised Brookfield Asset Management from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $68.00 to $71.50 in a research note on Wednesday, April 27th. Finally, StockNews.com raised Brookfield Asset Management from a “sell” rating to a “hold” rating in a research note on Saturday, April 30th. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $66.10.

In other Brookfield Asset Management news, major shareholder Oaktree Capital Management Gp, sold 585,735 shares of the stock in a transaction dated Tuesday, April 19th. The shares were 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 link. Also, major shareholder Brookfield Asset Management In sold 5,925 shares of the stock in a transaction dated Tuesday, April 12th. The shares were sold at an average price of $32.13, for a total transaction of $190,370.25. The disclosure for this sale can be found here. Insiders have sold a total of 3,976,384 shares of company stock valued at $105,795,602 in the last quarter.

A number of institutional investors have recently added to or reduced their stakes in the business. Ancora Advisors LLC raised its holdings in Brookfield Asset Management by 1.7% in the 1st quarter. Ancora Advisors LLC now owns 38,336 shares of the financial services provider’s stock valued at $1,706,000 after acquiring an additional 638 shares during the period. Edgestream Partners L.P. raised its holdings in Brookfield Asset Management by 4.1% in the 1st quarter. Edgestream Partners L.P. now owns 100,431 shares of the financial services provider’s stock valued at $5,681,000 after acquiring an additional 3,926 shares during the period. Mariner LLC raised its holdings in Brookfield Asset Management by 676.6% in the 1st quarter. Mariner LLC now owns 201,682 shares of the financial services provider’s stock valued at $11,409,000 after acquiring an additional 175,712 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its position in shares of Brookfield Asset Management by 18.3% during the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 20,350 shares of the financial services provider’s stock worth $1,151,000 after purchasing an additional 3,154 shares in the last quarter. Finally, Gamco Investors INC. ET AL grew its position in shares of Brookfield Asset Management by 1.3% during the 1st quarter. Gamco Investors INC. ET AL now owns 45,800 shares of the financial services provider’s stock worth $2,591,000 after purchasing an additional 600 shares in the last quarter. 60.24% of the stock is currently owned by hedge funds and other institutional investors.

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.

See Also

Earnings History for Brookfield Asset Management (NYSE:BAM)

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