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

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

Shares of BAM stock traded up $2.28 during trading hours on Friday, reaching $47.71. The company’s stock had a trading volume of 2,942,122 shares, compared to its average volume of 1,761,109. The firm’s 50 day simple moving average is $53.50 and its 200-day simple moving average is $56.03. The company has a market capitalization of $78.31 billion, a price-to-earnings ratio of 19.63 and a beta of 1.31. Brookfield Asset Management has a fifty-two week low of $44.13 and a fifty-two week high of $62.47.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Tuesday, May 31st will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, May 27th. This represents a $0.56 dividend on an annualized basis and a yield of 1.17%. Brookfield Asset Management’s dividend payout ratio (DPR) is presently 23.05%.

Several research firms have recently weighed in on BAM. Zacks Investment Research raised Brookfield Asset Management from a “sell” rating to a “hold” rating in a research report on Monday, May 9th. Royal Bank of Canada reduced their price target on Brookfield Asset Management from $72.00 to $68.00 and set an “outperform” rating for the company in a research report on Friday. Credit Suisse Group raised Brookfield Asset Management from a “neutral” rating to an “outperform” rating and increased their price target for the company from $68.00 to $71.50 in a research report on Wednesday, April 27th. Citigroup upped their price objective on Brookfield Asset Management from $61.00 to $65.50 in a research note on Friday, February 11th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on Brookfield Asset Management from $62.00 to $60.00 in a research note on Friday. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $66.10.

In related news, major shareholder Oaktree Capital Management Gp, sold 585,735 shares of the firm’s stock in a transaction on Tuesday, April 19th. The stock was sold at an average price of $31.00, for a total transaction of $18,157,785.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Brookfield Asset Management In sold 5,925 shares of the firm’s stock in a transaction on Tuesday, April 12th. The shares were sold at an average price of $32.13, for a total value of $190,370.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,976,384 shares of company stock worth $105,795,602.

A number of institutional investors and hedge funds have recently made changes to their positions in BAM. SG Americas Securities LLC lifted its holdings in Brookfield Asset Management by 437.5% during the 3rd quarter. SG Americas Securities LLC now owns 10,654 shares of the financial services provider’s stock worth $570,000 after buying an additional 8,672 shares during the period. Candriam Luxembourg S.C.A. boosted its stake in Brookfield Asset Management by 1.5% during the 3rd quarter. Candriam Luxembourg S.C.A. now owns 37,544 shares of the financial services provider’s stock valued at $2,011,000 after purchasing an additional 571 shares during the last quarter. Commerce Bank acquired a new position in Brookfield Asset Management during the 3rd quarter valued at about $203,000. Boston Private Wealth LLC boosted its stake in Brookfield Asset Management by 55.5% during the 3rd quarter. Boston Private Wealth LLC now owns 11,383 shares of the financial services provider’s stock valued at $609,000 after purchasing an additional 4,065 shares during the last quarter. Finally, Barclays PLC boosted its stake in Brookfield Asset Management by 44.6% during the 3rd quarter. Barclays PLC now owns 237,664 shares of the financial services provider’s stock valued at $12,717,000 after purchasing an additional 73,274 shares during the last quarter. 60.24% of the stock is currently owned by hedge funds and other institutional investors.

Brookfield Asset Management Company Profile (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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