Brookfield Asset Management Inc (BAM) Position Cut by Steinberg Global Asset Management
Steinberg Global Asset Management trimmed its position in Brookfield Asset Management Inc (NYSE:BAM) (TSE:BAM.A) by 4.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 65,648 shares of the financial services provider’s stock after selling 2,924 shares during the quarter. Steinberg Global Asset Management’s holdings in Brookfield Asset Management were worth $2,560,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of BAM. Norges Bank purchased a new stake in shares of Brookfield Asset Management in the 4th quarter worth $335,315,000. Jarislowsky Fraser Ltd increased its holdings in shares of Brookfield Asset Management by 62.6% in the fourth quarter. Jarislowsky Fraser Ltd now owns 10,478,325 shares of the financial services provider’s stock valued at $401,395,000 after purchasing an additional 4,033,441 shares during the period. Mackenzie Financial Corp increased its holdings in shares of Brookfield Asset Management by 36.0% in the fourth quarter. Mackenzie Financial Corp now owns 12,258,486 shares of the financial services provider’s stock valued at $470,113,000 after purchasing an additional 3,244,827 shares during the period. CI Investments Inc. increased its holdings in shares of Brookfield Asset Management by 36.1% in the third quarter. CI Investments Inc. now owns 7,818,294 shares of the financial services provider’s stock valued at $348,149,000 after purchasing an additional 2,073,678 shares during the period. Finally, Montrusco Bolton Investments Inc. acquired a new position in shares of Brookfield Asset Management in the fourth quarter valued at about $71,319,000. Institutional investors and hedge funds own 62.22% of the company’s stock.
A number of brokerages have recently commented on BAM. Credit Suisse Group set a $50.00 target price on Brookfield Asset Management and gave the stock a “buy” rating in a research note on Sunday, December 23rd. TD Securities upped their target price on Brookfield Asset Management from $57.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, February 15th. BMO Capital Markets restated a “buy” rating on shares of Brookfield Asset Management in a research note on Friday, April 5th. Finally, Royal Bank of Canada upped their target price on Brookfield Asset Management from $47.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 19th. Six equities research analysts have rated the stock with a buy rating, The company has an average rating of “Buy” and an average price target of $52.75.
Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its earnings results on Thursday, February 14th. The financial services provider reported $1.87 earnings per share for the quarter, beating the consensus estimate of $0.15 by $1.72. The business had revenue of $16.01 billion for the quarter. Brookfield Asset Management had a return on equity of 4.36% and a net margin of 6.31%. The business’s revenue was up 22.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.28 EPS.
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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