Norges Bank Takes Position in Brookfield Asset Management Ltd. $BAM

Norges Bank bought a new position in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) in the 2nd quarter, HoldingsChannel reports. The fund bought 5,323,829 shares of the financial services provider’s stock, valued at approximately $294,730,000.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Brookfield Asset Management by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 17,204,794 shares of the financial services provider’s stock valued at $832,833,000 after purchasing an additional 302,852 shares during the last quarter. TD Asset Management Inc lifted its holdings in shares of Brookfield Asset Management by 1.6% in the second quarter. TD Asset Management Inc now owns 15,589,384 shares of the financial services provider’s stock valued at $861,101,000 after purchasing an additional 250,068 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Brookfield Asset Management by 62.4% during the second quarter. Geode Capital Management LLC now owns 3,755,340 shares of the financial services provider’s stock valued at $208,571,000 after buying an additional 1,443,441 shares during the last quarter. DAVENPORT & Co LLC boosted its position in shares of Brookfield Asset Management by 12.2% during the second quarter. DAVENPORT & Co LLC now owns 3,556,812 shares of the financial services provider’s stock valued at $196,348,000 after buying an additional 385,937 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Brookfield Asset Management by 58.9% during the first quarter. The Manufacturers Life Insurance Company now owns 3,360,125 shares of the financial services provider’s stock worth $163,354,000 after buying an additional 1,246,011 shares in the last quarter. Institutional investors own 68.41% of the company’s stock.

Brookfield Asset Management Price Performance

Shares of NYSE:BAM opened at $52.69 on Monday. The company’s 50-day moving average is $54.72 and its 200 day moving average is $57.05. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.25 and a current ratio of 1.25. The company has a market capitalization of $86.29 billion, a P/E ratio of 35.36, a price-to-earnings-growth ratio of 2.04 and a beta of 1.38. Brookfield Asset Management Ltd. has a fifty-two week low of $41.78 and a fifty-two week high of $64.10.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings data on Friday, November 7th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.34 billion. Brookfield Asset Management had a net margin of 55.92% and a return on equity of 41.12%. On average, equities research analysts forecast that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current year.

Brookfield Asset Management Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Friday, November 28th will be issued a $0.4375 dividend. This represents a $1.75 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Friday, November 28th. Brookfield Asset Management’s payout ratio is 109.38%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Bank of America lowered Brookfield Asset Management from a “buy” rating to a “neutral” rating and set a $68.00 price target for the company. in a research report on Thursday, September 4th. BMO Capital Markets upped their target price on shares of Brookfield Asset Management from $53.00 to $56.00 and gave the stock a “market perform” rating in a research note on Thursday, August 7th. Morgan Stanley set a $62.00 price target on shares of Brookfield Asset Management in a research report on Monday, October 13th. Weiss Ratings restated a “buy (b-)” rating on shares of Brookfield Asset Management in a report on Monday, November 24th. Finally, Scotiabank reduced their price objective on shares of Brookfield Asset Management from $67.25 to $65.75 and set a “sector outperform” rating for the company in a research report on Monday, November 10th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $64.32.

Brookfield Asset Management Profile

Brookfield Asset Management Ltd. is a real estate investment firm specializing in alternative asset management services. Its renewable power and transition business includes the operates in the hydroelectric, wind, solar, distributed generation, and sustainable solution sector. The company's infrastructure business engages in the utilities, transport, midstream, and data infrastructure sectors.