Brookfield Asset Management Ltd. (NYSE:BAM) Short Interest Down 9.3% in September

Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) saw a large decline in short interest in September. As of September 30th, there was short interest totalling 9,510,000 shares, a decline of 9.3% from the September 15th total of 10,480,000 shares. Approximately 2.7% of the company’s stock are sold short. Based on an average trading volume of 1,040,000 shares, the short-interest ratio is currently 9.1 days.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BAM. Bank of America raised their price objective on shares of Brookfield Asset Management from $41.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Jefferies Financial Group began coverage on Brookfield Asset Management in a research note on Friday, August 2nd. They issued a “hold” rating and a $43.00 price target on the stock. BMO Capital Markets upped their price objective on Brookfield Asset Management from $37.00 to $40.00 and gave the stock a “market perform” rating in a research report on Wednesday, September 11th. StockNews.com cut Brookfield Asset Management from a “hold” rating to a “sell” rating in a research note on Wednesday, August 7th. Finally, TD Securities upped their price target on Brookfield Asset Management from $49.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $46.41.

Brookfield Asset Management Stock Up 1.8 %

Shares of NYSE BAM traded up $0.89 during trading on Thursday, reaching $51.17. 1,038,206 shares of the stock were exchanged, compared to its average volume of 1,265,502. The company has a market capitalization of $22.71 billion, a price-to-earnings ratio of 46.84, a price-to-earnings-growth ratio of 2.26 and a beta of 1.56. The business’s 50-day moving average price is $44.06 and its 200 day moving average price is $41.21. Brookfield Asset Management has a twelve month low of $28.35 and a twelve month high of $51.40.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings data on Friday, August 9th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.01). The business had revenue of $916.00 million for the quarter, compared to analysts’ expectations of $1.16 billion. Brookfield Asset Management had a return on equity of 92.37% and a net margin of 51.29%. During the same quarter in the prior year, the firm earned $0.28 earnings per share. As a group, sell-side analysts expect that Brookfield Asset Management will post 1.43 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, August 30th were paid a $0.38 dividend. The ex-dividend date was Friday, August 30th. This represents a $1.52 dividend on an annualized basis and a yield of 2.97%. Brookfield Asset Management’s payout ratio is currently 140.74%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BAM. TD Asset Management Inc increased its stake in shares of Brookfield Asset Management by 8.5% in the second quarter. TD Asset Management Inc now owns 13,552,736 shares of the financial services provider’s stock valued at $515,823,000 after purchasing an additional 1,066,015 shares during the period. Mackenzie Financial Corp raised its stake in Brookfield Asset Management by 19.5% during the 2nd quarter. Mackenzie Financial Corp now owns 13,523,306 shares of the financial services provider’s stock valued at $514,867,000 after acquiring an additional 2,205,040 shares in the last quarter. Vanguard Group Inc. boosted its position in Brookfield Asset Management by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 10,760,414 shares of the financial services provider’s stock worth $452,153,000 after acquiring an additional 186,765 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Brookfield Asset Management by 68.5% in the second quarter. The Manufacturers Life Insurance Company now owns 6,859,094 shares of the financial services provider’s stock worth $260,770,000 after purchasing an additional 2,788,611 shares in the last quarter. Finally, CIBC Asset Management Inc increased its holdings in shares of Brookfield Asset Management by 8.4% during the second quarter. CIBC Asset Management Inc now owns 3,583,113 shares of the financial services provider’s stock valued at $136,318,000 after purchasing an additional 278,613 shares during the period. Institutional investors and hedge funds own 68.41% of the company’s stock.

Brookfield Asset Management Company 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.