Dorsey Asset Management LLC Continues to Hold Stake in Brookfield Asset Management Inc (BAM)
Dorsey Asset Management LLC held its position in Brookfield Asset Management Inc (NYSE:BAM) (TSE:BAM.A) during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 520,454 shares of the financial services provider’s stock at the end of the second quarter. Brookfield Asset Management makes up about 9.6% of Dorsey Asset Management LLC’s holdings, making the stock its 5th largest position. Dorsey Asset Management LLC owned approximately 0.05% of Brookfield Asset Management worth $20,407,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in the stock. Fisher Asset Management LLC bought a new position in Brookfield Asset Management during the first quarter valued at $215,000. Wells Fargo & Company MN increased its position in Brookfield Asset Management by 2.2% in the first quarter. Wells Fargo & Company MN now owns 1,096,477 shares of the financial services provider’s stock valued at $39,977,000 after buying an additional 23,410 shares in the last quarter. Canada Pension Plan Investment Board increased its position in Brookfield Asset Management by 130.1% in the first quarter. Canada Pension Plan Investment Board now owns 884,360 shares of the financial services provider’s stock valued at $32,128,000 after buying an additional 499,990 shares in the last quarter. Markel Corp increased its position in Brookfield Asset Management by 2.1% in the first quarter. Markel Corp now owns 5,254,821 shares of the financial services provider’s stock valued at $191,591,000 after buying an additional 106,000 shares in the last quarter. Finally, Wright Investors Service Inc. bought a new position in Brookfield Asset Management during the first quarter valued at $284,000. 53.81% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Brookfield Asset Management Inc (NYSE BAM) traded down 0.08% during trading on Tuesday, reaching $39.10. The company’s stock had a trading volume of 81,164 shares. Brookfield Asset Management Inc has a 1-year low of $32.04 and a 1-year high of $40.09. The stock has a 50 day moving average of $39.03 and a 200-day moving average of $37.72. The company has a market capitalization of $37.49 billion, a PE ratio of 30.33 and a beta of 1.03.
Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its earnings results on Thursday, August 10th. The financial services provider reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.47 by $0.28. The firm had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $5.27 billion. Brookfield Asset Management had a return on equity of 2.10% and a net margin of 4.87%. The company’s quarterly revenue was up 58.1% compared to the same quarter last year. During the same period last year, the business posted $0.15 earnings per share. On average, analysts expect that Brookfield Asset Management Inc will post $1.08 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.43%. The ex-dividend date is Tuesday, August 29th. Brookfield Asset Management’s dividend payout ratio (DPR) is currently 43.75%.
Brookfield Asset Management declared that its Board of Directors has authorized a stock repurchase program on Friday, May 19th that permits the company to repurchase 82,960,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
Several equities analysts have recently weighed in on BAM shares. Royal Bank Of Canada boosted their target price on Brookfield Asset Management from $41.00 to $42.00 and gave the company an “outperform” rating in a research report on Friday, May 12th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $45.00 target price on shares of Brookfield Asset Management in a research report on Friday, May 12th. TD Securities reissued a “buy” rating on shares of Brookfield Asset Management in a research report on Saturday, May 13th. ValuEngine downgraded Brookfield Asset Management from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, BidaskClub raised Brookfield Asset Management from a “hold” rating to a “buy” rating in a research report on Thursday, June 29th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Brookfield Asset Management presently has a consensus rating of “Buy” and a consensus price target of $43.56.
About Brookfield Asset Management
Brookfield Asset Management Inc is an alternative asset manager. The Company operates in eight segments. The Asset Management segment manages its listed partnerships, private funds and public markets on behalf of its clients. The Property segment includes the ownership, operation and development of office, retail and other properties.
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