Brookfield Asset Management Inc (BAM) is First Manhattan Co.’s Largest Position

First Manhattan Co. boosted its position in Brookfield Asset Management Inc (NYSE:BAM) (TSE:BAM.A) by 2.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,439,611 shares of the financial services provider’s stock after buying an additional 363,367 shares during the period. Brookfield Asset Management comprises approximately 5.5% of First Manhattan Co.’s holdings, making the stock its largest position. First Manhattan Co. owned about 1.71% of Brookfield Asset Management worth $644,597,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. UBS Asset Management Americas Inc. raised its position in shares of Brookfield Asset Management by 8.2% in the fourth quarter. UBS Asset Management Americas Inc. now owns 2,070,858 shares of the financial services provider’s stock valued at $68,409,000 after buying an additional 157,212 shares during the period. Creative Planning raised its position in shares of Brookfield Asset Management by 15.6% in the first quarter. Creative Planning now owns 48,050 shares of the financial services provider’s stock valued at $1,752,000 after buying an additional 6,474 shares during the period. Gulf International Bank UK Ltd increased its stake in Brookfield Asset Management by 5.0% in the first quarter. Gulf International Bank UK Ltd now owns 276,477 shares of the financial services provider’s stock valued at $10,058,000 after buying an additional 13,200 shares in the last quarter. Fenimore Asset Management Inc. increased its stake in Brookfield Asset Management by 0.9% in the first quarter. Fenimore Asset Management Inc. now owns 2,010,079 shares of the financial services provider’s stock valued at $73,287,000 after buying an additional 17,044 shares in the last quarter. Finally, Bank of Montreal Can increased its stake in Brookfield Asset Management by 3.6% in the first quarter. Bank of Montreal Can now owns 37,833,475 shares of the financial services provider’s stock valued at $1,379,408,000 after buying an additional 1,310,802 shares in the last quarter. 53.96% of the stock is currently owned by institutional investors.

Brookfield Asset Management Inc (BAM) traded up 0.75% during trading on Friday, reaching $39.13. The company’s stock had a trading volume of 765,224 shares. Brookfield Asset Management Inc has a 52 week low of $32.04 and a 52 week high of $40.09. The firm has a 50-day moving average price of $38.99 and a 200-day moving average price of $37.56. The firm has a market capitalization of $37.52 billion, a P/E ratio of 30.36 and a beta of 1.03.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its quarterly earnings data on Thursday, August 10th. The financial services provider reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by $0.28. Brookfield Asset Management had a return on equity of 2.10% and a net margin of 4.87%. The company had revenue of $9.44 billion for the quarter, compared to analyst estimates of $5.27 billion. During the same quarter in the previous year, the business earned $0.15 earnings per share. The company’s revenue was up 58.1% on a year-over-year basis. On average, equities analysts anticipate that Brookfield Asset Management Inc will post $1.08 EPS for the current fiscal year.

Brookfield Asset Management announced that its Board of Directors has approved a share repurchase program on Friday, May 19th that authorizes the company to buyback 82,960,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be issued a dividend of $0.14 per share. The ex-dividend date is Tuesday, August 29th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.43%. Brookfield Asset Management’s payout ratio is 43.75%.

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BAM has been the topic of several recent research reports. Royal Bank Of Canada reaffirmed a “buy” rating and set a $42.00 price objective on shares of Brookfield Asset Management in a research report on Thursday, July 27th. ValuEngine cut Brookfield Asset Management from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. BidaskClub cut Brookfield Asset Management from a “buy” rating to a “hold” rating in a research report on Saturday, July 8th. Citigroup Inc. upped their target price on Brookfield Asset Management from $45.00 to $48.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $45.00 price objective on shares of Brookfield Asset Management in a research report on Friday, May 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $43.56.

Brookfield Asset Management Company Profile

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.

Institutional Ownership by Quarter for Brookfield Asset Management (NYSE:BAM)

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