Brookfield Asset Management Inc (NYSE:BAM) Position Boosted by Ameriprise Financial Inc.

Ameriprise Financial Inc. boosted its position in shares of Brookfield Asset Management Inc (NYSE:BAM) (TSE:BAM.A) by 3.2% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 22,198 shares of the financial services provider’s stock after buying an additional 689 shares during the period. Ameriprise Financial Inc.’s holdings in Brookfield Asset Management were worth $810,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Fisher Asset Management LLC bought a new stake in Brookfield Asset Management during the first quarter worth approximately $215,000. Wright Investors Service Inc. bought a new stake in Brookfield Asset Management during the first quarter worth approximately $284,000. Teza Capital Management LLC bought a new stake in Brookfield Asset Management during the first quarter worth approximately $728,000. Barometer Capital Management Inc. bought a new stake in Brookfield Asset Management during the first quarter worth approximately $853,000. Finally, DORCHESTER WEALTH MANAGEMENT Co boosted its stake in Brookfield Asset Management by 2.4% in the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 38,014 shares of the financial services provider’s stock worth $1,384,000 after buying an additional 900 shares during the period. Institutional investors and hedge funds own 53.12% of the company’s stock.

Brookfield Asset Management Inc (BAM) opened at 39.71 on Thursday. The firm’s 50-day moving average is $38.70 and its 200-day moving average is $36.85. Brookfield Asset Management Inc has a 52-week low of $32.04 and a 52-week high of $40.09. The stock has a market capitalization of $38.07 billion, a price-to-earnings ratio of 31.84 and a beta of 1.04.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings data on Thursday, May 11th. The financial services provider reported ($0.08) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by $0.26. The firm had revenue of $6 billion during the quarter, compared to analyst estimates of $5.02 billion. Brookfield Asset Management had a net margin of 5.39% and a return on equity of 2.12%. Brookfield Asset Management’s revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.69 earnings per share. Analysts predict that Brookfield Asset Management Inc will post $1.32 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Wednesday, May 31st were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.41%. The ex-dividend date was Friday, May 26th. Brookfield Asset Management’s payout ratio is currently 44.80%.

Brookfield Asset Management announced that its board has authorized a stock buyback plan on Friday, May 19th that permits the company to repurchase 82,960,000 shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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A number of analysts recently commented on the stock. TD Securities reiterated a “buy” rating on shares of Brookfield Asset Management in a research note on Saturday, May 13th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $45.00 target price on shares of Brookfield Asset Management in a research note on Friday, July 14th. BidaskClub cut shares of Brookfield Asset Management from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. Royal Bank Of Canada reiterated a “buy” rating and issued a $42.00 target price on shares of Brookfield Asset Management in a research note on Tuesday, June 20th. Finally, ValuEngine cut shares of Brookfield Asset Management from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Brookfield Asset Management has an average rating of “Buy” and an average price target of $41.57.

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.