Brookfield Asset Management Ltd. (NYSE:BAM) Sees Significant Drop in Short Interest

Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) was the target of a significant decrease in short interest in the month of June. As of June 15th, there was short interest totalling 9,380,000 shares, a decrease of 31.4% from the May 31st total of 13,670,000 shares. Based on an average trading volume of 1,760,000 shares, the days-to-cover ratio is currently 5.3 days. Approximately 2.7% of the company’s shares are short sold.

Brookfield Asset Management Trading Down 0.4 %

Shares of BAM traded down $0.14 during midday trading on Friday, reaching $38.05. 1,020,325 shares of the stock were exchanged, compared to its average volume of 1,257,189. Brookfield Asset Management has a 52 week low of $28.35 and a 52 week high of $43.00. The company’s 50 day moving average is $39.05 and its two-hundred day moving average is $39.80. The company has a market capitalization of $16.88 billion, a P/E ratio of 35.23, a PEG ratio of 1.72 and a beta of 1.67.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its earnings results on Wednesday, May 8th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.01. Brookfield Asset Management had a return on equity of 98.98% and a net margin of 49.36%. The business had revenue of $884.00 million for the quarter. On average, sell-side analysts expect that Brookfield Asset Management will post 1.47 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, May 31st were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.99%. The ex-dividend date was Friday, May 31st. Brookfield Asset Management’s dividend payout ratio is currently 140.74%.

Wall Street Analyst Weigh In

BAM has been the subject of several analyst reports. Royal Bank of Canada raised their price objective on shares of Brookfield Asset Management from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, April 29th. JPMorgan Chase & Co. started coverage on Brookfield Asset Management in a research report on Wednesday, May 15th. They issued a “neutral” rating and a $41.00 price objective on the stock. Finally, Scotiabank decreased their target price on Brookfield Asset Management from $47.00 to $44.50 and set a “sector outperform” rating for the company in a research report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $42.14.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BAM. YHB Investment Advisors Inc. purchased a new stake in shares of Brookfield Asset Management during the first quarter valued at $26,000. Whittier Trust Co. of Nevada Inc. lifted its position in Brookfield Asset Management by 574.2% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 890 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 758 shares during the period. Quent Capital LLC grew its stake in Brookfield Asset Management by 62.4% during the 1st quarter. Quent Capital LLC now owns 1,132 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 435 shares during the last quarter. Bfsg LLC acquired a new position in shares of Brookfield Asset Management in the fourth quarter valued at about $51,000. Finally, Headlands Technologies LLC purchased a new position in shares of Brookfield Asset Management in the first quarter worth about $53,000. 68.41% of the stock is owned by institutional investors and hedge funds.

About Brookfield Asset Management

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.