Fmr LLC Trims Position in Brookfield Asset Management Ltd. (NYSE:BAM)

Fmr LLC decreased its position in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 7.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 19,198,643 shares of the financial services provider’s stock after selling 1,504,454 shares during the quarter. Fmr LLC’s holdings in Brookfield Asset Management were worth $907,804,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of BAM. Confluence Investment Management LLC boosted its holdings in shares of Brookfield Asset Management by 382.6% in the second quarter. Confluence Investment Management LLC now owns 89,891 shares of the financial services provider’s stock worth $3,420,000 after buying an additional 71,263 shares during the last quarter. Avior Wealth Management LLC boosted its stake in shares of Brookfield Asset Management by 2,857.1% during the 3rd quarter. Avior Wealth Management LLC now owns 10,350 shares of the financial services provider’s stock worth $489,000 after acquiring an additional 10,000 shares during the last quarter. Intact Investment Management Inc. bought a new stake in shares of Brookfield Asset Management during the 2nd quarter valued at $4,825,000. CIBC Asset Management Inc increased its stake in shares of Brookfield Asset Management by 10.3% in the 3rd quarter. CIBC Asset Management Inc now owns 3,953,496 shares of the financial services provider’s stock worth $188,057,000 after purchasing an additional 370,383 shares in the last quarter. Finally, LGT Capital Partners LTD. increased its stake in shares of Brookfield Asset Management by 11.5% in the 3rd quarter. LGT Capital Partners LTD. now owns 534,000 shares of the financial services provider’s stock worth $25,273,000 after purchasing an additional 55,000 shares in the last quarter. 68.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BAM has been the subject of several recent research reports. JPMorgan Chase & Co. cut their price target on Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Jefferies Financial Group assumed coverage on Brookfield Asset Management in a research note on Friday, August 2nd. They set a “hold” rating and a $43.00 price objective for the company. Royal Bank of Canada raised their target price on shares of Brookfield Asset Management from $55.00 to $68.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Bank of America upped their price target on shares of Brookfield Asset Management from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Brookfield Asset Management from $56.00 to $59.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $53.46.

Brookfield Asset Management Price Performance

NYSE BAM opened at $57.26 on Thursday. Brookfield Asset Management Ltd. has a 1-year low of $33.45 and a 1-year high of $58.53. The business has a 50 day simple moving average of $51.84 and a two-hundred day simple moving average of $44.33. The stock has a market capitalization of $25.36 billion, a PE ratio of 50.67, a P/E/G ratio of 2.31 and a beta of 1.42.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its earnings results on Monday, November 4th. The financial services provider reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.19 billion. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 85.03%. During the same period last year, the firm posted $0.35 earnings per share. On average, analysts anticipate that Brookfield Asset Management Ltd. will post 1.47 EPS for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.65%. The ex-dividend date is Friday, November 29th. Brookfield Asset Management’s dividend payout ratio is 134.51%.

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.