Brookfield Asset Management Ltd. (NYSE:BAM) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company decreased its position in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 60.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,733,967 shares of the financial services provider’s stock after selling 4,125,127 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.62% of Brookfield Asset Management worth $129,320,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Bank of Montreal Can raised its stake in Brookfield Asset Management by 0.5% in the 3rd quarter. Bank of Montreal Can now owns 9,236,374 shares of the financial services provider’s stock valued at $435,729,000 after purchasing an additional 43,134 shares during the last quarter. Hancock Whitney Corp acquired a new position in Brookfield Asset Management in the 3rd quarter valued at about $252,000. Douglass Winthrop Advisors LLC raised its stake in Brookfield Asset Management by 3.9% in the 3rd quarter. Douglass Winthrop Advisors LLC now owns 2,670,488 shares of the financial services provider’s stock valued at $126,287,000 after purchasing an additional 99,020 shares during the last quarter. Cerity Partners LLC grew its holdings in Brookfield Asset Management by 25.6% in the 3rd quarter. Cerity Partners LLC now owns 25,996 shares of the financial services provider’s stock valued at $1,229,000 after buying an additional 5,298 shares during the period. Finally, Icon Wealth Advisors LLC purchased a new stake in Brookfield Asset Management in the 3rd quarter valued at about $118,000. Institutional investors and hedge funds own 68.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on BAM. JPMorgan Chase & Co. lowered 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 began coverage on Brookfield Asset Management in a report on Friday, August 2nd. They issued a “hold” rating and a $43.00 price target for the company. Scotiabank lifted their price target on Brookfield Asset Management from $55.50 to $59.50 and gave the company a “sector outperform” rating in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft lifted their price target on Brookfield Asset Management from $56.00 to $59.00 and gave the company a “buy” rating in a report on Monday, November 11th. Finally, The Goldman Sachs Group lifted their price target on Brookfield Asset Management from $57.00 to $63.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $53.46.

Brookfield Asset Management Stock Up 3.0 %

NYSE BAM opened at $57.81 on Wednesday. The stock has a market cap of $25.61 billion, a PE ratio of 51.16, a P/E/G ratio of 2.28 and a beta of 1.42. Brookfield Asset Management Ltd. has a fifty-two week low of $33.45 and a fifty-two week high of $58.53. The business has a 50 day moving average price of $51.61 and a two-hundred day moving average price of $44.24.

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

Brookfield Asset Management Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend is Friday, November 29th. Brookfield Asset Management’s dividend payout ratio is presently 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.