Icon Wealth Advisors LLC Makes New $101,000 Investment in Brookfield Asset Management Ltd. (NYSE:BAM)

Icon Wealth Advisors LLC acquired a new stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,128 shares of the financial services provider’s stock, valued at approximately $101,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. The Manufacturers Life Insurance Company raised its position in Brookfield Asset Management by 68.5% during the second quarter. The Manufacturers Life Insurance Company now owns 6,859,094 shares of the financial services provider’s stock valued at $260,770,000 after acquiring an additional 2,788,611 shares in the last quarter. Mackenzie Financial Corp increased its holdings in shares of Brookfield Asset Management by 19.5% during the 2nd quarter. Mackenzie Financial Corp now owns 13,523,306 shares of the financial services provider’s stock valued at $514,867,000 after purchasing an additional 2,205,040 shares in the last quarter. Dimensional Fund Advisors LP acquired a new position in shares of Brookfield Asset Management in the 2nd quarter valued at $42,160,000. TD Asset Management Inc boosted its holdings in Brookfield Asset Management by 8.5% during the second quarter. TD Asset Management Inc now owns 13,552,736 shares of the financial services provider’s stock worth $515,823,000 after buying an additional 1,066,015 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in Brookfield Asset Management by 66.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,965,162 shares of the financial services provider’s stock valued at $92,896,000 after buying an additional 784,250 shares during the period. Institutional investors and hedge funds own 68.41% of the company’s stock.

Brookfield Asset Management Trading Down 0.2 %

Shares of NYSE BAM opened at $57.16 on Monday. The company has a 50-day moving average of $52.23 and a 200 day moving average of $44.60. Brookfield Asset Management Ltd. has a 12-month low of $34.80 and a 12-month high of $58.53. The stock has a market cap of $23.99 billion, a PE ratio of 50.58, a P/E/G ratio of 2.35 and a beta of 1.42.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings results on Monday, November 4th. The financial services provider reported $0.38 EPS for the quarter, beating the consensus estimate 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 last year, the firm earned $0.35 earnings per share. On average, sell-side analysts forecast that Brookfield Asset Management Ltd. will post 1.47 EPS for the current fiscal year.

Brookfield Asset Management Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors 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 dividend yield of 2.66%. The ex-dividend date of this dividend is Friday, November 29th. Brookfield Asset Management’s dividend payout ratio is currently 134.51%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. TD Securities increased their target price on shares of Brookfield Asset Management from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. StockNews.com upgraded Brookfield Asset Management from a “sell” rating to a “hold” rating in a research report on Thursday, November 21st. JPMorgan Chase & Co. cut their price objective on Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Wells Fargo & Company increased their target price on Brookfield Asset Management from $48.00 to $51.00 and gave the company an “underweight” rating in a research report on Tuesday, November 5th. Finally, Royal Bank of Canada boosted their price target on shares of Brookfield Asset Management from $55.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Two research 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 data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $53.46.

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.