Massachusetts Financial Services Co. MA Sells 9,619 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

Massachusetts Financial Services Co. MA cut its holdings in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 0.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,891,170 shares of the financial services provider’s stock after selling 9,619 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Brookfield Asset Management were worth $278,593,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. The Manufacturers Life Insurance Company grew its holdings in shares of 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 worth $260,770,000 after purchasing an additional 2,788,611 shares during the last quarter. Mackenzie Financial Corp grew its holdings in 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 worth $514,867,000 after acquiring an additional 2,205,040 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in Brookfield Asset Management in the 2nd quarter valued at about $42,160,000. TD Asset Management Inc raised its stake in shares of Brookfield Asset Management by 8.5% in 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 acquiring an additional 1,066,015 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of 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 purchasing an additional 784,250 shares during the last quarter. 68.41% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

BAM has been the subject of several research analyst reports. Wells Fargo & Company boosted their price objective on shares of Brookfield Asset Management from $48.00 to $51.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft raised 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. Scotiabank boosted their price objective on Brookfield Asset Management from $55.50 to $59.50 and gave the stock a “sector outperform” rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. reduced their target price on shares of Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Finally, StockNews.com upgraded shares of Brookfield Asset Management from a “sell” rating to a “hold” rating in a research report on Thursday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Brookfield Asset Management has a consensus rating of “Hold” and a consensus price target of $53.46.

Brookfield Asset Management Stock Down 0.2 %

Shares of NYSE BAM opened at $55.45 on Friday. Brookfield Asset Management Ltd. has a twelve month low of $33.45 and a twelve month high of $58.53. The stock has a market cap of $24.56 billion, a price-to-earnings ratio of 49.07, a P/E/G ratio of 2.29 and a beta of 1.42. The company’s fifty day moving average is $51.14 and its 200-day moving average is $43.93.

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 (EPS) 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 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 period in the previous year, the firm earned $0.35 earnings per share. On average, research 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 disclosed 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 2.74%. The ex-dividend date of this dividend is Friday, November 29th. Brookfield Asset Management’s dividend payout ratio is 134.51%.

Brookfield Asset Management Company Profile

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.