BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Cuts Stock Position in Brookfield Asset Management Ltd. (NYSE:BAM)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its holdings in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 92.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 119,911 shares of the financial services provider’s stock after selling 1,533,857 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Brookfield Asset Management were worth $5,666,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in BAM. Avior Wealth Management LLC increased its holdings in Brookfield Asset Management by 2,857.1% during the third quarter. Avior Wealth Management LLC now owns 10,350 shares of the financial services provider’s stock worth $489,000 after buying an additional 10,000 shares during the last quarter. Intact Investment Management Inc. bought a new stake in shares of Brookfield Asset Management in the 2nd quarter worth approximately $4,825,000. CIBC Asset Management Inc raised its holdings 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 during the period. LGT Capital Partners LTD. lifted its stake in Brookfield Asset Management by 11.5% in the third quarter. LGT Capital Partners LTD. now owns 534,000 shares of the financial services provider’s stock valued at $25,273,000 after purchasing an additional 55,000 shares during the last quarter. Finally, CWM LLC grew its holdings in Brookfield Asset Management by 12.2% during the second quarter. CWM LLC now owns 2,448 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 267 shares during the period. 68.41% of the stock is currently owned by institutional investors.

Brookfield Asset Management Price Performance

BAM opened at $57.07 on Tuesday. Brookfield Asset Management Ltd. has a one year low of $34.94 and a one year high of $58.53. The firm has a market capitalization of $23.95 billion, a P/E ratio of 50.50, a price-to-earnings-growth ratio of 2.35 and a beta of 1.42. The company has a fifty day moving average price of $52.23 and a 200-day moving average price of $44.60.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its 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 business had revenue of $1.12 billion for the quarter, compared to analyst estimates 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 prior year, the company earned $0.35 EPS. On average, analysts expect that Brookfield Asset Management Ltd. will post 1.47 earnings per share for the current year.

Brookfield Asset Management Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, November 29th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date is Friday, November 29th. Brookfield Asset Management’s dividend payout ratio is currently 134.51%.

Analyst Ratings Changes

Several analysts have issued reports on the company. StockNews.com upgraded Brookfield Asset Management from a “sell” rating to a “hold” rating in a research note on Thursday, November 21st. BMO Capital Markets boosted their price objective on Brookfield Asset Management from $40.00 to $50.00 and gave the company a “market perform” rating in a research note on Tuesday, November 5th. Scotiabank increased their target price on shares of Brookfield Asset Management from $55.50 to $59.50 and gave the stock a “sector outperform” rating in a research report on Tuesday, November 5th. Wells Fargo & Company lifted their target price on shares of Brookfield Asset Management from $48.00 to $51.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 5th. Finally, JPMorgan Chase & Co. dropped their price target 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. 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target 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.