Heritage Investors Management Corp Acquires Shares of 4,948 Brookfield Asset Management Ltd. (NYSE:BAM)

Heritage Investors Management Corp acquired a new stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 4,948 shares of the financial services provider’s stock, valued at approximately $234,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. TD Asset Management Inc lifted its stake in Brookfield Asset Management by 8.5% during the 2nd quarter. TD Asset Management Inc now owns 13,552,736 shares of the financial services provider’s stock valued at $515,823,000 after acquiring an additional 1,066,015 shares during the period. Mackenzie Financial Corp lifted its stake 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 valued at $514,867,000 after acquiring an additional 2,205,040 shares during the period. Vanguard Group Inc. lifted its stake in Brookfield Asset Management by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 10,760,414 shares of the financial services provider’s stock valued at $452,153,000 after acquiring an additional 186,765 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Brookfield Asset Management by 68.5% in the 2nd 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 purchasing an additional 2,788,611 shares during the period. Finally, CIBC Asset Management Inc lifted its stake in shares of Brookfield Asset Management by 8.4% in the 2nd quarter. CIBC Asset Management Inc now owns 3,583,113 shares of the financial services provider’s stock valued at $136,318,000 after purchasing an additional 278,613 shares during the period. 68.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BAM has been the subject of several analyst reports. Royal Bank of Canada boosted their target price on shares of Brookfield Asset Management from $55.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday. Keefe, Bruyette & Woods boosted their target price on shares of Brookfield Asset Management from $44.00 to $49.00 and gave the company an “underperform” rating in a research note on Tuesday. BMO Capital Markets boosted their target price on shares of Brookfield Asset Management from $40.00 to $50.00 and gave the company a “market perform” rating in a research note on Tuesday. StockNews.com cut shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a research note on Wednesday, August 7th. Finally, CIBC boosted their target price on shares of Brookfield Asset Management from $47.00 to $49.00 and gave the company an “outperformer” rating in a research note on Friday, July 19th. Three analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Brookfield Asset Management has an average rating of “Hold” and a consensus target price of $52.29.

Brookfield Asset Management Stock Performance

Shares of BAM opened at $55.56 on Wednesday. The stock has a market capitalization of $24.68 billion, a PE ratio of 49.17, a P/E/G ratio of 2.55 and a beta of 1.42. Brookfield Asset Management Ltd. has a 1 year low of $30.59 and a 1 year high of $57.36. The company’s 50-day simple moving average is $47.46 and its 200-day simple moving average is $42.45.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its quarterly earnings results on Monday, November 4th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Brookfield Asset Management had a net margin of 51.29% and a return on equity of 92.37%. During the same quarter in the prior year, the company earned $0.35 earnings per share. On average, sell-side analysts predict that Brookfield Asset Management Ltd. will post 1.43 earnings per share for the current year.

Brookfield Asset Management Dividend Announcement

The company also recently announced 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. The ex-dividend date is Friday, November 29th. This represents a $1.52 annualized dividend and a yield of 2.74%. Brookfield Asset Management’s dividend payout ratio (DPR) 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.