Brookfield Asset Management Ltd. $BAM Shares Sold by Addenda Capital Inc.

Addenda Capital Inc. lowered its stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 2.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 285,133 shares of the financial services provider’s stock after selling 7,029 shares during the period. Addenda Capital Inc.’s holdings in Brookfield Asset Management were worth $15,762,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Brookfield Asset Management by 975.9% in the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,765,220 shares of the financial services provider’s stock worth $85,463,000 after buying an additional 1,601,155 shares during the last quarter. Millennium Management LLC boosted its stake in Brookfield Asset Management by 461.5% in the 1st quarter. Millennium Management LLC now owns 1,722,683 shares of the financial services provider’s stock worth $83,464,000 after buying an additional 1,415,866 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Brookfield Asset Management by 58.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 3,360,125 shares of the financial services provider’s stock worth $163,354,000 after purchasing an additional 1,246,011 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Brookfield Asset Management by 107.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,363,192 shares of the financial services provider’s stock worth $114,497,000 after purchasing an additional 1,224,012 shares during the period. Finally, AGF Management Ltd. raised its holdings in shares of Brookfield Asset Management by 60.5% in the 1st quarter. AGF Management Ltd. now owns 1,603,608 shares of the financial services provider’s stock worth $77,742,000 after purchasing an additional 604,395 shares during the period. Institutional investors and hedge funds own 68.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. BMO Capital Markets raised their price objective on Brookfield Asset Management from $53.00 to $56.00 and gave the stock a “market perform” rating in a report on Thursday, August 7th. Wells Fargo & Company raised their price objective on Brookfield Asset Management from $55.00 to $57.00 and gave the stock an “underweight” rating in a report on Friday, July 11th. National Bankshares set a $71.00 target price on Brookfield Asset Management and gave the company an “outperform” rating in a report on Tuesday, July 29th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $58.00 target price on shares of Brookfield Asset Management in a report on Thursday, August 7th. Finally, Jefferies Financial Group lifted their price objective on Brookfield Asset Management from $55.00 to $62.00 and gave the stock a “hold” rating in a report on Wednesday, August 13th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.52.

Brookfield Asset Management Trading Up 0.1%

NYSE:BAM opened at $58.09 on Friday. Brookfield Asset Management Ltd. has a 12-month low of $41.78 and a 12-month high of $64.10. The firm has a market capitalization of $95.14 billion, a P/E ratio of 38.99, a P/E/G ratio of 2.12 and a beta of 1.44. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.25 and a quick ratio of 1.25. The business has a 50 day simple moving average of $60.20 and a 200 day simple moving average of $55.75.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.01). Brookfield Asset Management had a net margin of 55.92% and a return on equity of 41.12%. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.29 billion. Equities research analysts predict that Brookfield Asset Management Ltd. will post 1.7 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a dividend of $0.4375 per share. This represents a $1.75 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Friday, August 29th. Brookfield Asset Management’s payout ratio is 117.45%.

Brookfield Asset Management 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.