Envestnet Asset Management Inc. Sells 8,027 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

Envestnet Asset Management Inc. decreased its position in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 1.6% during the 2nd quarter, HoldingsChannel reports. The fund owned 486,115 shares of the financial services provider’s stock after selling 8,027 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Brookfield Asset Management were worth $18,497,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. Partners Value Investments L.P. lifted its stake in Brookfield Asset Management by 0.9% in the 4th quarter. Partners Value Investments L.P. now owns 30,807,960 shares of the financial services provider’s stock valued at $1,237,556,000 after acquiring an additional 280,098 shares in the last quarter. Capital World Investors increased its position in shares of Brookfield Asset Management by 10.0% during the 4th quarter. Capital World Investors now owns 24,562,364 shares of the financial services provider’s stock worth $986,656,000 after purchasing an additional 2,241,372 shares during the last quarter. TD Asset Management Inc increased its position in shares of 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 worth $515,823,000 after purchasing an additional 1,066,015 shares during the last quarter. FIL Ltd increased its position in shares of Brookfield Asset Management by 66.1% during the 4th quarter. FIL Ltd now owns 11,314,071 shares of the financial services provider’s stock worth $454,424,000 after purchasing an additional 4,501,410 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of 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 worth $452,153,000 after purchasing an additional 186,765 shares during the last quarter. Institutional investors own 68.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BAM shares. Jefferies Financial Group started coverage on Brookfield Asset Management in a research report on Friday, August 2nd. They set a “hold” rating and a $43.00 price target on the stock. The Goldman Sachs Group boosted their price target on Brookfield Asset Management from $41.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, September 12th. Wells Fargo & Company began coverage on Brookfield Asset Management in a report on Thursday, September 12th. They set an “underweight” rating and a $42.00 target price on the stock. StockNews.com lowered Brookfield Asset Management from a “hold” rating to a “sell” rating in a report on Wednesday, August 7th. Finally, TD Securities boosted their target price on Brookfield Asset Management from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Brookfield Asset Management has an average rating of “Hold” and an average price target of $43.81.

Brookfield Asset Management Price Performance

Shares of NYSE BAM opened at $46.81 on Tuesday. The stock’s fifty day moving average price is $41.92 and its two-hundred day moving average price is $40.48. Brookfield Asset Management Ltd. has a one year low of $28.35 and a one year high of $47.74. The firm has a market cap of $20.77 billion, a price-to-earnings ratio of 43.34, a P/E/G ratio of 2.26 and a beta of 1.56.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its earnings results on Friday, August 9th. The financial services provider reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). The company had revenue of $916.00 million for the quarter, compared to the consensus estimate of $1.16 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 previous year, the company posted $0.28 earnings per share. On average, equities analysts anticipate that Brookfield Asset Management Ltd. will post 1.42 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.25%. Brookfield Asset Management’s payout ratio is 140.74%.

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.