Raymond James & Associates Decreases Stock Position in Brookfield Asset Management Ltd. (NYSE:BAM)

Raymond James & Associates decreased its position in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 5.7% in the third quarter, HoldingsChannel reports. The firm owned 191,164 shares of the financial services provider’s stock after selling 11,485 shares during the quarter. Raymond James & Associates’ holdings in Brookfield Asset Management were worth $9,040,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV increased its stake in Brookfield Asset Management by 98.2% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 777 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 385 shares during the last quarter. Continuum Advisory LLC increased its position in Brookfield Asset Management by 57.6% in the second quarter. Continuum Advisory LLC now owns 780 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 285 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in Brookfield Asset Management by 574.2% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 890 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 758 shares in the last quarter. Richardson Financial Services Inc. lifted its position in Brookfield Asset Management by 368.3% during the second quarter. Richardson Financial Services Inc. now owns 960 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 755 shares during the last quarter. Finally, WASHINGTON TRUST Co grew its stake in shares of Brookfield Asset Management by 151.3% in the 2nd quarter. WASHINGTON TRUST Co now owns 1,063 shares of the financial services provider’s stock worth $40,000 after buying an additional 640 shares in the last quarter. 68.41% of the stock is currently owned by hedge funds and other institutional investors.

Brookfield Asset Management Price Performance

BAM stock opened at $53.55 on Wednesday. Brookfield Asset Management Ltd. has a 12 month low of $28.35 and a 12 month high of $53.73. The firm’s 50-day moving average is $46.16 and its 200 day moving average is $41.90. The company has a market capitalization of $23.76 billion, a PE ratio of 49.58, a P/E/G ratio of 2.26 and a beta of 1.56.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings results on Friday, August 9th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). Brookfield Asset Management had a return on equity of 92.37% and a net margin of 51.29%. The firm had revenue of $916.00 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the company posted $0.28 EPS. Sell-side analysts forecast that Brookfield Asset Management Ltd. will post 1.43 EPS for the current fiscal year.

Brookfield Asset Management Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, August 30th were paid a $0.38 dividend. The ex-dividend date was Friday, August 30th. This represents a $1.52 annualized dividend and a yield of 2.84%. Brookfield Asset Management’s dividend payout ratio (DPR) is presently 140.74%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BAM. CIBC upped 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 report on Friday, July 19th. Deutsche Bank Aktiengesellschaft upped their price objective on Brookfield Asset Management from $43.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Bank of America lifted their target price on Brookfield Asset Management from $41.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. JPMorgan Chase & Co. decreased their price target on Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Finally, The Goldman Sachs Group lifted their price objective on shares of Brookfield Asset Management from $47.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Brookfield Asset Management currently has an average rating of “Hold” and an average target price of $47.41.

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.