Mackenzie Financial Corp Buys 2,205,040 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

Mackenzie Financial Corp lifted its stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 19.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 13,523,306 shares of the financial services provider’s stock after acquiring an additional 2,205,040 shares during the period. Mackenzie Financial Corp’s holdings in Brookfield Asset Management were worth $514,867,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company raised its position in shares of Brookfield Asset Management by 68.5% in the second 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. Toronto Dominion Bank grew its stake in Brookfield Asset Management by 23.8% in the 2nd quarter. Toronto Dominion Bank now owns 980,956 shares of the financial services provider’s stock valued at $37,325,000 after buying an additional 188,618 shares during the last quarter. Sei Investments Co. bought a new position in Brookfield Asset Management in the 2nd quarter worth $3,847,000. Public Employees Retirement Association of Colorado acquired a new position in Brookfield Asset Management during the 2nd quarter worth $99,000. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in Brookfield Asset Management by 8.4% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 8,133 shares of the financial services provider’s stock valued at $310,000 after acquiring an additional 628 shares during the period. 68.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BAM. CIBC lifted their price objective on Brookfield Asset Management from $47.00 to $49.00 and gave the stock an “outperformer” rating in a research note on Friday, July 19th. BMO Capital Markets lifted their price target on Brookfield Asset Management from $37.00 to $40.00 and gave the stock a “market perform” rating in a research report on Wednesday, September 11th. JPMorgan Chase & Co. reduced their price objective on Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Wells Fargo & Company initiated coverage on shares of Brookfield Asset Management in a research report on Thursday, September 12th. They set an “underweight” rating and a $42.00 target price on the stock. Finally, StockNews.com cut shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a research note on Wednesday, August 7th. 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’s stock. According to MarketBeat, Brookfield Asset Management presently has an average rating of “Hold” and a consensus price target of $43.81.

Brookfield Asset Management Stock Up 0.0 %

NYSE:BAM opened at $47.09 on Friday. The firm has a 50-day moving average price of $42.24 and a 200 day moving average price of $40.60. The firm has a market capitalization of $20.90 billion, a PE ratio of 43.60, a price-to-earnings-growth ratio of 2.36 and a beta of 1.56. Brookfield Asset Management Ltd. has a 12-month low of $28.35 and a 12-month high of $48.03.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its earnings results on Friday, August 9th. The financial services provider reported $0.34 EPS for the quarter, missing the consensus estimate 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 company had revenue of $916.00 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the business earned $0.28 EPS. On average, research analysts expect that Brookfield Asset Management Ltd. will post 1.42 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.52 annualized dividend and a dividend yield of 3.23%. Brookfield Asset Management’s dividend payout ratio is presently 140.74%.

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.