Verition Fund Management LLC Buys Shares of 8,271 Brookfield Asset Management Ltd. (NYSE:BAM)

Verition Fund Management LLC acquired a new position in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) in the third quarter, Holdings Channel reports. The institutional investor acquired 8,271 shares of the financial services provider’s stock, valued at approximately $391,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BAM. The Manufacturers Life Insurance Company increased its position in shares of Brookfield Asset Management by 68.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,859,094 shares of the financial services provider’s stock worth $260,770,000 after purchasing an additional 2,788,611 shares during the last quarter. Mackenzie Financial Corp increased its position in shares of 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 worth $514,867,000 after purchasing an additional 2,205,040 shares during the last quarter. Dimensional Fund Advisors LP acquired a new position in Brookfield Asset Management in the 2nd quarter valued at about $42,160,000. TD Asset Management Inc grew its position in Brookfield Asset Management by 8.5% in 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 in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in Brookfield Asset Management by 66.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,965,162 shares of the financial services provider’s stock valued at $92,896,000 after acquiring an additional 784,250 shares in the last quarter. 68.41% of the stock is owned by institutional investors and hedge funds.

Brookfield Asset Management Stock Down 2.2 %

BAM stock opened at $57.78 on Friday. The business has a 50 day moving average price of $53.89 and a 200 day moving average price of $45.55. The stock has a market cap of $24.25 billion, a price-to-earnings ratio of 51.13, a PEG ratio of 2.37 and a beta of 1.41. Brookfield Asset Management Ltd. has a fifty-two week low of $35.82 and a fifty-two week high of $59.58.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its earnings results on Monday, November 4th. The financial services provider reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Brookfield Asset Management had a return on equity of 85.03% and a net margin of 49.69%. During the same quarter in the previous year, the business earned $0.35 earnings per share. As a group, sell-side analysts anticipate that Brookfield Asset Management Ltd. will post 1.47 EPS for the current year.

Brookfield Asset Management Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, November 29th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend is Friday, November 29th. Brookfield Asset Management’s payout ratio is 134.51%.

Analyst Ratings Changes

Several research firms have weighed in on BAM. Royal Bank of Canada lifted their target price on Brookfield Asset Management from $55.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. BMO Capital Markets lifted their target price on Brookfield Asset Management from $40.00 to $50.00 and gave the company a “market perform” rating in a research report on Tuesday, November 5th. StockNews.com raised Brookfield Asset Management from a “sell” rating to a “hold” rating in a research report on Thursday, November 21st. Wells Fargo & Company lifted their target price on Brookfield Asset Management from $51.00 to $56.00 and gave the company an “underweight” rating in a research report on Thursday. Finally, Scotiabank lifted their target price on Brookfield Asset Management from $55.50 to $59.50 and gave the company a “sector outperform” rating in a research report on Tuesday, November 5th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Brookfield Asset Management presently has an average rating of “Hold” and an average target price of $53.88.

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.