Sumitomo Mitsui Trust Holdings Inc. Sells 8,963 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

Sumitomo Mitsui Trust Holdings Inc. trimmed its position in Brookfield Asset Management Ltd. (NYSE:BAMFree Report) (TSE:BAM.A) by 1.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 865,336 shares of the financial services provider’s stock after selling 8,963 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.21% of Brookfield Asset Management worth $36,373,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Bfsg LLC acquired a new stake in Brookfield Asset Management in the fourth quarter worth $51,000. GoalVest Advisory LLC acquired a new stake in Brookfield Asset Management during the 1st quarter worth $100,000. Anchor Investment Management LLC bought a new position in Brookfield Asset Management during the fourth quarter worth about $119,000. EverSource Wealth Advisors LLC grew its stake in Brookfield Asset Management by 87.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,680 shares of the financial services provider’s stock valued at $148,000 after acquiring an additional 1,720 shares during the period. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in Brookfield Asset Management in the fourth quarter valued at about $202,000. 68.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BAM shares. Scotiabank cut their price objective on Brookfield Asset Management from $47.00 to $44.50 and set a “sector outperform” rating on the stock in a report on Thursday, May 9th. JPMorgan Chase & Co. assumed coverage on shares of Brookfield Asset Management in a report on Wednesday, May 15th. They issued a “neutral” rating and a $41.00 price target for the company. Finally, Royal Bank of Canada raised their price objective on shares of Brookfield Asset Management from $50.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, April 29th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Brookfield Asset Management has a consensus rating of “Moderate Buy” and an average target price of $42.14.

Check Out Our Latest Analysis on BAM

Brookfield Asset Management Price Performance

Brookfield Asset Management stock opened at $38.46 on Monday. The firm has a 50-day moving average of $38.96 and a 200-day moving average of $39.83. The company has a market cap of $17.07 billion, a price-to-earnings ratio of 35.61, a P/E/G ratio of 1.74 and a beta of 1.62. Brookfield Asset Management Ltd. has a one year low of $28.35 and a one year high of $43.00.

Brookfield Asset Management (NYSE:BAMGet Free Report) (TSE:BAM.A) last issued its quarterly earnings results on Wednesday, May 8th. The financial services provider reported $0.34 EPS for the quarter, beating the consensus estimate of $0.33 by $0.01. The firm had revenue of $884.00 million during the quarter. Brookfield Asset Management had a return on equity of 98.98% and a net margin of 49.36%. As a group, sell-side analysts expect that Brookfield Asset Management Ltd. will post 1.47 earnings per share for the current year.

Brookfield Asset Management Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, May 31st were paid a $0.38 dividend. The ex-dividend date was Friday, May 31st. This represents a $1.52 annualized dividend and a dividend yield of 3.95%. Brookfield Asset Management’s dividend payout ratio is presently 140.74%.

About Brookfield Asset Management

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Brookfield Asset Management (NYSE:BAM)

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