Bank of New York Mellon Corp Reduces Position in Brookfield Asset Management Ltd. (NYSE:BAM)

Bank of New York Mellon Corp lessened its holdings in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 1.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 654,715 shares of the financial services provider’s stock after selling 8,674 shares during the quarter. Bank of New York Mellon Corp’s holdings in Brookfield Asset Management were worth $31,721,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank bought a new position in Brookfield Asset Management during the 4th quarter valued at about $287,361,000. TD Asset Management Inc. grew its holdings in Brookfield Asset Management by 8.9% during the 4th quarter. TD Asset Management Inc. now owns 16,664,426 shares of the financial services provider’s stock valued at $903,323,000 after purchasing an additional 1,359,126 shares during the last quarter. Marshall Wace LLP bought a new position in Brookfield Asset Management in the 4th quarter worth about $43,321,000. FIL Ltd increased its position in shares of Brookfield Asset Management by 3.9% during the fourth quarter. FIL Ltd now owns 15,369,816 shares of the financial services provider’s stock worth $833,581,000 after acquiring an additional 574,978 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Brookfield Asset Management by 31.3% during the fourth quarter. Geode Capital Management LLC now owns 2,116,337 shares of the financial services provider’s stock valued at $117,171,000 after acquiring an additional 504,478 shares in the last quarter. Hedge funds and other institutional investors own 68.41% of the company’s stock.

Brookfield Asset Management Stock Performance

Shares of BAM stock opened at $56.75 on Wednesday. The company’s fifty day simple moving average is $56.31 and its 200-day simple moving average is $54.18. Brookfield Asset Management Ltd. has a 52 week low of $38.18 and a 52 week high of $62.61. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.07. The company has a market cap of $92.93 billion, a PE ratio of 40.25, a P/E/G ratio of 2.21 and a beta of 1.43.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its earnings results on Tuesday, May 6th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.40. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.29 billion. Brookfield Asset Management had a net margin of 55.26% and a return on equity of 52.70%. As a group, equities research analysts anticipate that Brookfield Asset Management Ltd. will post 1.7 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, May 30th were given a $0.4375 dividend. The ex-dividend date was Friday, May 30th. This represents a $1.75 dividend on an annualized basis and a yield of 3.08%. Brookfield Asset Management’s dividend payout ratio (DPR) is 124.11%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BAM. Jefferies Financial Group reduced their price target on Brookfield Asset Management from $52.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. Bank of America raised Brookfield Asset Management from a “neutral” rating to a “buy” rating and set a $65.00 target price on the stock in a research report on Thursday, April 10th. Royal Bank Of Canada started coverage on Brookfield Asset Management in a research report on Wednesday, June 18th. They issued an “outperform” rating and a $72.00 target price on the stock. Scotiabank upped their target price on Brookfield Asset Management from $58.00 to $59.00 and gave the company an “outperform” rating in a research report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. upped their target price on Brookfield Asset Management from $51.00 to $55.00 and gave the company a “neutral” rating in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Brookfield Asset Management presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.64.

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.