Envestnet Asset Management Inc. Sells 8,080 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

Envestnet Asset Management Inc. reduced its stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 1.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 423,353 shares of the financial services provider’s stock after selling 8,080 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Brookfield Asset Management were worth $20,510,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. ST Germain D J Co. Inc. bought a new stake in Brookfield Asset Management during the 1st quarter worth about $26,000. Rossby Financial LCC bought a new stake in Brookfield Asset Management during the 1st quarter worth about $28,000. Mountain Hill Investment Partners Corp. bought a new stake in Brookfield Asset Management during the 4th quarter worth about $32,000. NewEdge Advisors LLC lifted its position in Brookfield Asset Management by 61.0% during the 4th quarter. NewEdge Advisors LLC now owns 858 shares of the financial services provider’s stock worth $47,000 after buying an additional 325 shares in the last quarter. Finally, Kapitalo Investimentos Ltda bought a new stake in Brookfield Asset Management during the 4th quarter worth about $54,000. 68.41% of the stock is owned by institutional investors.

Brookfield Asset Management Stock Up 4.6%

Shares of BAM opened at $59.34 on Thursday. Brookfield Asset Management Ltd. has a 52 week low of $38.18 and a 52 week high of $62.61. The firm has a market cap of $97.17 billion, a P/E ratio of 42.09, a price-to-earnings-growth ratio of 2.20 and a beta of 1.43. The firm’s 50-day simple moving average is $56.38 and its 200 day simple moving average is $54.22. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.31 and a current ratio of 1.31.

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

Brookfield Asset Management Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, May 30th were paid a $0.4375 dividend. This represents a $1.75 annualized dividend and a yield of 2.95%. The ex-dividend date was Friday, May 30th. Brookfield Asset Management’s payout ratio is 124.11%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Wall Street Zen raised shares of Brookfield Asset Management from a “sell” rating to a “hold” rating in a research report on Tuesday, April 15th. Jefferies Financial Group cut their price target on shares of 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. JPMorgan Chase & Co. boosted their price objective on shares of Brookfield Asset Management from $51.00 to $55.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 7th. Wells Fargo & Company boosted their price objective on shares of Brookfield Asset Management from $55.00 to $57.00 and gave the stock an “underweight” rating in a research note on Friday, July 11th. Finally, Royal Bank Of Canada initiated coverage on shares of Brookfield Asset Management in a research note on Wednesday, June 18th. They set an “outperform” rating and a $72.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $59.64.

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.