Clearstead Advisors LLC Reduces Stock Position in Brookfield Asset Management Ltd. $BAM

Clearstead Advisors LLC cut its stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 38.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 43,587 shares of the financial services provider’s stock after selling 27,496 shares during the period. Clearstead Advisors LLC’s holdings in Brookfield Asset Management were worth $2,482,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. AQR Capital Management LLC purchased a new stake in Brookfield Asset Management during the first quarter valued at $235,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Brookfield Asset Management by 10.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 261,050 shares of the financial services provider’s stock valued at $12,648,000 after purchasing an additional 24,013 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in shares of Brookfield Asset Management during the 2nd quarter valued at about $207,000. Envestnet Asset Management Inc. lifted its stake in shares of Brookfield Asset Management by 1.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 430,081 shares of the financial services provider’s stock worth $23,774,000 after purchasing an additional 6,728 shares during the period. Finally, Teacher Retirement System of Texas lifted its stake in shares of Brookfield Asset Management by 242.1% in the 2nd quarter. Teacher Retirement System of Texas now owns 235,000 shares of the financial services provider’s stock worth $12,991,000 after purchasing an additional 166,300 shares during the period. 68.41% of the stock is owned by institutional investors.

Brookfield Asset Management Trading Up 1.2%

Shares of Brookfield Asset Management stock opened at $48.48 on Wednesday. Brookfield Asset Management Ltd. has a fifty-two week low of $41.78 and a fifty-two week high of $64.10. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market capitalization of $79.41 billion, a P/E ratio of 31.89, a P/E/G ratio of 1.75 and a beta of 1.40. The company has a fifty day moving average of $51.90 and a 200 day moving average of $54.63.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings results on Wednesday, February 4th. The financial services provider reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.06. The business had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Brookfield Asset Management had a return on equity of 29.67% and a net margin of 51.59%. On average, sell-side analysts anticipate that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current fiscal year.

Brookfield Asset Management Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, February 27th will be paid a $0.5025 dividend. This represents a $2.01 annualized dividend and a yield of 4.1%. The ex-dividend date is Friday, February 27th. This is a positive change from Brookfield Asset Management’s previous quarterly dividend of $0.44. Brookfield Asset Management’s dividend payout ratio is currently 115.13%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BAM. Royal Bank Of Canada set a $74.00 target price on shares of Brookfield Asset Management and gave the company an “outperform” rating in a research report on Monday, December 15th. Loop Capital set a $60.00 price objective on shares of Brookfield Asset Management in a research report on Tuesday, January 6th. UBS Group set a $52.00 target price on Brookfield Asset Management in a report on Friday. Morgan Stanley set a $63.00 price target on Brookfield Asset Management in a report on Tuesday, February 17th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Brookfield Asset Management in a research report on Monday, December 22nd. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $63.65.

Brookfield Asset Management Profile

Brookfield Asset Management is a global alternative asset manager headquartered in Toronto, Canada, that specializes in investments in real assets and related private equity and credit strategies. The firm acquires, manages and develops assets in sectors such as real estate, renewable power, infrastructure and private equity, seeking long-term value through active asset management and operational improvements. Brookfield structures and manages commingled funds, listed partnerships and separate accounts for institutional and retail investors.

The company’s products and services include fund management across equity and debt strategies, direct asset ownership and operations, property and facilities management, and capital markets solutions.