Envestnet Asset Management Inc. Sells 8,027 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

Envestnet Asset Management Inc. trimmed its holdings in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 1.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 486,115 shares of the financial services provider’s stock after selling 8,027 shares during the quarter. Envestnet Asset Management Inc. owned 0.11% of Brookfield Asset Management worth $18,497,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. National Bank of Canada FI boosted its position in shares of Brookfield Asset Management by 15.5% in the first quarter. National Bank of Canada FI now owns 801,163 shares of the financial services provider’s stock valued at $31,742,000 after acquiring an additional 107,245 shares during the period. Hsbc Holdings PLC lifted its position in Brookfield Asset Management by 42.4% in the fourth quarter. Hsbc Holdings PLC now owns 628,945 shares of the financial services provider’s stock worth $25,265,000 after purchasing an additional 187,250 shares during the period. Wells Fargo & Company MN lifted its position in Brookfield Asset Management by 17.1% in the fourth quarter. Wells Fargo & Company MN now owns 692,801 shares of the financial services provider’s stock worth $27,842,000 after purchasing an additional 100,997 shares during the period. Partners Value Investments L.P. lifted its position in Brookfield Asset Management by 0.9% in the fourth quarter. Partners Value Investments L.P. now owns 30,807,960 shares of the financial services provider’s stock worth $1,237,556,000 after purchasing an additional 280,098 shares during the period. Finally, Confluence Investment Management LLC lifted its position in Brookfield Asset Management by 382.6% in the second quarter. Confluence Investment Management LLC now owns 89,891 shares of the financial services provider’s stock worth $3,420,000 after purchasing an additional 71,263 shares during the period. 68.41% of the stock is owned by institutional investors.

Brookfield Asset Management Stock Down 0.1 %

Shares of BAM stock opened at $46.81 on Tuesday. The stock has a 50-day moving average price of $41.92 and a 200 day moving average price of $40.48. The firm has a market cap of $20.77 billion, a price-to-earnings ratio of 43.34, a PEG ratio of 2.26 and a beta of 1.56. Brookfield Asset Management Ltd. has a 12 month low of $28.35 and a 12 month high of $47.74.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its quarterly earnings data on Friday, August 9th. The financial services provider reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). The firm had revenue of $916.00 million during the quarter, compared to analyst estimates of $1.16 billion. Brookfield Asset Management had a return on equity of 92.37% and a net margin of 51.29%. During the same quarter in the previous year, the business earned $0.28 earnings per share. Sell-side analysts predict that Brookfield Asset Management Ltd. will post 1.42 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend is Friday, August 30th. Brookfield Asset Management’s dividend payout ratio (DPR) is currently 140.74%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on BAM. Wells Fargo & Company began coverage on Brookfield Asset Management in a research report on Thursday, September 12th. They issued an “underweight” rating and a $42.00 target price for the company. Jefferies Financial Group began coverage on Brookfield Asset Management in a report on Friday, August 2nd. They set a “hold” rating and a $43.00 price objective for the company. TD Securities lifted their price objective on Brookfield Asset Management from $49.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft lifted their price objective on Brookfield Asset Management from $43.00 to $44.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Finally, Scotiabank cut their price objective on Brookfield Asset Management from $46.00 to $45.50 and set a “sector outperform” rating for the company in a report on Thursday, August 8th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $43.81.

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.