Brookfield Asset Management Ltd. (NYSE:BAM) Shares Sold by K.J. Harrison & Partners Inc

K.J. Harrison & Partners Inc decreased its stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 40.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,522 shares of the financial services provider’s stock after selling 7,116 shares during the quarter. K.J. Harrison & Partners Inc’s holdings in Brookfield Asset Management were worth $400,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Norges Bank purchased a new position in Brookfield Asset Management during the fourth quarter worth approximately $239,421,000. FIL Ltd increased its holdings in shares of Brookfield Asset Management by 66.1% during the 4th quarter. FIL Ltd now owns 11,314,071 shares of the financial services provider’s stock worth $454,424,000 after buying an additional 4,501,410 shares during the last quarter. Beutel Goodman & Co Ltd. grew its holdings in shares of Brookfield Asset Management by 114.5% during the 4th quarter. Beutel Goodman & Co Ltd. now owns 6,922,224 shares of the financial services provider’s stock worth $279,387,000 after purchasing an additional 3,695,774 shares during the period. TD Asset Management Inc raised its stake in shares of Brookfield Asset Management by 29.2% in the 4th quarter. TD Asset Management Inc now owns 11,498,183 shares of the financial services provider’s stock valued at $464,078,000 after acquiring an additional 2,595,793 shares during the period. Finally, Capital World Investors lifted its holdings in shares of Brookfield Asset Management by 10.0% in the 4th quarter. Capital World Investors now owns 24,562,364 shares of the financial services provider’s stock worth $986,656,000 after acquiring an additional 2,241,372 shares during the last quarter. Hedge funds and other institutional investors own 68.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on BAM shares. JPMorgan Chase & Co. cut their price objective on Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Scotiabank dropped their price target on shares of Brookfield Asset Management from $46.00 to $45.50 and set a “sector outperform” rating for the company in a research note on Thursday, August 8th. CIBC upped their price objective on Brookfield Asset Management from $47.00 to $49.00 and gave the stock an “outperformer” rating in a research report on Friday, July 19th. Jefferies Financial Group started coverage on Brookfield Asset Management in a report on Friday, August 2nd. They issued a “hold” rating and a $43.00 target price for the company. Finally, TD Securities upped their price target on Brookfield Asset Management from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Brookfield Asset Management currently has an average rating of “Hold” and a consensus target price of $42.46.

Brookfield Asset Management Stock Down 1.9 %

BAM traded down $0.78 on Wednesday, reaching $41.11. The company’s stock had a trading volume of 802,300 shares, compared to its average volume of 1,305,088. The company has a market capitalization of $18.24 billion, a price-to-earnings ratio of 38.80, a P/E/G ratio of 1.95 and a beta of 1.57. Brookfield Asset Management Ltd. has a fifty-two week low of $28.35 and a fifty-two week high of $44.38. The stock has a 50 day moving average of $40.06 and a two-hundred day moving average of $40.16.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its earnings results on Friday, August 9th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.01). Brookfield Asset Management had a net margin of 49.36% and a return on equity of 98.98%. The company had revenue of $916.00 million during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the company posted $0.28 EPS. As a group, analysts anticipate that Brookfield Asset Management Ltd. will post 1.47 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.70%. The ex-dividend date is Friday, August 30th. Brookfield Asset Management’s dividend payout ratio (DPR) is 140.74%.

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.