Envestnet Asset Management Inc. Decreases Stock Holdings in Brookfield Asset Management Ltd. (NYSE:BAM)

Envestnet Asset Management Inc. trimmed its position in shares of Brookfield Asset Management Ltd. (NYSE:BAM – Get Rating) (TSE:BAM.A) by 65.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 192,193 shares of the financial services provider’s stock after selling 356,655 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Brookfield Asset Management were worth $5,509,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Commonwealth Equity Services LLC increased its holdings in shares of Brookfield Asset Management by 2.6% during the third quarter. Commonwealth Equity Services LLC now owns 249,260 shares of the financial services provider’s stock valued at $10,192,000 after acquiring an additional 6,306 shares in the last quarter. Ensign Peak Advisors Inc increased its holdings in shares of Brookfield Asset Management by 10.5% during the third quarter. Ensign Peak Advisors Inc now owns 68,277 shares of the financial services provider’s stock valued at $3,037,000 after acquiring an additional 6,500 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Brookfield Asset Management by 0.9% during the third quarter. Bank of New York Mellon Corp now owns 1,613,041 shares of the financial services provider’s stock valued at $65,957,000 after acquiring an additional 13,953 shares in the last quarter. Trexquant Investment LP increased its holdings in shares of Brookfield Asset Management by 74.6% during the third quarter. Trexquant Investment LP now owns 68,039 shares of the financial services provider’s stock valued at $2,782,000 after acquiring an additional 29,070 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Brookfield Asset Management by 140.3% during the third quarter. Assenagon Asset Management S.A. now owns 43,178 shares of the financial services provider’s stock valued at $1,776,000 after acquiring an additional 25,213 shares in the last quarter.

Insider Activity at Brookfield Asset Management

In related news, Director Multi-Strategy Mast Brookfield sold 24,744 shares of Brookfield Asset Management stock in a transaction on Tuesday, March 28th. The shares were sold at an average price of $11.96, for a total value of $295,938.24. Following the sale, the director now owns 21,104,923 shares of the company’s stock, valued at approximately $252,414,879.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.00% of the stock is owned by corporate insiders.

Brookfield Asset Management Price Performance

Shares of NYSE BAM opened at $31.55 on Friday. The stock has a market capitalization of $13.01 billion and a price-to-earnings ratio of 19.72. Brookfield Asset Management Ltd. has a 12 month low of $26.76 and a 12 month high of $36.50. The firm’s 50 day simple moving average is $32.20 and its 200-day simple moving average is $34.64.

Brookfield Asset Management (NYSE:BAM – Get Rating) (TSE:BAM.A) last announced its earnings results on Wednesday, February 8th. The financial services provider reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.01. The business had revenue of $958.10 million for the quarter, compared to analysts’ expectations of $21.81 billion. Analysts anticipate that Brookfield Asset Management Ltd. will post 1.4 earnings per share for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Wednesday, May 31st will be paid a $0.32 dividend. The ex-dividend date is Tuesday, May 30th. This represents a $1.28 dividend on an annualized basis and a yield of 4.06%. Brookfield Asset Management’s dividend payout ratio is currently 80.00%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on BAM shares. StockNews.com started coverage on shares of Brookfield Asset Management in a report on Thursday, March 16th. They issued a “hold” rating on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $40.00 price target on shares of Brookfield Asset Management in a report on Tuesday, March 28th. Keefe, Bruyette & Woods downgraded shares of Brookfield Asset Management to an “underperform” rating in a report on Tuesday, April 18th. Finally, JPMorgan Chase & Co. increased their price target on shares of Brookfield Asset Management from $35.00 to $39.00 and gave the stock an “overweight” rating in a report on Thursday, February 9th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Brookfield Asset Management has a consensus rating of “Moderate Buy” and an average target price of $43.57.

About Brookfield Asset Management

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Brookfield Asset Management Ltd. provides alternative asset management services. Its renewable power and transition business includes the ownership, operation, and development of hydroelectric, wind, solar, and energy transition power generating assets. The company's infrastructure business engages in the ownership, operation, and development of utilities, transport, midstream, data and sustainable resource assets.