Brookfield Asset Management Ltd. (NYSE:BAM – Get Free Report) (TSE:BAM.A) announced a quarterly dividend on Wednesday, February 7th, Zacks reports. Shareholders of record on Thursday, February 29th will be paid a dividend of 0.38 per share by the financial services provider on Thursday, March 28th. This represents a $1.52 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend is Wednesday, February 28th. This is a positive change from Brookfield Asset Management’s previous quarterly dividend of $0.32.
Brookfield Asset Management has increased its dividend by an average of 21.1% annually over the last three years and has increased its dividend annually for the last 12 consecutive years. Brookfield Asset Management has a dividend payout ratio of 71.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Brookfield Asset Management to earn $1.53 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 83.7%.
Brookfield Asset Management Trading Up 0.5 %
Shares of NYSE:BAM opened at $39.99 on Friday. The firm’s 50 day moving average is $38.77 and its two-hundred day moving average is $35.07. Brookfield Asset Management has a 52 week low of $28.35 and a 52 week high of $41.22. The firm has a market capitalization of $16.52 billion, a P/E ratio of 33.05, a PEG ratio of 2.13 and a beta of 1.79.
Analyst Ratings Changes
Several research analysts have recently issued reports on the stock. Royal Bank of Canada increased their price objective on shares of Brookfield Asset Management from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Thursday. TD Securities reduced their target price on shares of Brookfield Asset Management from $52.00 to $49.00 and set an “action list buy” rating for the company in a report on Tuesday, January 9th. BMO Capital Markets raised their target price on shares of Brookfield Asset Management from $34.00 to $36.00 and gave the stock a “market perform” rating in a report on Thursday. CIBC raised their target price on shares of Brookfield Asset Management from $40.00 to $47.00 and gave the stock an “outperform” rating in a report on Monday, January 29th. Finally, HSBC cut shares of Brookfield Asset Management from a “buy” rating to a “hold” rating in a report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $41.91.
Institutional Investors Weigh In On Brookfield Asset Management
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BAM. American Century Companies Inc. lifted its position in Brookfield Asset Management by 0.7% in the 1st quarter. American Century Companies Inc. now owns 38,228 shares of the financial services provider’s stock worth $2,161,000 after buying an additional 268 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Brookfield Asset Management by 3.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 537,451 shares of the financial services provider’s stock worth $30,404,000 after buying an additional 20,309 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in Brookfield Asset Management in the 1st quarter worth approximately $22,369,000. Sequoia Financial Advisors LLC purchased a new stake in Brookfield Asset Management in the 1st quarter worth approximately $340,000. Finally, Vanguard Group Inc. lifted its position in Brookfield Asset Management by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 44,050,716 shares of the financial services provider’s stock worth $2,491,950,000 after buying an additional 1,220,298 shares in the last quarter. Hedge funds and other institutional investors own 61.92% of the company’s stock.
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.
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