Brookfield Asset Management Ltd. (NYSE:BAM) Shares Sold by Rhumbline Advisers

Rhumbline Advisers cut its stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 48.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 997 shares of the financial services provider’s stock after selling 940 shares during the period. Rhumbline Advisers’ holdings in Brookfield Asset Management were worth $48,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in BAM. Truvestments Capital LLC boosted its stake in Brookfield Asset Management by 487.2% during the fourth quarter. Truvestments Capital LLC now owns 505 shares of the financial services provider’s stock worth $27,000 after buying an additional 419 shares during the last quarter. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Brookfield Asset Management in the 4th quarter worth $32,000. NewEdge Advisors LLC raised its holdings in shares of Brookfield Asset Management by 61.0% during the 4th quarter. NewEdge Advisors LLC now owns 858 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 325 shares during the period. Kapitalo Investimentos Ltda acquired a new position in shares of Brookfield Asset Management during the 4th quarter valued at about $54,000. Finally, Redwood Park Advisors LLC acquired a new position in shares of Brookfield Asset Management during the 4th quarter valued at about $64,000. Institutional investors and hedge funds own 68.41% of the company’s stock.

Brookfield Asset Management Price Performance

BAM opened at $55.28 on Friday. The stock’s 50-day moving average price is $55.32 and its 200 day moving average price is $54.21. Brookfield Asset Management Ltd. has a 12-month low of $37.40 and a 12-month high of $62.61. The firm has a market cap of $90.52 billion, a price-to-earnings ratio of 39.20, a PEG ratio of 1.97 and a beta of 1.51. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.07.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its quarterly earnings results on Tuesday, May 6th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.40. Brookfield Asset Management had a net margin of 55.26% and a return on equity of 52.70%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.29 billion. As a group, sell-side analysts expect that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current year.

Brookfield Asset Management Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, May 30th will be paid a dividend of $0.4375 per share. This represents a $1.75 annualized dividend and a yield of 3.17%. The ex-dividend date is Friday, May 30th. Brookfield Asset Management’s payout ratio is currently 124.11%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Wall Street Zen raised shares of Brookfield Asset Management from a “sell” rating to a “hold” rating in a research note on Tuesday, April 15th. TD Securities upped their price objective on Brookfield Asset Management from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, May 7th. Jefferies Financial Group cut their target price on Brookfield Asset Management from $52.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, April 8th. Scotiabank lifted their target price on Brookfield Asset Management from $58.00 to $59.00 and gave the company an “outperform” rating in a research report on Wednesday, May 7th. Finally, Royal Bank Of Canada started coverage on Brookfield Asset Management in a report on Wednesday, June 18th. They set an “outperform” rating and a $72.00 price target for the company. Two research analysts have rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $59.46.

Brookfield Asset Management 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.