Brookfield Asset Management Ltd. $BAM Shares Sold by Montrusco Bolton Investments Inc.

by · The Markets Daily

Montrusco Bolton Investments Inc. lessened its position in Brookfield Asset Management Ltd. (NYSE:BAM – Free Report) (TSE:BAM.A) by 36.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 250,344 shares of the financial services provider’s stock after selling 144,310 shares during the quarter. Montrusco Bolton Investments Inc.’s holdings in Brookfield Asset Management were worth $11,199,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of BAM. Principal Financial Group Inc. raised its holdings in shares of Brookfield Asset Management by 62.0% in the first quarter. Principal Financial Group Inc. now owns 12,735,547 shares of the financial services provider’s stock valued at $566,092,000 after purchasing an additional 4,872,090 shares during the last quarter. Madison Asset Management LLC acquired a new position in Brookfield Asset Management during the second quarter worth $70,433,000. Renaissance Technologies LLC grew its position in Brookfield Asset Management by 283.7% in the first quarter. Renaissance Technologies LLC now owns 1,103,325 shares of the financial services provider’s stock valued at $49,043,000 after purchasing an additional 815,800 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Brookfield Asset Management by 15.6% in the first quarter. The Manufacturers Life Insurance Company now owns 5,319,506 shares of the financial services provider’s stock valued at $236,308,000 after purchasing an additional 716,892 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in Brookfield Asset Management by 300.0% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 800,000 shares of the financial services provider’s stock valued at $41,912,000 after purchasing an additional 600,000 shares in the last quarter. Institutional investors and hedge funds own 68.41% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on BAM. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Brookfield Asset Management from $48.00 to $50.00 and gave the stock a “hold” rating in a research report on Thursday, August 6th. Bank of America decreased their price objective on Brookfield Asset Management from $61.00 to $60.00 and set a “neutral” rating for the company in a report on Monday, October 5th. Scotia raised their price objective on Brookfield Asset Management from $57.00 to $59.00 and gave the company a “sector outperform” rating in a report on Thursday, August 6th. Wells Fargo & Company began coverage on Brookfield Asset Management in a research report on Friday, October 2nd. They issued an “overweight” rating and a $41.00 target price on the stock. Finally, UBS Group dropped their target price on Brookfield Asset Management from $55.00 to $49.00 and set a “neutral” rating on the stock in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $57.22.

Check Out Our Latest Research Report on BAM

Brookfield Asset Management Stock Down 1.3%

Shares of NYSE:BAM traded down $0.61 during midday trading on Tuesday, hitting $45.22. The stock had a trading volume of 5,485,024 shares, compared to its average volume of 3,193,090. The company has a market cap of $74.08 billion, a P/E ratio of 26.29, a PEG ratio of 1.89 and a beta of 1.31. Brookfield Asset Management Ltd. has a 12 month low of $42.20 and a 12 month high of $57.56. The business’s 50-day simple moving average is $48.99 and its 200-day simple moving average is $47.69. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.06.

Brookfield Asset Management (NYSE:BAM – Get Free Report) (TSE:BAM.A) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.01. The firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.47 billion. Brookfield Asset Management had a net margin of 48.89% and a return on equity of 31.50%. On average, sell-side analysts forecast that Brookfield Asset Management Ltd. will post 1.78 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st were paid a dividend of $0.5025 per share. The ex-dividend date was Monday, August 31st. This represents a $2.01 annualized dividend and a dividend yield of 4.4%. Brookfield Asset Management’s payout ratio is currently 116.86%.

About Brookfield Asset Management

(Free Report)

Brookfield Asset Management Ltd. (NYSE: BAM) is a global alternative asset management company that provides investment management services and strategies for institutional investors, governments, financial institutions and private wealth clients. The company invests in and manages assets on behalf of its clients across a range of private-market sectors.

Its principal investment strategies include renewable power and energy transition, infrastructure, private equity, real estate and credit.

Further Reading

Want to see what other hedge funds are holding BAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brookfield Asset Management Ltd. (NYSE:BAM – Free Report) (TSE:BAM.A).