Truist Financial Corp Reduces Stock Holdings in Brookfield Asset Management Ltd. (NYSE:BAM)

Truist Financial Corp cut its stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 4.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 73,595 shares of the financial services provider’s stock after selling 3,764 shares during the quarter. Truist Financial Corp’s holdings in Brookfield Asset Management were worth $2,956,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Mackenzie Financial Corp boosted its position in Brookfield Asset Management by 44.6% during the 4th quarter. Mackenzie Financial Corp now owns 6,341,977 shares of the financial services provider’s stock valued at $254,842,000 after acquiring an additional 1,955,842 shares in the last quarter. FMR LLC raised its holdings in Brookfield Asset Management by 10.2% in the third quarter. FMR LLC now owns 14,217,008 shares of the financial services provider’s stock worth $473,859,000 after purchasing an additional 1,313,734 shares in the last quarter. Montrusco Bolton Investments Inc. lifted its position in Brookfield Asset Management by 240.3% during the third quarter. Montrusco Bolton Investments Inc. now owns 1,688,565 shares of the financial services provider’s stock valued at $56,527,000 after buying an additional 1,192,395 shares during the period. QV Investors Inc. purchased a new stake in shares of Brookfield Asset Management in the 4th quarter worth about $27,198,000. Finally, TD Asset Management Inc increased its stake in shares of Brookfield Asset Management by 5.7% in the 3rd quarter. TD Asset Management Inc now owns 8,902,390 shares of the financial services provider’s stock worth $298,019,000 after acquiring an additional 477,431 shares in the last quarter. 68.41% of the stock is owned by hedge funds and other institutional investors.

Brookfield Asset Management Price Performance

NYSE BAM opened at $39.78 on Wednesday. The stock has a market capitalization of $16.44 billion, a price-to-earnings ratio of 35.20, a PEG ratio of 1.51 and a beta of 1.72. Brookfield Asset Management Ltd. has a 1-year low of $28.35 and a 1-year high of $43.00. The business’s fifty day moving average price is $40.61 and its 200-day moving average price is $38.20.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings results on Wednesday, February 7th. The financial services provider reported $0.36 EPS for the quarter, beating the consensus estimate of $0.34 by $0.02. Brookfield Asset Management had a net margin of 50.23% and a return on equity of 96.43%. The firm had revenue of $1.13 billion during the quarter. During the same period in the previous year, the company earned $0.31 EPS. Equities research analysts anticipate that Brookfield Asset Management Ltd. will post 1.49 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BAM. CIBC raised their target price on shares of Brookfield Asset Management from $40.00 to $47.00 and gave the company an “outperform” rating in a research note on Monday, January 29th. Royal Bank of Canada upped their price target on shares of Brookfield Asset Management from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, April 29th. BMO Capital Markets lifted 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, February 8th. Scotiabank raised their price target on shares of Brookfield Asset Management from $46.50 to $47.00 and gave the company a “sector outperform” rating in a research report on Thursday, February 8th. Finally, TD Securities cut their target price on Brookfield Asset Management from $52.00 to $49.00 and set an “action list buy” rating on the stock in a research note on Tuesday, January 9th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Brookfield Asset Management currently has an average rating of “Moderate Buy” and a consensus target price of $42.50.

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.