First Trust Advisors LP Sells 8,953 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

First Trust Advisors LP reduced its stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 16.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,894 shares of the financial services provider’s stock after selling 8,953 shares during the period. First Trust Advisors LP’s holdings in Brookfield Asset Management were worth $2,433,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC boosted its position in Brookfield Asset Management by 2.3% in the fourth quarter. FMR LLC now owns 19,646,285 shares of the financial services provider’s stock valued at $1,064,983,000 after buying an additional 447,642 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Brookfield Asset Management by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 16,901,942 shares of the financial services provider’s stock valued at $916,676,000 after acquiring an additional 263,660 shares in the last quarter. TD Asset Management Inc. grew its position in Brookfield Asset Management by 8.9% during the 4th quarter. TD Asset Management Inc. now owns 16,664,426 shares of the financial services provider’s stock worth $903,323,000 after acquiring an additional 1,359,126 shares during the last quarter. Capital International Investors increased its holdings in Brookfield Asset Management by 0.7% in the 4th quarter. Capital International Investors now owns 16,116,518 shares of the financial services provider’s stock worth $873,354,000 after purchasing an additional 116,008 shares in the last quarter. Finally, FIL Ltd raised its position in Brookfield Asset Management by 3.9% in the fourth quarter. FIL Ltd now owns 15,369,816 shares of the financial services provider’s stock valued at $833,581,000 after purchasing an additional 574,978 shares during the last quarter. 68.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. BMO Capital Markets boosted their price target on Brookfield Asset Management from $50.00 to $53.00 and gave the stock a “market perform” rating in a report on Thursday, February 13th. StockNews.com raised shares of Brookfield Asset Management from a “sell” rating to a “hold” rating in a research note on Tuesday, April 15th. TD Securities cut their price target on shares of Brookfield Asset Management from $68.00 to $64.00 and set a “buy” rating on the stock in a report on Wednesday, April 30th. Keefe, Bruyette & Woods decreased their price objective on Brookfield Asset Management from $57.00 to $56.00 and set an “underperform” rating for the company in a report on Monday, January 13th. Finally, Morgan Stanley cut their target price on Brookfield Asset Management from $62.00 to $50.00 and set an “equal weight” rating on the stock in a report on Monday, April 14th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Brookfield Asset Management currently has an average rating of “Moderate Buy” and an average target price of $57.00.

Brookfield Asset Management Price Performance

BAM opened at $54.79 on Monday. Brookfield Asset Management Ltd. has a fifty-two week low of $37.29 and a fifty-two week high of $62.61. The firm has a market capitalization of $89.71 billion, a P/E ratio of 41.51, a PEG ratio of 1.92 and a beta of 1.56. The company’s 50-day moving average is $49.67 and its 200 day moving average is $53.91.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its earnings results on Wednesday, February 12th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.01. Brookfield Asset Management had a return on equity of 81.16% and a net margin of 54.47%. On average, equities research analysts expect that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current year.

Brookfield Asset Management Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, February 28th were given a dividend of $0.4375 per share. The ex-dividend date of this dividend was Friday, February 28th. This is a positive change from Brookfield Asset Management’s previous quarterly dividend of $0.38. This represents a $1.75 annualized dividend and a dividend yield of 3.19%. Brookfield Asset Management’s dividend payout ratio (DPR) is currently 132.58%.

Brookfield Asset Management Company 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.