AIA Group Ltd Sells 21,372 Shares of Brookfield Asset Management Ltd. $BAM

AIA Group Ltd lowered its stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 34.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,263 shares of the financial services provider’s stock after selling 21,372 shares during the period. AIA Group Ltd’s holdings in Brookfield Asset Management were worth $1,790,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. AQR Capital Management LLC acquired a new position in Brookfield Asset Management during the 1st quarter worth $235,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Brookfield Asset Management by 10.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 261,050 shares of the financial services provider’s stock worth $12,648,000 after purchasing an additional 24,013 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Brookfield Asset Management by 24.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,512 shares of the financial services provider’s stock worth $139,000 after buying an additional 497 shares in the last quarter. Cerity Partners LLC boosted its position in shares of Brookfield Asset Management by 17.6% during the 2nd quarter. Cerity Partners LLC now owns 34,666 shares of the financial services provider’s stock valued at $1,916,000 after acquiring an additional 5,184 shares in the last quarter. Finally, State Street Corp grew its stake in shares of Brookfield Asset Management by 11,172.2% in the 2nd quarter. State Street Corp now owns 3,524,700 shares of the financial services provider’s stock valued at $194,845,000 after purchasing an additional 3,493,431 shares during the period. 68.41% of the stock is currently owned by institutional investors and hedge funds.

Brookfield Asset Management Stock Up 0.1%

Shares of NYSE BAM opened at $48.36 on Monday. Brookfield Asset Management Ltd. has a 12-month low of $42.20 and a 12-month high of $64.10. The firm’s 50-day simple moving average is $47.20 and its 200 day simple moving average is $48.05. The company has a market cap of $79.22 billion, a price-to-earnings ratio of 31.40, a price-to-earnings-growth ratio of 1.99 and a beta of 1.29. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.34.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings results on Friday, May 8th. The financial services provider reported $0.43 EPS for the quarter, beating the consensus estimate of $0.41 by $0.02. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 30.66%. On average, research analysts expect that Brookfield Asset Management Ltd. will post 1.73 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, June 30th. Shareholders of record on Friday, May 29th were issued a dividend of $0.5025 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $2.01 annualized dividend and a yield of 4.2%. Brookfield Asset Management’s dividend payout ratio is currently 130.52%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on BAM shares. Wall Street Zen cut shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a research report on Saturday, July 4th. Scotiabank restated an “outperform” rating and issued a $57.00 price target (up from $56.00) on shares of Brookfield Asset Management in a research report on Monday, May 11th. Morgan Stanley dropped their price objective on shares of Brookfield Asset Management from $63.00 to $62.00 and set an “equal weight” rating for the company in a report on Tuesday, April 21st. Canadian Imperial Bank of Commerce set a $62.50 target price on shares of Brookfield Asset Management in a research note on Monday, May 11th. Finally, JPMorgan Chase & Co. reduced their target price on Brookfield Asset Management from $72.00 to $60.00 and set a “neutral” rating on the stock in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $60.41.

Brookfield Asset Management Profile

Brookfield Asset Management is a global alternative asset manager headquartered in Toronto, Canada, that specializes in investments in real assets and related private equity and credit strategies. The firm acquires, manages and develops assets in sectors such as real estate, renewable power, infrastructure and private equity, seeking long-term value through active asset management and operational improvements. Brookfield structures and manages commingled funds, listed partnerships and separate accounts for institutional and retail investors.

The company’s products and services include fund management across equity and debt strategies, direct asset ownership and operations, property and facilities management, and capital markets solutions.