Baskin Financial Services Inc. Reduces Position in Brookfield Asset Management Ltd. (NYSE:BAM)

Baskin Financial Services Inc. reduced its holdings in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 2.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 281,046 shares of the financial services provider’s stock after selling 6,490 shares during the period. Brookfield Asset Management makes up 1.1% of Baskin Financial Services Inc.’s holdings, making the stock its 29th biggest position. Baskin Financial Services Inc.’s holdings in Brookfield Asset Management were worth $13,603,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several analysts have issued reports on BAM shares. Piper Sandler initiated coverage on Brookfield Asset Management in a report on Monday. They issued a “neutral” rating and a $60.00 target price for the company. Royal Bank Of Canada started coverage on shares of Brookfield Asset Management in a report on Wednesday, June 18th. They issued an “outperform” rating and a $72.00 price objective for the company. Bank of America upgraded shares of Brookfield Asset Management from a “neutral” rating to a “buy” rating and set a $65.00 price objective for the company in a research report on Thursday, April 10th. Wells Fargo & Company boosted their target price on shares of Brookfield Asset Management from $54.00 to $55.00 and gave the company an “underweight” rating in a report on Friday, May 23rd. Finally, Morgan Stanley raised their price target on shares of Brookfield Asset Management from $50.00 to $54.00 and gave the stock an “equal weight” rating in a report on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $59.50.

Brookfield Asset Management Stock Up 1.0%

Brookfield Asset Management stock opened at $55.49 on Thursday. The company has a market capitalization of $90.86 billion, a PE ratio of 39.35, a price-to-earnings-growth ratio of 2.06 and a beta of 1.43. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.31 and a current ratio of 1.31. Brookfield Asset Management Ltd. has a fifty-two week low of $37.80 and a fifty-two week high of $62.61. The firm has a 50 day moving average price of $55.82 and a 200 day moving average price of $54.13.

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

Brookfield Asset Management Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, May 30th were paid a dividend of $0.4375 per share. This represents a $1.75 annualized dividend and a yield of 3.15%. The ex-dividend date was Friday, May 30th. Brookfield Asset Management’s payout ratio is 124.11%.

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.