Royal Bank of Canada Decreases Stock Position in Brookfield Asset Management Ltd. $BAM

Royal Bank of Canada trimmed its position in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 2.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,709,657 shares of the financial services provider’s stock after selling 468,701 shares during the period. Royal Bank of Canada owned approximately 1.20% of Brookfield Asset Management worth $876,094,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Brookfield Asset Management in the 4th quarter valued at about $263,444,000. Principal Financial Group Inc. raised its position in shares of Brookfield Asset Management by 62.0% in the 1st 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 in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Brookfield Asset Management by 88,805.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,725,314 shares of the financial services provider’s stock valued at $247,559,000 after buying an additional 4,719,999 shares during the last quarter. State Street Corp grew its position in shares of Brookfield Asset Management by 11,172.2% during the second quarter. State Street Corp now owns 3,524,700 shares of the financial services provider’s stock worth $194,845,000 after buying an additional 3,493,431 shares in the last quarter. Finally, GFI Investment Counsel Ltd. acquired a new stake in shares of Brookfield Asset Management during the fourth quarter worth approximately $182,090,000. Hedge funds and other institutional investors own 68.41% of the company’s stock.

Brookfield Asset Management Trading Up 1.1%

Brookfield Asset Management stock opened at $48.10 on Wednesday. The firm’s 50-day moving average is $47.00 and its 200-day moving average is $47.73. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.38 and a current ratio of 1.38. Brookfield Asset Management Ltd. has a 1 year low of $42.20 and a 1 year high of $64.10. The company has a market cap of $78.80 billion, a P/E ratio of 31.23, a PEG ratio of 1.93 and a beta of 1.29.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its quarterly earnings results on Friday, May 8th. The financial services provider reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates 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 return on equity of 30.66% and a net margin of 49.69%. On average, equities analysts expect that Brookfield Asset Management Ltd. will post 1.76 earnings per share for the current year.

Brookfield Asset Management Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders 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 dividend yield of 4.2%. Brookfield Asset Management’s payout ratio is 130.52%.

Analysts Set New Price Targets

A number of research firms have commented on BAM. JPMorgan Chase & Co. reduced their price objective on shares of Brookfield Asset Management from $72.00 to $60.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 6th. Weiss Ratings lowered shares of Brookfield Asset Management from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, May 15th. Piper Sandler reaffirmed a “neutral” rating and set a $50.00 price target (up from $48.00) on shares of Brookfield Asset Management in a research report on Monday, May 18th. Morgan Stanley set a $56.00 price target on Brookfield Asset Management and gave the stock an “equal weight” rating in a research note on Tuesday, July 21st. Finally, The Goldman Sachs Group lowered their price objective on Brookfield Asset Management from $60.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $59.03.

Brookfield Asset Management Company 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.