CIBC Asset Management Inc Acquires 370,383 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

CIBC Asset Management Inc lifted its position in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 10.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,953,496 shares of the financial services provider’s stock after purchasing an additional 370,383 shares during the quarter. CIBC Asset Management Inc owned about 0.89% of Brookfield Asset Management worth $188,057,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAM. Hara Capital LLC purchased a new position in shares of Brookfield Asset Management in the third quarter worth about $27,000. Massmutual Trust Co. FSB ADV lifted its holdings in Brookfield Asset Management by 98.2% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 777 shares of the financial services provider’s stock worth $30,000 after buying an additional 385 shares during the period. Continuum Advisory LLC grew its position in shares of Brookfield Asset Management by 57.6% in the 2nd quarter. Continuum Advisory LLC now owns 780 shares of the financial services provider’s stock worth $30,000 after buying an additional 285 shares during the last quarter. Richardson Financial Services Inc. raised its holdings in shares of Brookfield Asset Management by 368.3% during the second quarter. Richardson Financial Services Inc. now owns 960 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 755 shares in the last quarter. Finally, WASHINGTON TRUST Co lifted its stake in Brookfield Asset Management by 151.3% in the second quarter. WASHINGTON TRUST Co now owns 1,063 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 640 shares during the period. Hedge funds and other institutional investors own 68.41% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on BAM shares. Scotiabank increased their price target on shares of Brookfield Asset Management from $55.50 to $59.50 and gave the stock a “sector outperform” rating in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft lifted their price objective on Brookfield Asset Management from $56.00 to $59.00 and gave the company a “buy” rating in a research report on Monday. Wells Fargo & Company upped their price objective on Brookfield Asset Management from $48.00 to $51.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 5th. JPMorgan Chase & Co. decreased their price target on shares of Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Finally, Jefferies Financial Group initiated coverage on shares of Brookfield Asset Management in a report on Friday, August 2nd. They issued a “hold” rating and a $43.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $52.54.

Brookfield Asset Management Stock Down 0.9 %

BAM stock opened at $56.07 on Friday. Brookfield Asset Management Ltd. has a 52 week low of $32.76 and a 52 week high of $58.53. The stock has a market capitalization of $24.84 billion, a PE ratio of 49.62, a price-to-earnings-growth ratio of 2.36 and a beta of 1.42. The firm has a 50 day moving average of $49.38 and a 200 day moving average of $43.16.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its earnings results on Monday, November 4th. The financial services provider reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.19 billion. Brookfield Asset Management had a return on equity of 85.03% and a net margin of 49.69%. During the same quarter in the prior year, the firm earned $0.35 earnings per share. On average, equities research analysts expect that Brookfield Asset Management Ltd. will post 1.45 earnings per share for the current year.

Brookfield Asset Management Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, November 29th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.71%. The ex-dividend date is Friday, November 29th. Brookfield Asset Management’s dividend payout ratio (DPR) is 134.51%.

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.