Bank of America Corp DE Buys 215,670 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

Bank of America Corp DE boosted its position in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 12.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,939,109 shares of the financial services provider's stock after purchasing an additional 215,670 shares during the period. Bank of America Corp DE owned about 0.44% of Brookfield Asset Management worth $105,080,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of BAM. Norges Bank purchased a new position in Brookfield Asset Management in the fourth quarter valued at approximately $287,361,000. William Blair Investment Management LLC bought a new stake in Brookfield Asset Management during the 4th quarter valued at $204,169,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Brookfield Asset Management by 103.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,997,157 shares of the financial services provider's stock valued at $216,507,000 after acquiring an additional 2,031,995 shares during the period. Madison Investment Advisors LLC bought a new stake in Brookfield Asset Management during the 4th quarter valued at $94,122,000. Finally, TD Asset Management Inc. raised its holdings 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 valued at $903,323,000 after acquiring an additional 1,359,126 shares during the period. Hedge funds and other institutional investors own 68.41% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group lowered their target price on shares of Brookfield Asset Management from $52.00 to $46.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. Scotiabank boosted their target price on shares of Brookfield Asset Management from $58.00 to $59.00 and gave the company an "outperform" rating in a report on Wednesday, May 7th. TD Securities boosted their target price on shares of Brookfield Asset Management from $64.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Wells Fargo & Company increased their price objective on Brookfield Asset Management from $48.00 to $54.00 and gave the stock an "underweight" rating in a research report on Wednesday, May 7th. Finally, StockNews.com upgraded Brookfield Asset Management from a "sell" rating to a "hold" rating in a research report on Tuesday, April 15th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Brookfield Asset Management has an average rating of "Moderate Buy" and a consensus target price of $59.08.

Brookfield Asset Management Price Performance

NYSE BAM traded up $0.39 during trading hours on Friday, reaching $59.94. 444,240 shares of the stock traded hands, compared to its average volume of 1,370,572. The stock has a 50 day simple moving average of $50.36 and a two-hundred day simple moving average of $54.21. Brookfield Asset Management Ltd. has a 1 year low of $37.29 and a 1 year high of $62.61. The company has a market cap of $98.13 billion, a price-to-earnings ratio of 45.39, a price-to-earnings-growth ratio of 1.92 and a beta of 1.56.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last released its quarterly earnings results on Tuesday, May 6th. The financial services provider reported $0.40 earnings per share for the quarter, meeting analysts' consensus estimates of $0.40. Brookfield Asset Management had a return on equity of 81.16% and a net margin of 54.47%. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.29 billion. On average, sell-side analysts forecast that Brookfield Asset Management Ltd. will post 1.7 EPS for the current fiscal year.

Brookfield Asset Management Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.4375 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.75 dividend on an annualized basis and a dividend yield of 2.92%. Brookfield Asset Management's dividend payout ratio (DPR) is currently 124.11%.

Brookfield Asset Management 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.