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

Baskin Financial Services Inc. reduced its stake in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 2.3% during the first quarter, according to its most recent filing with the SEC. The fund owned 281,046 shares of the financial services provider's stock after selling 6,490 shares during the quarter. Brookfield Asset Management accounts for approximately 1.1% of Baskin Financial Services Inc.'s portfolio, making the stock its 29th largest holding. Baskin Financial Services Inc.'s holdings in Brookfield Asset Management were worth $13,603,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BAM. Bank of New York Mellon Corp lifted its holdings in Brookfield Asset Management by 6.1% during the fourth quarter. Bank of New York Mellon Corp now owns 663,389 shares of the financial services provider's stock valued at $35,949,000 after purchasing an additional 38,331 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in Brookfield Asset Management during the fourth quarter valued at about $209,000. US Bancorp DE lifted its holdings in Brookfield Asset Management by 6.5% during the fourth quarter. US Bancorp DE now owns 15,977 shares of the financial services provider's stock valued at $866,000 after purchasing an additional 973 shares during the last quarter. Metis Global Partners LLC lifted its holdings in Brookfield Asset Management by 9.5% during the fourth quarter. Metis Global Partners LLC now owns 11,931 shares of the financial services provider's stock valued at $647,000 after purchasing an additional 1,034 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its holdings in Brookfield Asset Management by 91.3% during the fourth quarter. Jones Financial Companies Lllp now owns 2,477 shares of the financial services provider's stock valued at $134,000 after purchasing an additional 1,182 shares during the last quarter. 68.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Royal Bank Of Canada initiated coverage on shares of Brookfield Asset Management in a research report on Wednesday, June 18th. They set an "outperform" rating and a $72.00 price target for the company. Piper Sandler began coverage on shares of Brookfield Asset Management in a research note on Monday, June 30th. They issued a "neutral" rating and a $60.00 target price on the stock. Morgan Stanley boosted 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 research note on Friday, May 16th. Wall Street Zen upgraded shares of Brookfield Asset Management from a "sell" rating to a "hold" rating in a research report on Tuesday, April 15th. Finally, Jefferies Financial Group cut their target price on shares of Brookfield Asset Management from $52.00 to $46.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Brookfield Asset Management currently has a consensus rating of "Moderate Buy" and a consensus target price of $59.50.

Brookfield Asset Management Trading Up 2.8%

Shares of BAM stock traded up $1.58 during mid-day trading on Friday, reaching $57.12. The stock had a trading volume of 1,432,599 shares, compared to its average volume of 1,586,617. The stock's 50-day moving average price is $56.00 and its two-hundred day moving average price is $54.12. Brookfield Asset Management Ltd. has a 52-week low of $37.80 and a 52-week high of $62.61. The firm has a market capitalization of $93.52 billion, a PE ratio of 40.51, a price-to-earnings-growth ratio of 2.13 and a beta of 1.43. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.07.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last released its quarterly earnings data on Tuesday, May 6th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.40. Brookfield Asset Management had a net margin of 55.26% and a return on equity of 52.70%. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.29 billion. Equities analysts expect that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, May 30th were given a $0.4375 dividend. This represents a $1.75 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date was Friday, May 30th. Brookfield Asset Management's payout ratio is 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.