Bragg Financial Advisors Inc Sells 128,090 Shares of Brookfield Asset Management Ltd. $BAM

Key Points

• Bragg Financial Advisors Inc has reduced its holdings in Brookfield Asset Management by 63.6%, now owning 73,233 shares worth approximately $3.55 million.
• Brookfield Asset Management reported earnings per share of $0.38 for the latest quarter, falling short of analysts' expectations of $0.39, with revenue also below estimates.
• The company declared a quarterly dividend of $0.4375, resulting in an annualized dividend of $1.75 and a yield of 3.0%, despite a payout ratio of 117.45%.

Bragg Financial Advisors Inc trimmed its stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 63.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 73,233 shares of the financial services provider's stock after selling 128,090 shares during the quarter. Bragg Financial Advisors Inc's holdings in Brookfield Asset Management were worth $3,545,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Summit Financial LLC boosted its holdings in shares of Brookfield Asset Management by 34.2% in the 1st quarter. Summit Financial LLC now owns 9,051 shares of the financial services provider's stock valued at $439,000 after buying an additional 2,305 shares during the period. Berkshire Asset Management LLC PA acquired a new position in Brookfield Asset Management during the 1st quarter valued at about $279,000. Hsbc Holdings PLC boosted its stake in Brookfield Asset Management by 27.3% during the 1st quarter. Hsbc Holdings PLC now owns 901,472 shares of the financial services provider's stock valued at $43,636,000 after purchasing an additional 193,580 shares during the period. Colonial Trust Advisors raised its position in shares of Brookfield Asset Management by 1.6% during the 1st quarter. Colonial Trust Advisors now owns 91,582 shares of the financial services provider's stock worth $4,437,000 after buying an additional 1,470 shares in the last quarter. Finally, Maven Securities LTD bought a new stake in shares of Brookfield Asset Management during the 1st quarter worth about $1,454,000. 68.41% of the stock is owned by institutional investors and hedge funds.

Brookfield Asset Management Stock Performance

NYSE:BAM traded down $0.26 during trading hours on Wednesday, hitting $59.97. 238,089 shares of the company traded hands, compared to its average volume of 2,049,712. The stock has a market capitalization of $98.20 billion, a price-to-earnings ratio of 40.23, a P/E/G ratio of 2.19 and a beta of 1.44. Brookfield Asset Management Ltd. has a twelve month low of $39.19 and a twelve month high of $64.10. The firm has a 50-day moving average of $59.02 and a 200 day moving average of $55.20. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.14.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.39 by ($0.01). Brookfield Asset Management had a net margin of 55.92% and a return on equity of 41.12%. The business had revenue of $1,107,960 billion during the quarter, compared to analyst estimates of $1.29 billion. On average, analysts forecast that Brookfield Asset Management Ltd. will post 1.7 EPS for the current year.

Brookfield Asset Management Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.4375 per share. This represents a $1.75 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, August 29th. Brookfield Asset Management's dividend payout ratio is 117.45%.

Analysts Set New Price Targets

A number of analysts recently commented on BAM shares. Jefferies Financial Group boosted their target price on shares of Brookfield Asset Management from $55.00 to $62.00 and gave the stock a "hold" rating in a report on Wednesday, August 13th. Piper Sandler initiated coverage on shares of Brookfield Asset Management in a research report on Monday, June 30th. They set a "neutral" rating and a $60.00 price objective on the stock. Wells Fargo & Company boosted their price objective on shares of Brookfield Asset Management from $55.00 to $57.00 and gave the company an "underweight" rating in a research report on Friday, July 11th. BMO Capital Markets boosted their price objective on shares of Brookfield Asset Management from $53.00 to $56.00 and gave the company a "market perform" rating in a research report on Thursday, August 7th. Finally, Royal Bank Of Canada assumed coverage on shares of Brookfield Asset Management in a research report on Wednesday, June 18th. They issued an "outperform" rating and a $72.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $63.33.

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.