Brookfield Asset Management Ltd. $BAM Shares Sold by Addenda Capital Inc.

Key Points

• Addenda Capital Inc. reduced its stake in Brookfield Asset Management Ltd. by 2.4% during the second quarter, now holding 285,133 shares valued at approximately $15.76 million.
• Brookfield Asset Management reported earnings of $0.38 per share for the last quarter, falling short of analysts' expectations, with revenues also below estimates at $1.11 billion.
• The company declared a quarterly dividend of $0.4375 per share, resulting in a 3.0% dividend yield and a payout ratio of 117.45%.

Addenda Capital Inc. reduced its position in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 2.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 285,133 shares of the financial services provider's stock after selling 7,029 shares during the quarter. Addenda Capital Inc.'s holdings in Brookfield Asset Management were worth $15,762,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. ST Germain D J Co. Inc. acquired a new position in Brookfield Asset Management in the 1st quarter valued at about $26,000. Rossby Financial LCC acquired a new position in Brookfield Asset Management in the 1st quarter valued at about $28,000. Truvestments Capital LLC grew its position in shares of Brookfield Asset Management by 85.5% during the first quarter. Truvestments Capital LLC now owns 937 shares of the financial services provider's stock worth $45,000 after buying an additional 432 shares in the last quarter. Larson Financial Group LLC grew its position in shares of Brookfield Asset Management by 1,079.6% during the first quarter. Larson Financial Group LLC now owns 1,097 shares of the financial services provider's stock worth $53,000 after buying an additional 1,004 shares in the last quarter. Finally, eCIO Inc. acquired a new position in shares of Brookfield Asset Management during the first quarter worth about $64,000. 68.41% of the stock is owned by institutional investors and hedge funds.

Brookfield Asset Management Trading Up 0.1%

NYSE:BAM opened at $58.09 on Friday. The stock has a fifty day moving average price of $60.20 and a two-hundred day moving average price of $55.75. The stock has a market capitalization of $95.14 billion, a price-to-earnings ratio of 38.99, a PEG ratio of 2.12 and a beta of 1.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.25 and a current ratio of 1.25. Brookfield Asset Management Ltd. has a 1 year low of $41.78 and a 1 year high of $64.10.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last posted its earnings results on Wednesday, August 6th. The financial services provider reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.01). The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.29 billion. Brookfield Asset Management had a net margin of 55.92% and a return on equity of 41.12%. As a group, sell-side analysts anticipate that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a dividend of $0.4375 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.75 dividend on an annualized basis and a dividend yield of 3.0%. Brookfield Asset Management's dividend payout ratio (DPR) is presently 117.45%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Royal Bank Of Canada assumed coverage on Brookfield Asset Management in a research report on Wednesday, June 18th. They set an "outperform" rating and a $72.00 price objective for the company. Jefferies Financial Group upped their price target on Brookfield Asset Management from $55.00 to $62.00 and gave the company a "hold" rating in a report on Wednesday, August 13th. TD Securities upped their price target on Brookfield Asset Management from $66.00 to $75.00 and gave the company a "buy" rating in a report on Monday, July 28th. National Bank Financial assumed coverage on Brookfield Asset Management in a report on Tuesday, July 29th. They issued an "outperform" rating and a $71.00 price target for the company. Finally, CIBC upped their price target on Brookfield Asset Management from $70.00 to $71.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Brookfield Asset Management presently has a consensus rating of "Moderate Buy" and an average target price of $63.52.

About Brookfield Asset Management

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.

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