Brookfield Asset Management Ltd. $BAM Stake Lowered by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada reduced its Brookfield Asset Management stake by 5.6% in the third quarter, selling 281,159 shares and retaining 4.72 million shares valued at approximately $208.6 million. Institutional investors and hedge funds collectively own 68.41% of the company.
• Brookfield shares fell 1.4% to $45.33, below the 50-day and 200-day moving averages. The company reported quarterly earnings of $0.44 per share, slightly exceeding analyst expectations, on revenue of $1.49 billion.
• The company’s quarterly dividend equates to an annualized $2.01 per share and a 4.4% yield, though its payout ratio is high at 116.86%. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $57.09.

TD Waterhouse Canada Inc. cut its holdings in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 5.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,721,969 shares of the financial services provider's stock after selling 281,159 shares during the quarter. TD Waterhouse Canada Inc. owned approximately 0.29% of Brookfield Asset Management worth $208,581,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its position in Brookfield Asset Management by 62.0% during the 1st quarter. Principal Financial Group Inc. now owns 12,735,547 shares of the financial services provider's stock worth $566,092,000 after buying an additional 4,872,090 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Brookfield Asset Management by 15.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 5,319,506 shares of the financial services provider's stock valued at $236,308,000 after acquiring an additional 716,892 shares in the last quarter. Bank of America Corp DE increased its position in Brookfield Asset Management by 11.0% in the 1st quarter. Bank of America Corp DE now owns 3,448,351 shares of the financial services provider's stock valued at $153,279,000 after acquiring an additional 341,600 shares in the last quarter. Corient Private Wealth LLC raised its stake in shares of Brookfield Asset Management by 1.5% in the fourth quarter. Corient Private Wealth LLC now owns 1,387,375 shares of the financial services provider's stock worth $72,304,000 after acquiring an additional 20,586 shares during the last quarter. Finally, Madison Asset Management LLC bought a new position in shares of Brookfield Asset Management in the second quarter worth about $70,433,000. 68.41% of the stock is currently owned by institutional investors and hedge funds.

Brookfield Asset Management Trading Down 1.4%

Shares of NYSE BAM traded down $0.65 during mid-day trading on Friday, hitting $45.33. The company's stock had a trading volume of 2,661,095 shares, compared to its average volume of 3,404,476. Brookfield Asset Management Ltd. has a one year low of $42.20 and a one year high of $56.37. The company's fifty day simple moving average is $48.41 and its 200-day simple moving average is $47.71. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.75 and a quick ratio of 0.75. The stock has a market cap of $74.26 billion, a price-to-earnings ratio of 26.35, a price-to-earnings-growth ratio of 1.89 and a beta of 1.31.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.01. Brookfield Asset Management had a net margin of 48.89% and a return on equity of 31.50%. The business had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.47 billion. On average, sell-side analysts anticipate that Brookfield Asset Management Ltd. will post 1.78 earnings per share for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st were issued a dividend of $0.5025 per share. This represents a $2.01 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend was Monday, August 31st. Brookfield Asset Management's payout ratio is currently 116.86%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on BAM shares. Morgan Stanley set a $54.00 target price on shares of Brookfield Asset Management in a research report on Friday. Scotiabank reissued an "outperform" rating and issued a $59.00 price target on shares of Brookfield Asset Management in a report on Thursday, August 6th. Bank of America dropped their price objective on shares of Brookfield Asset Management from $61.00 to $60.00 and set a "neutral" rating for the company in a research report on Monday, October 5th. National Bank Financial boosted their price objective on shares of Brookfield Asset Management from $69.00 to $70.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. Finally, Wall Street Zen downgraded Brookfield Asset Management from a "hold" rating to a "sell" rating in a report on Saturday. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Brookfield Asset Management has an average rating of "Moderate Buy" and a consensus target price of $57.09.

Brookfield Asset Management Profile

Brookfield Asset Management Ltd. NYSE: BAM is a global alternative asset management company that provides investment management services and strategies for institutional investors, governments, financial institutions and private wealth clients. The company invests in and manages assets on behalf of its clients across a range of private-market sectors.

Its principal investment strategies include renewable power and energy transition, infrastructure, private equity, real estate and credit.

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