Brookfield Asset Management Ltd. $BAM Stock Holdings Trimmed by Beutel Goodman & Co Ltd.

Key Points

• Beutel Goodman cut its Brookfield Asset Management stake by 14.5% in the third quarter, selling 662,683 shares; it retained 3.92 million shares worth about $175.2 million. Institutional investors own 68.41% of the company.
• Brookfield reported quarterly EPS of $0.47, slightly ahead of estimates, and revenue of $2.15 billion versus expectations of $1.60 billion. It also announced a quarterly dividend of $0.5025 per share, equivalent to a 3.7% annualized yield.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $57.30. Shares opened at $54.16 in the report, up 2.3%.

Beutel Goodman & Co Ltd. reduced its position in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 14.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,916,794 shares of the financial services provider's stock after selling 662,683 shares during the quarter. Beutel Goodman & Co Ltd. owned about 0.24% of Brookfield Asset Management worth $175,210,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Trust Co. of Vermont acquired a new position in shares of Brookfield Asset Management in the 2nd quarter valued at $25,000. Alpine Bank Wealth Management acquired a new stake in Brookfield Asset Management during the 3rd quarter worth $26,000. Compass Financial Management LLC acquired a new stake in Brookfield Asset Management during the 2nd quarter worth $27,000. Allied Private Wealth LLC purchased a new position in Brookfield Asset Management during the 2nd quarter worth $40,000. Finally, Root Financial Partners LLC purchased a new position in Brookfield Asset Management during the 3rd quarter worth $50,000. 68.41% of the stock is currently owned by hedge funds and other institutional investors.

Brookfield Asset Management Stock Up 2.3%

Shares of NYSE:BAM opened at $54.16 on Tuesday. Brookfield Asset Management Ltd. has a fifty-two week low of $42.20 and a fifty-two week high of $55.97. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.06. The firm's 50-day simple moving average is $47.22 and its 200-day simple moving average is $47.87. The company has a market cap of $88.74 billion, a price-to-earnings ratio of 31.10, a PEG ratio of 2.29 and a beta of 1.27.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last posted its quarterly earnings results on Friday, November 6th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. The firm had revenue of $2.15 billion during the quarter, compared to analysts' expectations of $1.60 billion. Brookfield Asset Management had a net margin of 48.89% and a return on equity of 31.50%. As a group, equities research analysts predict that Brookfield Asset Management Ltd. will post 1.77 earnings per share for the current year.

Brookfield Asset Management Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Monday, November 30th will be given a dividend of $0.5025 per share. The ex-dividend date is Monday, November 30th. This represents a $2.01 annualized dividend and a yield of 3.7%. Brookfield Asset Management's payout ratio is presently 68.84%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BAM. UBS Group dropped their price objective on shares of Brookfield Asset Management from $55.00 to $49.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 13th. Scotia increased their target price on shares of Brookfield Asset Management from $59.00 to $60.50 and gave the stock a "sector outperform" rating in a research note on Monday. Wall Street Zen raised Brookfield Asset Management from a "sell" rating to a "hold" rating in a report on Saturday. Royal Bank Of Canada set a $65.00 price target on Brookfield Asset Management and gave the company an "outperform" rating in a research report on Friday, September 18th. Finally, Scotiabank set a $60.50 price objective on Brookfield Asset Management and gave the company a "sector outperform" rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $57.30.

Brookfield Asset Management Company Profile

Brookfield Asset Management is a global alternative asset manager that invests in and manages assets on behalf of institutional and private wealth clients. Its investment strategies span infrastructure, renewable power and transition, private equity, real estate, and credit.

The company operates across North America, South America, Europe, the Middle East, and Asia-Pacific. Its businesses invest in and manage assets such as energy and transportation infrastructure, renewable power facilities, real estate, and companies across a range of industries.

Brookfield Asset Management became a separately listed company in 2022, following the separation of Brookfield Corporation's asset management business.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.