Cannon Global Investment Management LLC Takes $1.26 Million Position in Brookfield Asset Management Ltd. (NYSE:BAM)

Cannon Global Investment Management LLC acquired a new stake in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 26,000 shares of the financial services provider's stock, valued at approximately $1,260,000. Brookfield Asset Management comprises approximately 2.2% of Cannon Global Investment Management LLC's investment portfolio, making the stock its 5th biggest position.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Brookfield Asset Management in the fourth quarter worth about $287,361,000. William Blair Investment Management LLC bought a new stake in shares of Brookfield Asset Management in the fourth quarter worth about $204,169,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Brookfield Asset Management by 103.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,997,157 shares of the financial services provider's stock worth $216,507,000 after acquiring an additional 2,031,995 shares in the last quarter. Madison Investment Advisors LLC bought a new stake in shares of Brookfield Asset Management in the fourth quarter worth about $94,122,000. Finally, TD Asset Management Inc. increased its holdings in shares of Brookfield Asset Management by 8.9% in the fourth quarter. TD Asset Management Inc. now owns 16,664,426 shares of the financial services provider's stock worth $903,323,000 after acquiring an additional 1,359,126 shares in the last quarter. Institutional investors own 68.41% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on BAM. TD Securities increased their price target on Brookfield Asset Management from $64.00 to $66.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Morgan Stanley upped their price objective on Brookfield Asset Management from $50.00 to $54.00 and gave the stock an "equal weight" rating in a research report on Friday, May 16th. JPMorgan Chase & Co. upped their price objective on Brookfield Asset Management from $51.00 to $55.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Piper Sandler started coverage on Brookfield Asset Management in a research report on Monday, June 30th. They set a "neutral" rating and a $60.00 price objective for the company. Finally, Scotiabank upped their price objective on Brookfield Asset Management from $58.00 to $59.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $59.50.

Brookfield Asset Management Stock Up 2.8%

NYSE BAM traded up $1.58 during trading hours on Friday, hitting $57.12. 1,432,599 shares of the company traded hands, compared to its average volume of 1,586,617. The business's 50-day moving average is $56.00 and its 200-day moving average is $54.12. Brookfield Asset Management Ltd. has a twelve month low of $37.80 and a twelve month high of $62.61. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.31 and a current ratio of 1.31. The stock has a market capitalization of $93.52 billion, a price-to-earnings ratio of 40.51, a P/E/G ratio of 2.13 and a beta of 1.43.

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 return on equity of 52.70% and a net margin of 55.26%. The company had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.29 billion. Sell-side analysts anticipate that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current year.

Brookfield Asset Management Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, May 30th were given a $0.4375 dividend. The ex-dividend date was Friday, May 30th. This represents a $1.75 dividend on an annualized basis and a dividend yield of 3.06%. Brookfield Asset Management's payout ratio is 124.11%.

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.