Cumberland Partners Ltd Trims Stock Position in Brookfield Asset Management Ltd. $BAM

Key Points

• Cumberland Partners Ltd cut its Brookfield Asset Management stake by 21.8% in the fourth quarter, selling 27,500 shares and leaving it with 98,515 shares valued at about $5.17 million.
• Several other institutional investors adjusted positions in BAM, and hedge funds and institutions now own 68.41% of the company’s stock, underscoring strong Wall Street ownership despite the trim by Cumberland.
• Analysts remain cautious: the stock has a consensus “Hold” rating with an average target price of $60.21, while Brookfield’s latest quarter beat EPS estimates but missed revenue expectations and it also declared a $0.5025 quarterly dividend yielding about 4.2%.

Cumberland Partners Ltd lessened its stake in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 21.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 98,515 shares of the financial services provider's stock after selling 27,500 shares during the period. Cumberland Partners Ltd's holdings in Brookfield Asset Management were worth $5,166,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Brookfield Asset Management by 72.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,904,677 shares of the financial services provider's stock valued at $222,161,000 after purchasing an additional 1,642,375 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Brookfield Asset Management by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 17,425,392 shares of the financial services provider's stock worth $991,677,000 after acquiring an additional 253,789 shares during the last quarter. Hillsdale Investment Management Inc. increased its stake in shares of Brookfield Asset Management by 65.6% in the 3rd quarter. Hillsdale Investment Management Inc. now owns 254,212 shares of the financial services provider's stock worth $14,463,000 after acquiring an additional 100,713 shares during the last quarter. New York State Common Retirement Fund grew its holdings in shares of Brookfield Asset Management by 18.5% during the 3rd quarter. New York State Common Retirement Fund now owns 465,600 shares of the financial services provider's stock worth $26,511,000 after purchasing an additional 72,600 shares during the period. Finally, Intact Investment Management Inc. grew its holdings in shares of Brookfield Asset Management by 127.5% during the 3rd quarter. Intact Investment Management Inc. now owns 590,560 shares of the financial services provider's stock worth $33,612,000 after purchasing an additional 330,970 shares during the period. Hedge funds and other institutional investors own 68.41% of the company's stock.

Analyst Ratings Changes

BAM has been the topic of a number of recent research reports. JPMorgan Chase & Co. cut their price target on shares of Brookfield Asset Management from $72.00 to $60.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 6th. Weiss Ratings lowered shares of Brookfield Asset Management from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, May 15th. UBS Group set a $52.00 price target on shares of Brookfield Asset Management in a research note on Friday, February 20th. Zacks Research lowered shares of Brookfield Asset Management from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 20th. Finally, Canadian Imperial Bank of Commerce set a $62.50 price objective on Brookfield Asset Management in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $60.21.

Brookfield Asset Management Stock Down 1.2%

BAM stock opened at $47.96 on Friday. Brookfield Asset Management Ltd. has a one year low of $42.20 and a one year high of $64.10. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.38 and a current ratio of 1.38. The company has a fifty day moving average of $46.27 and a 200-day moving average of $49.70. The stock has a market capitalization of $78.56 billion, a PE ratio of 31.14, a price-to-earnings-growth ratio of 1.97 and a beta of 1.28.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last issued its quarterly earnings results on Friday, May 8th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.02. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 30.66%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.43 billion. As a group, analysts expect that Brookfield Asset Management Ltd. will post 1.74 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Friday, May 29th will be given a dividend of $0.5025 per share. This represents a $2.01 annualized dividend and a dividend yield of 4.2%. The ex-dividend date is Friday, May 29th. Brookfield Asset Management's payout ratio is presently 130.52%.

About Brookfield Asset Management

Brookfield Asset Management is a global alternative asset manager headquartered in Toronto, Canada, that specializes in investments in real assets and related private equity and credit strategies. The firm acquires, manages and develops assets in sectors such as real estate, renewable power, infrastructure and private equity, seeking long-term value through active asset management and operational improvements. Brookfield structures and manages commingled funds, listed partnerships and separate accounts for institutional and retail investors.

The company's products and services include fund management across equity and debt strategies, direct asset ownership and operations, property and facilities management, and capital markets solutions.

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