Envestnet Asset Management Inc. Sells 8,080 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

Envestnet Asset Management Inc. lessened its position in shares of Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 1.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 423,353 shares of the financial services provider's stock after selling 8,080 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Brookfield Asset Management were worth $20,510,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in BAM. Rossby Financial LCC acquired a new stake in shares of Brookfield Asset Management in the first quarter valued at $28,000. ST Germain D J Co. Inc. acquired a new stake in shares of Brookfield Asset Management in the first quarter valued at $26,000. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Brookfield Asset Management in the fourth quarter valued at $32,000. NewEdge Advisors LLC grew its stake in shares of Brookfield Asset Management by 61.0% in the fourth quarter. NewEdge Advisors LLC now owns 858 shares of the financial services provider's stock valued at $47,000 after buying an additional 325 shares in the last quarter. Finally, Kapitalo Investimentos Ltda acquired a new position in Brookfield Asset Management during the 4th quarter worth $54,000. Hedge funds and other institutional investors own 68.41% of the company's stock.

Brookfield Asset Management Price Performance

NYSE:BAM traded down $0.73 during mid-day trading on Friday, hitting $60.76. 1,549,618 shares of the stock traded hands, compared to its average volume of 1,628,740. The business's 50-day moving average price is $56.56 and its 200 day moving average price is $54.31. The company has a market cap of $99.49 billion, a PE ratio of 43.09, a price-to-earnings-growth ratio of 2.35 and a beta of 1.43. Brookfield Asset Management Ltd. has a 12-month low of $38.18 and a 12-month high of $62.61. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.07.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last announced its quarterly earnings data on Tuesday, May 6th. The financial services provider reported $0.40 earnings per share for the quarter, hitting analysts' consensus estimates of $0.40. Brookfield Asset Management had a net margin of 55.26% and a return on equity of 52.70%. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.29 billion. On average, analysts expect that Brookfield Asset Management Ltd. will post 1.7 EPS for the current fiscal year.

Brookfield Asset Management Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, May 30th were paid a dividend of $0.4375 per share. This represents a $1.75 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend was Friday, May 30th. Brookfield Asset Management's payout ratio is 124.11%.

Analysts Set New Price Targets

BAM has been the topic of several recent research reports. Morgan Stanley boosted their price target on Brookfield Asset Management from $50.00 to $54.00 and gave the company an "equal weight" rating in a research report on Friday, May 16th. Bank of America upgraded Brookfield Asset Management from a "neutral" rating to a "buy" rating and set a $65.00 price target on the stock in a report on Thursday, April 10th. TD Securities upped 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. Scotiabank upped their price target on Brookfield Asset Management from $58.00 to $59.00 and gave the stock an "outperform" rating in a report on Wednesday, May 7th. Finally, Wells Fargo & Company upped their target price on Brookfield Asset Management from $55.00 to $57.00 and gave the company an "underweight" rating in a research note on Friday, July 11th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Brookfield Asset Management presently has a consensus rating of "Moderate Buy" and an average price target of $59.64.

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.