Federation des caisses Desjardins du Quebec Sells 104,631 Shares of Brookfield Asset Management Ltd. $BAM

Key Points

• The Federation des caisses Desjardins du Quebec reduced its stake in Brookfield Asset Management by 12.4%, selling 104,631 shares and retaining 739,817 shares valued at approximately $35.36 million.
• Brookfield Asset Management reported earnings of $0.38 per share for the last quarter, falling short of analysts' expectations of $0.39 and achieving revenue of $1.11 billion, below the consensus of $1.29 billion.
• The company announced a quarterly dividend of $0.4375 per share, translating to an annualized dividend of $1.75, with a yield of 2.9% and a payout ratio of 117.45%.

Federation des caisses Desjardins du Quebec decreased its stake in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 12.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 739,817 shares of the financial services provider's stock after selling 104,631 shares during the period. Federation des caisses Desjardins du Quebec's holdings in Brookfield Asset Management were worth $35,358,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Point72 Europe London LLP bought a new position in shares of Brookfield Asset Management in the 1st quarter valued at about $5,092,000. Quarry LP bought a new position in Brookfield Asset Management during the first quarter worth about $77,000. DRW Securities LLC bought a new position in Brookfield Asset Management during the first quarter worth about $431,000. The Manufacturers Life Insurance Company grew its holdings in Brookfield Asset Management by 58.9% during the first quarter. The Manufacturers Life Insurance Company now owns 3,360,125 shares of the financial services provider's stock worth $163,354,000 after purchasing an additional 1,246,011 shares during the period. Finally, Magnetar Financial LLC bought a new position in Brookfield Asset Management during the first quarter worth about $539,000. Institutional investors own 68.41% of the company's stock.

Brookfield Asset Management Trading Down 0.8%

Shares of NYSE:BAM opened at $60.25 on Tuesday. Brookfield Asset Management Ltd. has a 12-month low of $39.19 and a 12-month high of $64.10. The stock has a market cap of $98.67 billion, a PE ratio of 40.43, a P/E/G ratio of 2.20 and a beta of 1.44. The business has a 50 day moving average of $59.50 and a 200-day moving average of $55.28. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.14.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last issued its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.39 by ($0.01). Brookfield Asset Management had a return on equity of 41.12% and a net margin of 55.92%.The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.29 billion. As a group, equities research analysts forecast that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current year.

Brookfield Asset Management Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.4375 per share. This represents a $1.75 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Friday, August 29th. Brookfield Asset Management's payout ratio is currently 117.45%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Morgan Stanley lifted their price target on Brookfield Asset Management from $50.00 to $54.00 and gave the stock an "equal weight" rating in a report on Friday, May 16th. JPMorgan Chase & Co. lifted their price target on Brookfield Asset Management from $51.00 to $55.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Scotiabank lifted their price target on Brookfield Asset Management from $66.00 to $67.25 and gave the stock a "sector outperform" rating in a report on Thursday, August 7th. Piper Sandler assumed coverage on Brookfield Asset Management in a report on Monday, June 30th. They set a "neutral" rating and a $60.00 price target for the company. Finally, CIBC lifted their price target on Brookfield Asset Management from $70.00 to $71.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $63.33.

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.

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