First Manhattan CO. LLC. Cuts Holdings in Brookfield Asset Management Ltd. $BAM

Key Points

• First Manhattan CO. LLC. trimmed its Brookfield Asset Management stake by 2.8% in the fourth quarter, leaving it with 1,111,922 shares valued at about $58.3 million.
• Other institutions were active in BAM as well, with firms like State Street dramatically boosting holdings; overall, hedge funds and institutional investors now own 68.41% of the company.
• Brookfield Asset Management reported quarterly EPS of $0.43, topping estimates, and declared a $0.5025 quarterly dividend, equal to a 4.2% yield, while analysts currently rate the stock a consensus Hold.

First Manhattan CO. LLC. decreased its position in shares of Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 2.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,111,922 shares of the financial services provider's stock after selling 31,468 shares during the period. First Manhattan CO. LLC. owned approximately 0.07% of Brookfield Asset Management worth $58,329,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in BAM. AQR Capital Management LLC purchased a new position in shares of Brookfield Asset Management during the first quarter valued at about $235,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Brookfield Asset Management by 10.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 261,050 shares of the financial services provider's stock valued at $12,648,000 after purchasing an additional 24,013 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Brookfield Asset Management by 24.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,512 shares of the financial services provider's stock valued at $139,000 after purchasing an additional 497 shares in the last quarter. Cerity Partners LLC grew its position in shares of Brookfield Asset Management by 17.6% during the second quarter. Cerity Partners LLC now owns 34,666 shares of the financial services provider's stock valued at $1,916,000 after purchasing an additional 5,184 shares in the last quarter. Finally, State Street Corp grew its position in shares of Brookfield Asset Management by 11,172.2% during the second quarter. State Street Corp now owns 3,524,700 shares of the financial services provider's stock valued at $194,845,000 after purchasing an additional 3,493,431 shares in the last quarter. Hedge funds and other institutional investors own 68.41% of the company's stock.

Brookfield Asset Management Stock Performance

Shares of BAM stock opened at $47.96 on Thursday. The firm has a market cap of $78.56 billion, a price-to-earnings ratio of 31.14, a PEG ratio of 1.95 and a beta of 1.26. The company's 50 day moving average is $47.64 and its 200 day moving average is $49.10. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.34. Brookfield Asset Management Ltd. has a 52-week low of $42.20 and a 52-week high of $64.10.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last issued its quarterly earnings data on Friday, May 8th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.02. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.43 billion. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 30.66%. On average, sell-side analysts anticipate that Brookfield Asset Management Ltd. will post 1.75 EPS for the current fiscal year.

Brookfield Asset Management Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Wall Street Zen lowered Brookfield Asset Management from a "hold" rating to a "sell" rating in a research report on Saturday, May 16th. Weiss Ratings downgraded shares of Brookfield Asset Management from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, May 15th. The Goldman Sachs Group lowered their price target on shares of Brookfield Asset Management from $60.00 to $49.00 and set a "buy" rating for the company in a report on Tuesday, April 7th. JPMorgan Chase & Co. lowered their price target on shares of Brookfield Asset Management from $72.00 to $60.00 and set a "neutral" rating for the company in a report on Wednesday, May 6th. Finally, Zacks Research downgraded shares of Brookfield Asset Management from a "strong-buy" rating to a "hold" rating in a report on Friday, March 20th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Brookfield Asset Management has a consensus rating of "Hold" and a consensus target price of $60.21.

Brookfield Asset Management Company Profile

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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