First Trust Advisors LP Sells 116,166 Shares of Brookfield Asset Management Ltd. $BAM

Key Points

• First Trust Advisors LP cut its Brookfield Asset Management position by 94.7% in the first quarter, selling 116,166 shares and retaining 6,507 shares valued at approximately $289,000. Institutional investors collectively own 68.41% of the company.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $59.32. Recent targets range from $50 to $62.50, while BAM shares opened at $54.49.
• Brookfield Asset Management exceeded quarterly expectations, reporting $0.44 in EPS and $1.49 billion in revenue. The company also declared a quarterly dividend of $0.5025, representing a 3.7% annualized yield.

First Trust Advisors LP lessened its position in shares of Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 94.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,507 shares of the financial services provider's stock after selling 116,166 shares during the period. First Trust Advisors LP's holdings in Brookfield Asset Management were worth $289,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Brookfield Asset Management by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 17,723,182 shares of the financial services provider's stock worth $928,414,000 after acquiring an additional 297,790 shares during the last quarter. TD Asset Management Inc lifted its holdings in Brookfield Asset Management by 2.0% during the fourth quarter. TD Asset Management Inc now owns 15,769,066 shares of the financial services provider's stock valued at $827,135,000 after purchasing an additional 315,036 shares during the last quarter. Principal Financial Group Inc. boosted its position in Brookfield Asset Management by 62.0% during the first quarter. Principal Financial Group Inc. now owns 12,735,547 shares of the financial services provider's stock worth $566,092,000 after purchasing an additional 4,872,090 shares during the period. Norges Bank bought a new position in Brookfield Asset Management during the fourth quarter worth about $263,444,000. Finally, CIBC Asset Management Inc increased its stake in shares of Brookfield Asset Management by 99.1% in the fourth quarter. CIBC Asset Management Inc now owns 4,853,861 shares of the financial services provider's stock worth $255,449,000 after purchasing an additional 2,415,593 shares in the last quarter. Institutional investors own 68.41% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on BAM shares. Scotiabank reissued an "outperform" rating and issued a $59.00 price target on shares of Brookfield Asset Management in a research report on Thursday, August 6th. Scotia lifted their price objective on shares of Brookfield Asset Management from $57.00 to $59.00 and gave the company a "sector outperform" rating in a research note on Thursday, August 6th. JPMorgan Chase & Co. lowered their target price on shares of Brookfield Asset Management from $72.00 to $60.00 and set a "neutral" rating on the stock in a report on Wednesday, May 6th. Piper Sandler reaffirmed a "neutral" rating and issued a $50.00 price target (up from $48.00) on shares of Brookfield Asset Management in a report on Monday, May 18th. Finally, Canadian Imperial Bank of Commerce set a $62.50 price target on Brookfield Asset Management in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $59.32.

Brookfield Asset Management Price Performance

Shares of NYSE:BAM opened at $54.49 on Thursday. The company has a 50 day moving average of $47.75 and a 200 day moving average of $47.66. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.34. The stock has a market cap of $89.27 billion, a P/E ratio of 31.68, a P/E/G ratio of 2.29 and a beta of 1.26. Brookfield Asset Management Ltd. has a 12 month low of $42.20 and a 12 month high of $63.37.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last posted its earnings results on Wednesday, August 5th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.01. Brookfield Asset Management had a net margin of 48.89% and a return on equity of 31.78%. The business had revenue of $1.49 billion for the quarter, compared to analysts' expectations of $1.47 billion. As a group, sell-side analysts forecast that Brookfield Asset Management Ltd. will post 1.76 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, September 29th. Stockholders of record on Monday, August 31st will be issued a $0.5025 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $2.01 annualized dividend and a dividend yield of 3.7%. Brookfield Asset Management's dividend payout ratio is presently 116.86%.

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.

Want to see what other hedge funds are holding BAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source