Legal & General Group Plc Sells 21,868 Shares of Brookfield Asset Management Ltd. $BAM

Key Points

• Legal & General Group Plc trimmed its Brookfield Asset Management stake by 0.9% in the fourth quarter, selling 21,868 shares. It still held 2,343,841 shares worth about $122.9 million at quarter-end.
• Brookfield Asset Management reported better-than-expected quarterly earnings of $0.43 per share, topping analyst estimates of $0.41. Revenue came in at $1.32 billion versus expectations of $1.43 billion.
• The company declared a quarterly dividend of $0.5025 per share, implying an annualized yield of about 4.1%. Analysts currently have a consensus Hold rating on the stock, with an average price target of $60.21.

Legal & General Group Plc lowered its stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 0.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,343,841 shares of the financial services provider's stock after selling 21,868 shares during the quarter. Legal & General Group Plc owned 0.14% of Brookfield Asset Management worth $122,933,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Truist Financial Corp grew its holdings in Brookfield Asset Management by 1.4% during the third quarter. Truist Financial Corp now owns 13,240 shares of the financial services provider's stock worth $754,000 after buying an additional 187 shares in the last quarter. Focus Financial Network Inc. boosted its position in Brookfield Asset Management by 4.6% in the fourth quarter. Focus Financial Network Inc. now owns 4,436 shares of the financial services provider's stock worth $232,000 after purchasing an additional 194 shares during the last quarter. Cullen Frost Bankers Inc. boosted its position in Brookfield Asset Management by 38.0% in the third quarter. Cullen Frost Bankers Inc. now owns 846 shares of the financial services provider's stock worth $48,000 after purchasing an additional 233 shares during the last quarter. Kraematon Investment Advisors Inc. boosted its position in Brookfield Asset Management by 2.0% in the fourth quarter. Kraematon Investment Advisors Inc. now owns 12,073 shares of the financial services provider's stock worth $632,000 after purchasing an additional 234 shares during the last quarter. Finally, Integrated Wealth Concepts LLC boosted its position in Brookfield Asset Management by 3.2% in the third quarter. Integrated Wealth Concepts LLC now owns 7,578 shares of the financial services provider's stock worth $431,000 after purchasing an additional 238 shares during the last quarter. Institutional investors own 68.41% of the company's stock.

Brookfield Asset Management Stock Up 0.1%

Shares of NYSE BAM opened at $49.05 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 current ratio of 1.38 and a quick ratio of 1.38. The business's fifty day moving average price is $46.69 and its 200-day moving average price is $49.54. The stock has a market capitalization of $80.35 billion, a PE ratio of 31.85, a P/E/G 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 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.02. Brookfield Asset Management had a return on equity of 30.66% and a net margin of 49.69%.The firm had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.43 billion. On average, equities research analysts anticipate that Brookfield Asset Management Ltd. will post 1.75 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Friday, May 29th will be given a dividend of $0.5025 per share. This represents a $2.01 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Friday, May 29th. Brookfield Asset Management's dividend payout ratio is currently 130.52%.

Analysts Set New Price Targets

Several research analysts have weighed in on BAM shares. Wall Street Zen cut Brookfield Asset Management from a "hold" rating to a "sell" rating in a research report on Saturday, May 16th. Canadian Imperial Bank of Commerce set a $62.50 price objective on Brookfield Asset Management in a research report on Monday, May 11th. Royal Bank Of Canada cut their price objective on Brookfield Asset Management from $74.00 to $65.00 and set an "outperform" rating on the stock in a research report on Monday, May 11th. The Goldman Sachs Group cut their price objective on Brookfield Asset Management from $60.00 to $49.00 and set a "buy" rating on the stock in a research report on Tuesday, April 7th. Finally, Weiss Ratings cut Brookfield Asset Management from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $60.21.

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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