Mackenzie Financial Corp Has $599.47 Million Stock Holdings in Brookfield Asset Management Ltd. $BAM

Key Points

• Mackenzie Financial Corp reduced its position in Brookfield Asset Management by 7.6% in Q3, ending the period with 10,536,185 shares worth about $599.47 million (≈0.64% of BAM), making it the firm's 26th-largest holding.
• Brookfield increased its quarterly dividend to $0.5025 (annualized $2.01) for a yield of ~4.4%; the ex-dividend date is Feb. 27 and the payout ratio is a high 132.24%.
• Analysts' consensus is a Moderate Buy with an average target of $63.65 (Goldman cut its target to $60, UBS $52), while BAM trades around $45.28—below most analyst targets.

Mackenzie Financial Corp lowered its position in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 7.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,536,185 shares of the financial services provider's stock after selling 864,745 shares during the quarter. Brookfield Asset Management accounts for approximately 0.7% of Mackenzie Financial Corp's investment portfolio, making the stock its 26th largest position. Mackenzie Financial Corp owned approximately 0.64% of Brookfield Asset Management worth $599,473,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Brookfield Asset Management by 1.5% in the third quarter. Vanguard Group Inc. now owns 17,425,392 shares of the financial services provider's stock worth $991,677,000 after purchasing an additional 253,789 shares during the last quarter. Cumberland Partners Ltd raised its position in Brookfield Asset Management by 78.0% during the 3rd quarter. Cumberland Partners Ltd now owns 126,015 shares of the financial services provider's stock worth $7,168,000 after purchasing an additional 55,225 shares during the last quarter. Hillsdale Investment Management Inc. raised its position in Brookfield Asset Management by 65.6% during the 3rd quarter. Hillsdale Investment Management Inc. now owns 254,212 shares of the financial services provider's stock worth $14,463,000 after purchasing an additional 100,713 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in Brookfield Asset Management by 18.5% during the 3rd quarter. New York State Common Retirement Fund now owns 465,600 shares of the financial services provider's stock worth $26,511,000 after buying an additional 72,600 shares during the period. Finally, Intact Investment Management Inc. lifted its holdings in Brookfield Asset Management by 127.5% during the 3rd quarter. Intact Investment Management Inc. now owns 590,560 shares of the financial services provider's stock worth $33,612,000 after buying an additional 330,970 shares during the period. Institutional investors own 68.41% of the company's stock.

Wall Street Analysts Forecast Growth

BAM has been the subject of several recent research reports. The Goldman Sachs Group decreased their price target on Brookfield Asset Management from $67.00 to $60.00 and set a "buy" rating for the company in a research note on Tuesday, January 6th. UBS Group set a $52.00 price objective on Brookfield Asset Management in a research note on Friday, February 20th. Wall Street Zen upgraded Brookfield Asset Management from a "sell" rating to a "hold" rating in a report on Saturday, January 10th. Loop Capital set a $60.00 target price on shares of Brookfield Asset Management in a research report on Tuesday, January 6th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Brookfield Asset Management in a report on Monday, December 22nd. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Brookfield Asset Management currently has an average rating of "Moderate Buy" and an average target price of $63.65.

Brookfield Asset Management Stock Performance

BAM stock opened at $45.28 on Wednesday. The stock has a 50-day moving average price of $50.72 and a 200-day moving average price of $53.64. Brookfield Asset Management Ltd. has a 1-year low of $41.78 and a 1-year high of $64.10. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.05. The firm has a market cap of $74.17 billion, a PE ratio of 29.79, a price-to-earnings-growth ratio of 1.62 and a beta of 1.42.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last announced its earnings results on Wednesday, February 4th. The financial services provider reported $0.47 EPS for the quarter, beating the consensus estimate of $0.41 by $0.06. Brookfield Asset Management had a return on equity of 29.81% and a net margin of 51.59%.The company had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.40 billion. As a group, equities research analysts expect that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current year.

Brookfield Asset Management Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, February 27th will be issued a dividend of $0.5025 per share. This represents a $2.01 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Friday, February 27th. This is a positive change from Brookfield Asset Management's previous quarterly dividend of $0.44. Brookfield Asset Management's dividend payout ratio (DPR) is currently 132.24%.

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.

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.