Mackenzie Financial Corp Sells 714,104 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

Key Points

• Mackenzie Financial Corp reduced its stake in Brookfield Asset Management Ltd. by 6% in Q1, selling 714,104 shares, leaving it with 11,118,077 shares valued at approximately $538 million.
• Brookfield Asset Management recently reported earnings per share (EPS) of $0.40, matching analysts' expectations, but revenue fell short of estimates at $1.04 billion.
• The company declared a quarterly dividend of $0.4375 with a dividend yield of 2.78%, despite a high payout ratio of 124.11%.

Mackenzie Financial Corp cut its holdings in shares of Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 6.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,118,077 shares of the financial services provider's stock after selling 714,104 shares during the quarter. Mackenzie Financial Corp owned about 0.68% of Brookfield Asset Management worth $538,173,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. LPL Financial LLC lifted its holdings in shares of Brookfield Asset Management by 6.1% during the first quarter. LPL Financial LLC now owns 55,354 shares of the financial services provider's stock worth $2,682,000 after buying an additional 3,173 shares during the last quarter. Texas Yale Capital Corp. lifted its holdings in shares of Brookfield Asset Management by 23.4% during the first quarter. Texas Yale Capital Corp. now owns 92,260 shares of the financial services provider's stock worth $4,470,000 after buying an additional 17,506 shares during the last quarter. HB Wealth Management LLC lifted its holdings in shares of Brookfield Asset Management by 70.7% during the first quarter. HB Wealth Management LLC now owns 8,003 shares of the financial services provider's stock worth $388,000 after buying an additional 3,316 shares during the last quarter. Mediolanum International Funds Ltd lifted its holdings in shares of Brookfield Asset Management by 167.5% during the first quarter. Mediolanum International Funds Ltd now owns 23,509 shares of the financial services provider's stock worth $1,143,000 after buying an additional 14,722 shares during the last quarter. Finally, Cetera Investment Advisers lifted its holdings in shares of Brookfield Asset Management by 37.9% during the first quarter. Cetera Investment Advisers now owns 40,042 shares of the financial services provider's stock worth $1,938,000 after buying an additional 11,008 shares during the last quarter. 68.41% of the stock is currently owned by institutional investors and hedge funds.

Brookfield Asset Management Stock Performance

Brookfield Asset Management stock opened at $63.03 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.31 and a quick ratio of 1.31. The stock has a fifty day moving average price of $56.87 and a two-hundred day moving average price of $54.55. Brookfield Asset Management Ltd. has a 52-week low of $38.18 and a 52-week high of $63.53. The firm has a market capitalization of $103.22 billion, a P/E ratio of 44.70, a P/E/G ratio of 2.44 and a beta of 1.43.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last released its quarterly earnings data on Tuesday, May 6th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.40. Brookfield Asset Management had a return on equity of 52.70% and a net margin of 55.26%. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.29 billion. As a group, analysts anticipate that Brookfield Asset Management Ltd. will post 1.7 EPS for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, May 30th were issued a $0.4375 dividend. The ex-dividend date was Friday, May 30th. This represents a $1.75 dividend on an annualized basis and a dividend yield of 2.78%. Brookfield Asset Management's dividend payout ratio is 124.11%.

Analyst Ratings Changes

A number of brokerages have recently commented on BAM. Scotiabank upped their price target on Brookfield Asset Management from $58.00 to $59.00 and gave the stock an "outperform" rating in a report on Wednesday, May 7th. Royal Bank Of Canada started coverage on Brookfield Asset Management in a research note on Wednesday, June 18th. They issued an "outperform" rating and a $72.00 target price for the company. Morgan Stanley upped their target price on Brookfield Asset Management from $50.00 to $54.00 and gave the company an "equal weight" rating in a research note on Friday, May 16th. Wall Street Zen upgraded Brookfield Asset Management from a "sell" rating to a "hold" rating in a research note on Tuesday, April 15th. Finally, Jefferies Financial Group cut their target price on Brookfield Asset Management from $52.00 to $46.00 and set a "hold" rating for the company in a research note on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $59.64.

Brookfield Asset Management 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.