Mackenzie Financial Corp Trims Stake in Brookfield Asset Management Ltd. (NYSE:BAM)

Mackenzie Financial Corp lessened its holdings in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 10.1% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,832,181 shares of the financial services provider's stock after selling 1,334,654 shares during the period. Brookfield Asset Management accounts for approximately 0.8% of Mackenzie Financial Corp's portfolio, making the stock its 27th largest holding. Mackenzie Financial Corp owned approximately 2.67% of Brookfield Asset Management worth $641,026,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in BAM. Assenagon Asset Management S.A. purchased a new stake in shares of Brookfield Asset Management in the fourth quarter worth $215,000. Atomi Financial Group Inc. raised its position in shares of Brookfield Asset Management by 53.5% in the fourth quarter. Atomi Financial Group Inc. now owns 9,411 shares of the financial services provider's stock worth $510,000 after buying an additional 3,279 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of Brookfield Asset Management by 7.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 212,807 shares of the financial services provider's stock worth $11,532,000 after buying an additional 15,641 shares in the last quarter. Geneos Wealth Management Inc. purchased a new stake in shares of Brookfield Asset Management in the fourth quarter worth $195,000. Finally, Grimes & Company Inc. purchased a new stake in shares of Brookfield Asset Management in the fourth quarter worth $203,000. Hedge funds and other institutional investors own 68.41% of the company's stock.

Brookfield Asset Management Price Performance

NYSE:BAM traded down $1.31 during mid-day trading on Wednesday, reaching $56.25. 1,917,609 shares of the company's stock traded hands, compared to its average volume of 1,401,203. Brookfield Asset Management Ltd. has a 12-month low of $37.29 and a 12-month high of $62.61. The firm has a market capitalization of $90.71 billion, a price-to-earnings ratio of 42.61, a PEG ratio of 1.92 and a beta of 1.56. The company has a 50 day moving average price of $51.98 and a 200-day moving average price of $54.37.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last announced its quarterly earnings results on Tuesday, May 6th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.40. Brookfield Asset Management had a return on equity of 81.16% and a net margin of 54.47%. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.29 billion. As a group, analysts forecast that Brookfield Asset Management Ltd. will post 1.7 EPS for the current year.

Brookfield Asset Management Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, May 30th will be issued a dividend of $0.4375 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.75 dividend on an annualized basis and a yield of 3.11%. Brookfield Asset Management's dividend payout ratio is presently 124.11%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on BAM shares. Jefferies Financial Group lowered their price objective on Brookfield Asset Management from $52.00 to $46.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. Wells Fargo & Company raised their price target on Brookfield Asset Management from $54.00 to $55.00 and gave the company an "underweight" rating in a research report on Friday, May 23rd. BMO Capital Markets raised their price target on Brookfield Asset Management from $50.00 to $53.00 and gave the company a "market perform" rating in a research report on Thursday, February 13th. TD Securities raised their price target on Brookfield Asset Management from $64.00 to $66.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Finally, Hsbc Global Res upgraded Brookfield Asset Management from a "hold" rating to a "strong-buy" rating in a research report on Friday, February 14th. Two research analysts have rated the stock with a sell rating, five 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 MarketBeat, Brookfield Asset Management presently has an average rating of "Moderate Buy" and a consensus price target of $59.15.

About Brookfield Asset Management

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.