Marks Group Wealth Management Inc Sells 27,571 Shares of Brookfield Asset Management Ltd. $BAM

Key Points

• Marks Group Wealth Management cut its Brookfield Asset Management stake by 18.8% in the fourth quarter, selling 27,571 shares and leaving it with 119,311 shares worth about $6.25 million.
• Institutional ownership remains high, with 68.41% of shares held by institutional investors. Several other funds increased their positions during the period, including Vanguard and Connor Clark & Lunn.
• Analysts currently have a Hold consensus on Brookfield Asset Management, with an average price target of $60.21. The stock recently traded at $45.94 and the company also announced a quarterly dividend of $0.5025 per share, yielding about 4.4% annually.

Marks Group Wealth Management Inc trimmed its position in shares of Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 18.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 119,311 shares of the financial services provider's stock after selling 27,571 shares during the period. Marks Group Wealth Management Inc's holdings in Brookfield Asset Management were worth $6,251,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Brookfield Asset Management by 72.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,904,677 shares of the financial services provider's stock valued at $222,161,000 after buying an additional 1,642,375 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Brookfield Asset Management by 1.5% during the third quarter. Vanguard Group Inc. now owns 17,425,392 shares of the financial services provider's stock valued at $991,677,000 after buying an additional 253,789 shares during the last quarter. Cumberland Partners Ltd raised its position in shares of Brookfield Asset Management by 78.0% during the third quarter. Cumberland Partners Ltd now owns 126,015 shares of the financial services provider's stock valued at $7,168,000 after buying an additional 55,225 shares during the last quarter. Hillsdale Investment Management Inc. raised its position in shares of Brookfield Asset Management by 65.6% during the third quarter. Hillsdale Investment Management Inc. now owns 254,212 shares of the financial services provider's stock valued at $14,463,000 after buying an additional 100,713 shares during the last quarter. Finally, Fiera Capital Corp raised its position in shares of Brookfield Asset Management by 21.7% during the third quarter. Fiera Capital Corp now owns 184,728 shares of the financial services provider's stock valued at $10,509,000 after buying an additional 32,923 shares during the last quarter. 68.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Morgan Stanley cut their price objective on shares of Brookfield Asset Management from $63.00 to $62.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 21st. Zacks Research lowered shares of Brookfield Asset Management from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 20th. The Goldman Sachs Group cut their price objective on shares of Brookfield Asset Management from $60.00 to $49.00 and set a "buy" rating for the company in a research report on Tuesday, April 7th. Scotiabank reaffirmed an "outperform" rating and set a $57.00 price objective (up from $56.00) on shares of Brookfield Asset Management in a research report on Monday, May 11th. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $50.00 price objective (up from $48.00) on shares of Brookfield Asset Management in a research report on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $60.21.

Brookfield Asset Management Stock Performance

NYSE BAM opened at $45.94 on Tuesday. The stock has a market cap of $75.25 billion, a P/E ratio of 29.83, a PEG ratio of 1.85 and a beta of 1.26. The company's 50-day simple moving average is $47.18 and its 200 day simple moving average is $49.28. Brookfield Asset Management Ltd. has a twelve month low of $42.20 and a twelve month high of $64.10. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.34.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last posted its earnings results on Friday, May 8th. The financial services provider reported $0.43 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.02. The business had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.43 billion. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 30.66%. As a group, research analysts forecast that Brookfield Asset Management Ltd. will post 1.75 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, May 29th will be paid a $0.5025 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $2.01 dividend on an annualized basis and a yield of 4.4%. Brookfield Asset Management's payout ratio is presently 130.52%.

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.

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