Nicola Wealth Management LTD. Sells 84,100 Shares of Brookfield Asset Management Ltd. $BAM

Key Points

• Nicola Wealth Management LTD. has reduced its stake in Brookfield Asset Management Ltd. by 38.5%, selling 84,100 shares and now holds 134,558 shares valued at $6.5 million.
• Brookfield Asset Management reported earnings of $0.38 per share, missing analyst estimates, with revenue of $1.11 billion compared to the $1.29 billion consensus estimate.
• The firm announced a quarterly dividend of $0.4375 per share, resulting in an annualized dividend yield of 3.1% with a payout ratio of 117.45%.

Nicola Wealth Management LTD. lessened its holdings in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 38.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 134,558 shares of the financial services provider's stock after selling 84,100 shares during the period. Nicola Wealth Management LTD.'s holdings in Brookfield Asset Management were worth $6,516,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. eCIO Inc. acquired a new position in Brookfield Asset Management in the first quarter worth about $64,000. Integrity Alliance LLC. acquired a new position in Brookfield Asset Management in the first quarter worth about $281,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Brookfield Asset Management by 10.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 261,050 shares of the financial services provider's stock worth $12,648,000 after purchasing an additional 24,013 shares in the last quarter. Ascent Group LLC raised its position in Brookfield Asset Management by 31.4% in the first quarter. Ascent Group LLC now owns 14,220 shares of the financial services provider's stock worth $689,000 after purchasing an additional 3,402 shares in the last quarter. Finally, United Services Automobile Association raised its position in Brookfield Asset Management by 3.6% in the first quarter. United Services Automobile Association now owns 12,824 shares of the financial services provider's stock worth $623,000 after purchasing an additional 445 shares in the last quarter. Institutional investors and hedge funds own 68.41% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. TD Securities upped their price objective on shares of Brookfield Asset Management from $66.00 to $75.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Royal Bank Of Canada assumed coverage on shares of Brookfield Asset Management in a research note on Wednesday, June 18th. They set an "outperform" rating and a $72.00 price objective on the stock. Jefferies Financial Group upped their price objective on shares of Brookfield Asset Management from $55.00 to $62.00 and gave the stock a "hold" rating in a research note on Wednesday, August 13th. BMO Capital Markets upped their price objective on shares of Brookfield Asset Management from $53.00 to $56.00 and gave the stock a "market perform" rating in a research note on Thursday, August 7th. Finally, Wells Fargo & Company upped their price objective on shares of Brookfield Asset Management from $55.00 to $57.00 and gave the stock an "underweight" rating in a research note on Friday, July 11th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $63.52.

Brookfield Asset Management Price Performance

Shares of BAM traded down $0.05 during mid-day trading on Friday, hitting $56.68. 1,694,761 shares of the company traded hands, compared to its average volume of 1,937,486. Brookfield Asset Management Ltd. has a one year low of $41.78 and a one year high of $64.10. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average of $59.83 and a 200 day moving average of $55.19. The stock has a market capitalization of $92.83 billion, a price-to-earnings ratio of 38.04, a PEG ratio of 2.07 and a beta of 1.44.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.38 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.01). Brookfield Asset Management had a net margin of 55.92% and a return on equity of 41.12%. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.29 billion. As a group, equities analysts expect that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.4375 per share. This represents a $1.75 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Friday, August 29th. Brookfield Asset Management's dividend payout ratio is 117.45%.

Brookfield Asset Management Company 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.