Brookfield Asset Management Ltd. $BAM Shares Sold by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. reduced its stake in Brookfield Asset Management by 7.5%, selling 16,759 shares during the first quarter, leading to a total of 205,966 shares held.
• Brookfield Asset Management's stock recently reported a quarterly earnings miss, with $0.38 earnings per share against a consensus estimate of $0.39 and revenue of $1.11 billion, below the expected $1.29 billion.
• The firm declared a quarterly dividend of $0.4375 per share, which represents an annualized dividend of $1.75 and a yield of 2.9%, despite a high dividend payout ratio of 117.45%.

Raymond James Financial Inc. cut its position in shares of Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 7.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 205,966 shares of the financial services provider's stock after selling 16,759 shares during the period. Raymond James Financial Inc.'s holdings in Brookfield Asset Management were worth $9,979,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in BAM. Barclays PLC boosted its holdings in Brookfield Asset Management by 274.0% during the fourth quarter. Barclays PLC now owns 7,492 shares of the financial services provider's stock worth $406,000 after buying an additional 5,489 shares in the last quarter. NewEdge Advisors LLC boosted its holdings in Brookfield Asset Management by 61.0% during the fourth quarter. NewEdge Advisors LLC now owns 858 shares of the financial services provider's stock worth $47,000 after buying an additional 325 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Brookfield Asset Management by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,910 shares of the financial services provider's stock worth $754,000 after buying an additional 882 shares in the last quarter. Northern Trust Corp boosted its holdings in Brookfield Asset Management by 63.0% during the fourth quarter. Northern Trust Corp now owns 426,594 shares of the financial services provider's stock worth $23,117,000 after buying an additional 164,809 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in Brookfield Asset Management by 139.2% during the fourth quarter. Ameriprise Financial Inc. now owns 406,376 shares of the financial services provider's stock valued at $22,237,000 after purchasing an additional 236,495 shares in the last quarter. 68.41% of the stock is owned by hedge funds and other institutional investors.

Brookfield Asset Management Trading Up 0.3%

Shares of Brookfield Asset Management stock traded up $0.16 on Thursday, reaching $58.67. The company had a trading volume of 881,768 shares, compared to its average volume of 2,056,491. The firm's 50 day moving average price is $59.65 and its two-hundred day moving average price is $55.32. The firm has a market cap of $96.08 billion, a PE ratio of 39.37, a PEG ratio of 2.20 and a beta of 1.44. Brookfield Asset Management Ltd. has a 52-week low of $40.44 and a 52-week high of $64.10. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.25 and a current ratio of 1.25.

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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.39 by ($0.01). The company had revenue of $1.11 billion during the quarter, compared to analysts' expectations of $1.29 billion. Brookfield Asset Management had a net margin of 55.92% and a return on equity of 41.12%. Sell-side analysts predict that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a $0.4375 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.75 dividend on an annualized basis and a dividend yield of 3.0%. Brookfield Asset Management's payout ratio is 117.45%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Royal Bank Of Canada assumed coverage on shares of Brookfield Asset Management in a report on Wednesday, June 18th. They set an "outperform" rating and a $72.00 price objective on the stock. TD Securities increased their price objective on shares of Brookfield Asset Management from $66.00 to $75.00 and gave the company a "buy" rating in a report on Monday, July 28th. JPMorgan Chase & Co. raised their price target on shares of Brookfield Asset Management from $51.00 to $55.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. National Bank Financial initiated coverage on shares of Brookfield Asset Management in a research note on Tuesday, July 29th. They issued an "outperform" rating and a $71.00 price target on the stock. Finally, Wells Fargo & Company raised their price target 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 equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $63.52.

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.