Ritholtz Wealth Management Sells 7,764 Shares of Brookfield Asset Management Ltd. $BAM

Key Points

• Ritholtz Wealth Management significantly reduced its stake in Brookfield Asset Management by 59.7%, selling 7,764 shares and holding 5,241 shares valued at approximately $290,000.
• Several institutional investors increased their positions in Brookfield Asset Management, with BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosting its holdings by 975.9% in the first quarter, now owning over 1.7 million shares.
• Brookfield Asset Management reported a quarterly earnings miss with $0.38 earnings per share against a consensus estimate of $0.39, along with a revenue of $1.11 billion compared to expected $1.29 billion.

Ritholtz Wealth Management decreased its stake in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 59.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,241 shares of the financial services provider's stock after selling 7,764 shares during the period. Ritholtz Wealth Management's holdings in Brookfield Asset Management were worth $290,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in BAM. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Brookfield Asset Management by 975.9% in the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,765,220 shares of the financial services provider's stock worth $85,463,000 after buying an additional 1,601,155 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Brookfield Asset Management by 461.5% in the 1st quarter. Millennium Management LLC now owns 1,722,683 shares of the financial services provider's stock worth $83,464,000 after buying an additional 1,415,866 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Brookfield Asset Management by 58.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 3,360,125 shares of the financial services provider's stock worth $163,354,000 after buying an additional 1,246,011 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Brookfield Asset Management by 107.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,363,192 shares of the financial services provider's stock worth $114,497,000 after buying an additional 1,224,012 shares during the last quarter. Finally, AGF Management Ltd. increased its holdings in shares of Brookfield Asset Management by 60.5% in the 1st quarter. AGF Management Ltd. now owns 1,603,608 shares of the financial services provider's stock worth $77,742,000 after buying an additional 604,395 shares during the last quarter. Institutional investors own 68.41% of the company's stock.

Brookfield Asset Management Trading Up 0.8%

Shares of BAM opened at $54.62 on Tuesday. The stock has a market capitalization of $89.45 billion, a P/E ratio of 36.66, a PEG ratio of 2.02 and a beta of 1.39. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.14. The firm has a fifty day simple moving average of $58.55 and a two-hundred day simple moving average of $56.67. Brookfield Asset Management Ltd. has a twelve month low of $41.78 and a twelve month high of $64.10.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last announced its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.01). The firm had revenue of $1.11 billion for 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%. On average, research analysts anticipate that Brookfield Asset Management Ltd. will post 1.7 EPS for the current year.

Brookfield Asset Management Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Friday, August 29th were given a dividend of $0.4375 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $1.75 annualized dividend and a yield of 3.2%. Brookfield Asset Management's dividend payout ratio is presently 117.45%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of Brookfield Asset Management in a report on Wednesday, October 8th. TD Securities increased their target price 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. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $58.00 target price on shares of Brookfield Asset Management in a report on Thursday, August 7th. Scotiabank increased their target price on shares of Brookfield Asset Management from $66.00 to $67.25 and gave the company a "sector outperform" rating in a report on Thursday, August 7th. Finally, Wells Fargo & Company increased their target price on shares of Brookfield Asset Management from $55.00 to $57.00 and gave the company an "underweight" rating in a report on Friday, July 11th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $64.27.

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.

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