Russell Investments Group Ltd. Trims Stock Position in Brookfield Asset Management Ltd. $BAM

Key Points

• Russell Investments Group Ltd. has reduced its stake in Brookfield Asset Management by 33.2%, holding 97,865 shares after selling 48,644 shares during the first quarter.
• Brookfield Asset Management's recent earnings report showed $0.38 EPS, which missed analysts' estimates of $0.39, alongside revenues of $1.1 billion compared to a consensus of $1.29 billion.
• The company declared a quarterly dividend of $0.4375 per share, with an annualized yield of 3.0%, despite a payout ratio of 117.45%.

Russell Investments Group Ltd. trimmed its holdings in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 33.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 97,865 shares of the financial services provider's stock after selling 48,644 shares during the quarter. Russell Investments Group Ltd.'s holdings in Brookfield Asset Management were worth $4,737,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of BAM. Kirr Marbach & Co. LLC IN raised its position in shares of Brookfield Asset Management by 0.6% during the 1st quarter. Kirr Marbach & Co. LLC IN now owns 35,400 shares of the financial services provider's stock valued at $1,715,000 after buying an additional 203 shares during the period. Focus Financial Network Inc. raised its position in shares of Brookfield Asset Management by 5.2% during the 1st quarter. Focus Financial Network Inc. now owns 4,442 shares of the financial services provider's stock valued at $215,000 after buying an additional 218 shares during the period. NewEdge Advisors LLC increased its holdings in Brookfield Asset Management by 61.0% in the 4th quarter. NewEdge Advisors LLC now owns 858 shares of the financial services provider's stock valued at $47,000 after purchasing an additional 325 shares during the last quarter. Rossby Financial LCC acquired a new stake in Brookfield Asset Management in the 1st quarter valued at approximately $28,000. Finally, ST Germain D J Co. Inc. acquired a new stake in Brookfield Asset Management in the 1st quarter valued at approximately $26,000. 68.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on BAM. Morgan Stanley lifted their target price on shares of Brookfield Asset Management from $50.00 to $54.00 and gave the company an "equal weight" rating in a report on Friday, May 16th. National Bankshares set a $71.00 target price on shares of Brookfield Asset Management and gave the company an "outperform" rating in a report on Tuesday, July 29th. BMO Capital Markets lifted their target price on shares of Brookfield Asset Management from $53.00 to $56.00 and gave the company a "market perform" rating in a report on Thursday, August 7th. Jefferies Financial Group lifted their target price on shares of Brookfield Asset Management from $55.00 to $62.00 and gave the company a "hold" rating in a report on Wednesday, August 13th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Brookfield Asset Management from $51.00 to $55.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Brookfield Asset Management has a consensus rating of "Moderate Buy" and a consensus price target of $63.33.

Brookfield Asset Management Stock Up 0.4%

NYSE:BAM traded up $0.25 during midday trading on Wednesday, reaching $60.47. The company had a trading volume of 3,312,737 shares, compared to its average volume of 1,684,387. The firm has a market capitalization of $99.03 billion, a price-to-earnings ratio of 40.58, a PEG ratio of 2.20 and a beta of 1.44. The stock's fifty day simple moving average is $59.13 and its 200-day simple moving average is $55.23. Brookfield Asset Management Ltd. has a 12-month low of $39.19 and a 12-month 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.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.01). The firm had revenue of $1,107,960 billion for the quarter, compared to analysts' expectations of $1.29 billion. Brookfield Asset Management had a return on equity of 41.12% and a net margin of 55.92%. On average, sell-side analysts anticipate that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.4375 per share. This represents a $1.75 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, August 29th. Brookfield Asset Management's 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.