TD Asset Management Inc Reduces Holdings in Brookfield Asset Management Ltd. (NYSE:BAM)

Key Points

• TD Asset Management Inc reduced its stake in Brookfield Asset Management by 8.0%, selling over 1.3 million shares during the first quarter, resulting in ownership of approximately 15.34 million shares valued at $742.4 million.
• Brookfield Asset Management's latest earnings report showed earnings per share (EPS) of $0.40, matching analysts' estimates, but revenues fell short of expectations, reported at $1.04 billion versus $1.29 billion forecasted.
• The company has recently announced a quarterly dividend of $0.4375, resulting in an annualized yield of 2.78%, despite a high dividend payout ratio of 124.11%.

TD Asset Management Inc trimmed its position in shares of Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 8.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,339,316 shares of the financial services provider's stock after selling 1,325,110 shares during the period. TD Asset Management Inc owned approximately 0.94% of Brookfield Asset Management worth $742,426,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. ST Germain D J Co. Inc. purchased a new stake in shares of Brookfield Asset Management during the first quarter worth $26,000. Rossby Financial LCC purchased a new stake in shares of Brookfield Asset Management during the first quarter worth $28,000. NewEdge Advisors LLC increased its position in shares of 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 acquiring an additional 325 shares during the period. Larson Financial Group LLC increased its position in shares of Brookfield Asset Management by 1,079.6% during the first quarter. Larson Financial Group LLC now owns 1,097 shares of the financial services provider's stock worth $53,000 after acquiring an additional 1,004 shares during the period. Finally, Kapitalo Investimentos Ltda purchased a new position in Brookfield Asset Management in the fourth quarter valued at $54,000. 68.41% of the stock is currently owned by institutional investors and hedge funds.

Brookfield Asset Management Stock Performance

Shares of BAM traded up $0.03 during mid-day trading on Wednesday, hitting $62.82. 352,911 shares of the company's stock were exchanged, compared to its average volume of 2,101,410. Brookfield Asset Management Ltd. has a fifty-two week low of $38.18 and a fifty-two week high of $63.53. The firm has a market capitalization of $102.86 billion, a P/E ratio of 44.58, a P/E/G ratio of 2.44 and a beta of 1.43. The business's 50 day moving average is $57.02 and its two-hundred day moving average is $54.68. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.07.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last issued its earnings results on Tuesday, May 6th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.40. Brookfield Asset Management had a net margin of 55.26% and a return on equity of 52.70%. The company had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.29 billion. On average, equities analysts expect that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current year.

Brookfield Asset Management Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, May 30th were issued a $0.4375 dividend. The ex-dividend date was Friday, May 30th. This represents a $1.75 dividend on an annualized basis and a yield of 2.79%. Brookfield Asset Management's dividend payout ratio (DPR) is presently 124.11%.

Analyst Ratings Changes

Several research firms recently commented on BAM. National Bank Financial began coverage on Brookfield Asset Management in a report on Tuesday. They issued an "outperform" rating and a $71.00 target price on the stock. Morgan Stanley increased their target price on Brookfield Asset Management from $50.00 to $54.00 and gave the company an "equal weight" rating in a report on Friday, May 16th. TD Securities increased their target price on Brookfield Asset Management from $66.00 to $75.00 and gave the company a "buy" rating in a report on Monday. Royal Bank Of Canada started coverage on Brookfield Asset Management in a report on Wednesday, June 18th. They issued an "outperform" rating and a $72.00 target price on the stock. Finally, Wall Street Zen upgraded shares of Brookfield Asset Management from a "sell" rating to a "hold" rating in a research note on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Brookfield Asset Management has an average rating of "Moderate Buy" and an average price target of $61.63.

Brookfield Asset Management 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.