Brookfield Asset Management Ltd. $BAM Shares Purchased by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company increased its stake in Brookfield Asset Management Ltd. by 58.9%, acquiring an additional 1,246,011 shares, raising its total ownership to approximately 3.36 million shares valued at $163.35 million.
• Brookfield Asset Management recently announced a quarterly dividend of $0.4375 per share, representing an annualized dividend yield of 2.9%.
• Despite missing earnings expectations, the stock currently has a consensus rating of "Moderate Buy" and a target price of $63.33 from analysts.

The Manufacturers Life Insurance Company increased its position in shares of Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 58.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,360,125 shares of the financial services provider's stock after purchasing an additional 1,246,011 shares during the period. The Manufacturers Life Insurance Company owned 0.21% of Brookfield Asset Management worth $163,354,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rossby Financial LCC acquired a new position in Brookfield Asset Management in the first quarter valued at $28,000. ST Germain D J Co. Inc. acquired a new position in Brookfield Asset Management in the first quarter valued at $26,000. NewEdge Advisors LLC boosted its stake in Brookfield Asset Management by 61.0% in the fourth quarter. NewEdge Advisors LLC now owns 858 shares of the financial services provider's stock valued at $47,000 after acquiring an additional 325 shares in the last quarter. Truvestments Capital LLC boosted its stake in Brookfield Asset Management by 85.5% in the first quarter. Truvestments Capital LLC now owns 937 shares of the financial services provider's stock valued at $45,000 after acquiring an additional 432 shares in the last quarter. Finally, Larson Financial Group LLC boosted its stake in Brookfield Asset Management by 1,079.6% in the first quarter. Larson Financial Group LLC now owns 1,097 shares of the financial services provider's stock valued at $53,000 after acquiring an additional 1,004 shares in the last quarter. Institutional investors and hedge funds own 68.41% of the company's stock.

Brookfield Asset Management Stock Performance

NYSE:BAM traded down $0.12 during mid-day trading on Thursday, reaching $58.39. The stock had a trading volume of 570,921 shares, compared to its average volume of 2,054,961. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.25 and a current ratio of 1.25. The firm has a market capitalization of $95.62 billion, a price-to-earnings ratio of 39.14, a PEG ratio of 2.20 and a beta of 1.44. Brookfield Asset Management Ltd. has a twelve month low of $40.44 and a twelve month high of $64.10. The business has a 50 day simple moving average of $59.65 and a 200 day simple moving average of $55.32.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.38 EPS for the quarter, missing analysts' consensus estimates 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 firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.29 billion. On average, analysts expect that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current fiscal year.

Brookfield Asset Management Dividend Announcement

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

Analyst Ratings Changes

A number of research firms recently issued reports on BAM. Morgan Stanley raised their price target on Brookfield Asset Management from $50.00 to $54.00 and gave the stock an "equal weight" rating in a report on Friday, May 16th. National Bankshares set a $71.00 price objective on Brookfield Asset Management and gave the company an "outperform" rating in a research note on Tuesday, July 29th. Wells Fargo & Company upped their price objective on Brookfield Asset Management from $55.00 to $57.00 and gave the company an "underweight" rating in a research note on Friday, July 11th. TD Securities upped their price objective on Brookfield Asset Management from $66.00 to $75.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $58.00 price objective on shares of Brookfield Asset Management in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $63.52.

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.