First Trust Advisors LP Lowers Position in Brookfield Asset Management Ltd. $BAM

First Trust Advisors LP lessened its holdings in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 94.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,507 shares of the financial services provider’s stock after selling 116,166 shares during the quarter. First Trust Advisors LP’s holdings in Brookfield Asset Management were worth $289,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Zions Bancorporation National Association UT increased its holdings in shares of Brookfield Asset Management by 241.3% in the 4th quarter. Zions Bancorporation National Association UT now owns 488 shares of the financial services provider’s stock worth $26,000 after buying an additional 345 shares during the last quarter. LOM Asset Management Ltd bought a new stake in shares of Brookfield Asset Management during the 4th quarter worth $31,000. Allworth Financial LP lifted its holdings in shares of Brookfield Asset Management by 47.8% during the 4th quarter. Allworth Financial LP now owns 1,029 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 333 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Brookfield Asset Management by 709.8% during the 4th quarter. Fifth Third Bancorp now owns 1,069 shares of the financial services provider’s stock worth $56,000 after acquiring an additional 937 shares during the last quarter. Finally, Cullen Frost Bankers Inc. grew its position in Brookfield Asset Management by 29.6% in the fourth quarter. Cullen Frost Bankers Inc. now owns 1,096 shares of the financial services provider’s stock worth $57,000 after acquiring an additional 250 shares in the last quarter. Hedge funds and other institutional investors own 68.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on BAM shares. Weiss Ratings cut Brookfield Asset Management from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, May 15th. Royal Bank Of Canada dropped their price target on Brookfield Asset Management from $74.00 to $65.00 and set an “outperform” rating for the company in a research note on Monday, May 11th. National Bank Financial upped their price objective on Brookfield Asset Management from $69.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. Scotiabank reiterated an “outperform” rating and set a $59.00 price objective on shares of Brookfield Asset Management in a research report on Thursday, August 6th. Finally, Wall Street Zen raised Brookfield Asset Management from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $59.32.

Brookfield Asset Management Stock Performance

Brookfield Asset Management stock opened at $54.49 on Thursday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.34. The firm has a market cap of $89.27 billion, a P/E ratio of 31.68, a P/E/G ratio of 2.29 and a beta of 1.26. Brookfield Asset Management Ltd. has a 1-year low of $42.20 and a 1-year high of $63.37. The firm has a 50-day moving average of $47.75 and a 200-day moving average of $47.66.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The company had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.47 billion. Brookfield Asset Management had a return on equity of 31.78% and a net margin of 48.89%. Sell-side analysts expect that Brookfield Asset Management Ltd. will post 1.76 EPS for the current year.

Brookfield Asset Management Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be paid a dividend of $0.5025 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $2.01 annualized dividend and a dividend yield of 3.7%. Brookfield Asset Management’s payout ratio is 116.86%.

About Brookfield Asset Management

Brookfield Asset Management is a global alternative asset manager headquartered in Toronto, Canada, that specializes in investments in real assets and related private equity and credit strategies. The firm acquires, manages and develops assets in sectors such as real estate, renewable power, infrastructure and private equity, seeking long-term value through active asset management and operational improvements. Brookfield structures and manages commingled funds, listed partnerships and separate accounts for institutional and retail investors.

The company’s products and services include fund management across equity and debt strategies, direct asset ownership and operations, property and facilities management, and capital markets solutions.