Bank of New York Mellon Corp Buys 286,760 Shares of Brookfield Asset Management Ltd. $BAM

Bank of New York Mellon Corp boosted its position in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 43.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 941,475 shares of the financial services provider’s stock after buying an additional 286,760 shares during the quarter. Bank of New York Mellon Corp’s holdings in Brookfield Asset Management were worth $52,045,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of BAM. Carson Advisory Inc. lifted its position in Brookfield Asset Management by 5.2% in the second quarter. Carson Advisory Inc. now owns 8,050 shares of the financial services provider’s stock worth $445,000 after purchasing an additional 400 shares during the period. Strs Ohio acquired a new position in Brookfield Asset Management in the second quarter worth about $18,587,000. Amalgamated Bank bought a new position in Brookfield Asset Management during the second quarter worth about $1,980,000. Keybank National Association OH boosted its holdings in Brookfield Asset Management by 9.0% during the second quarter. Keybank National Association OH now owns 5,134 shares of the financial services provider’s stock valued at $284,000 after purchasing an additional 422 shares in the last quarter. Finally, Arkadios Wealth Advisors bought a new stake in shares of Brookfield Asset Management in the 2nd quarter valued at approximately $225,000. Institutional investors own 68.41% of the company’s stock.

Brookfield Asset Management Trading Up 0.9%

Shares of BAM opened at $54.01 on Wednesday. The stock’s fifty day simple moving average is $56.43 and its 200-day simple moving average is $57.43. The firm has a market capitalization of $88.45 billion, a PE ratio of 36.24, a price-to-earnings-growth ratio of 2.04 and a beta of 1.38. Brookfield Asset Management Ltd. has a 12-month low of $41.78 and a 12-month high of $64.10. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.14.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its quarterly earnings data on Friday, November 7th. The financial services provider reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.02. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Brookfield Asset Management had a return on equity of 41.12% and a net margin of 55.92%. As a group, research analysts predict that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current year.

Brookfield Asset Management Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Friday, November 28th will be issued a dividend of $0.4375 per share. This represents a $1.75 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Friday, November 28th. Brookfield Asset Management’s payout ratio is currently 109.38%.

Analysts Set New Price Targets

Several analysts recently commented on the company. National Bank Financial began coverage on Brookfield Asset Management in a research note on Tuesday, July 29th. They issued an “outperform” rating and a $71.00 price target on the stock. Bank of America downgraded shares of Brookfield Asset Management from a “buy” rating to a “neutral” rating and set a $68.00 target price on the stock. in a research note on Thursday, September 4th. BMO Capital Markets increased their target price on shares of Brookfield Asset Management from $53.00 to $56.00 and gave the stock a “market perform” rating in a research report on Thursday, August 7th. TD Securities boosted their price target on shares of Brookfield Asset Management from $66.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, July 28th. Finally, National Bankshares dropped their price objective on shares of Brookfield Asset Management from $71.00 to $69.00 and set an “outperform” rating for the company in a report on Monday, October 27th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Brookfield Asset Management presently has an average rating of “Moderate Buy” and a consensus price target of $64.23.

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.