TD Asset Management Inc Buys 1,066,015 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

TD Asset Management Inc boosted its stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 8.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,552,736 shares of the financial services provider’s stock after acquiring an additional 1,066,015 shares during the period. TD Asset Management Inc owned 3.05% of Brookfield Asset Management worth $515,823,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new position in Brookfield Asset Management in the fourth quarter valued at approximately $239,421,000. FIL Ltd lifted its stake in Brookfield Asset Management by 66.1% in the fourth quarter. FIL Ltd now owns 11,314,071 shares of the financial services provider’s stock valued at $454,424,000 after buying an additional 4,501,410 shares during the period. Beutel Goodman & Co Ltd. lifted its stake in Brookfield Asset Management by 114.5% in the fourth quarter. Beutel Goodman & Co Ltd. now owns 6,922,224 shares of the financial services provider’s stock valued at $279,387,000 after buying an additional 3,695,774 shares during the period. Capital World Investors lifted its stake in Brookfield Asset Management by 10.0% in the fourth quarter. Capital World Investors now owns 24,562,364 shares of the financial services provider’s stock valued at $986,656,000 after buying an additional 2,241,372 shares during the period. Finally, Madison Asset Management LLC lifted its stake in Brookfield Asset Management by 152.9% in the fourth quarter. Madison Asset Management LLC now owns 1,440,023 shares of the financial services provider’s stock valued at $57,846,000 after buying an additional 870,700 shares during the period. 68.41% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on BAM shares. Jefferies Financial Group started coverage on Brookfield Asset Management in a research note on Friday, August 2nd. They issued a “hold” rating and a $43.00 price target on the stock. Deutsche Bank Aktiengesellschaft increased their target price on Brookfield Asset Management from $43.00 to $44.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Scotiabank cut their target price on Brookfield Asset Management from $46.00 to $45.50 and set a “sector outperform” rating on the stock in a report on Thursday, August 8th. JPMorgan Chase & Co. cut their target price on Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Finally, TD Securities increased their target price on Brookfield Asset Management from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $42.46.

Brookfield Asset Management Trading Down 0.6 %

Shares of NYSE:BAM opened at $40.43 on Thursday. The stock’s fifty day simple moving average is $40.46 and its two-hundred day simple moving average is $40.19. Brookfield Asset Management Ltd. has a 1-year low of $28.35 and a 1-year high of $44.38. The stock has a market cap of $17.94 billion, a PE ratio of 37.44, a price-to-earnings-growth ratio of 2.09 and a beta of 1.57.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its quarterly earnings data on Friday, August 9th. The financial services provider reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.01). Brookfield Asset Management had a net margin of 51.29% and a return on equity of 92.37%. The company had revenue of $916.00 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the business posted $0.28 earnings per share. On average, sell-side analysts forecast that Brookfield Asset Management Ltd. will post 1.42 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.76%. The ex-dividend date of this dividend is Friday, August 30th. Brookfield Asset Management’s dividend payout ratio is presently 140.74%.

About Brookfield Asset Management

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.