Legal & General Group Plc Sells 21,868 Shares of Brookfield Asset Management Ltd. $BAM

Legal & General Group Plc trimmed its stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 0.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 2,343,841 shares of the financial services provider’s stock after selling 21,868 shares during the quarter. Legal & General Group Plc’s holdings in Brookfield Asset Management were worth $122,933,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BAM. LOM Asset Management Ltd bought a new stake in shares of Brookfield Asset Management during the 4th quarter valued at $31,000. eCIO Inc. bought a new stake in shares of Brookfield Asset Management during the 4th quarter valued at $42,000. Assetmark Inc. raised its stake in shares of Brookfield Asset Management by 95.9% during the 3rd quarter. Assetmark Inc. now owns 807 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 395 shares during the period. Cary Street Partners Financial LLC raised its stake in shares of Brookfield Asset Management by 227.5% during the 3rd quarter. Cary Street Partners Financial LLC now owns 809 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 562 shares during the period. Finally, Cullen Frost Bankers Inc. raised its stake in shares of Brookfield Asset Management by 38.0% during the 3rd quarter. Cullen Frost Bankers Inc. now owns 846 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 233 shares during the period. 68.41% of the stock is currently owned by institutional investors.

Brookfield Asset Management Price Performance

Shares of NYSE BAM opened at $49.05 on Friday. The firm has a market capitalization of $80.35 billion, a P/E ratio of 31.85, a P/E/G ratio of 1.97 and a beta of 1.28. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.34. The stock’s 50-day simple moving average is $46.69 and its two-hundred day simple moving average is $49.54. Brookfield Asset Management Ltd. has a twelve month low of $42.20 and a twelve month high of $64.10.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its earnings results on Friday, May 8th. The financial services provider reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.43 billion. Brookfield Asset Management had a return on equity of 30.66% and a net margin of 49.69%. As a group, equities analysts anticipate that Brookfield Asset Management Ltd. will post 1.75 EPS for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Friday, May 29th will be paid a $0.5025 dividend. This represents a $2.01 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Friday, May 29th. Brookfield Asset Management’s dividend payout ratio is currently 130.52%.

Analyst Ratings Changes

A number of analysts recently issued reports on BAM shares. JPMorgan Chase & Co. decreased their price objective on Brookfield Asset Management from $72.00 to $60.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 6th. Morgan Stanley decreased their price objective on Brookfield Asset Management from $63.00 to $62.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 21st. The Goldman Sachs Group decreased their target price on Brookfield Asset Management from $60.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, April 7th. Scotiabank restated an “outperform” rating and issued a $57.00 target price (up from $56.00) on shares of Brookfield Asset Management in a research note on Monday, May 11th. Finally, Piper Sandler restated a “neutral” rating and issued a $50.00 target price (up from $48.00) on shares of Brookfield Asset Management in a research note on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $60.21.

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.