The Manufacturers Life Insurance Company Acquires 716,892 Shares of Brookfield Asset Management Ltd. $BAM

The Manufacturers Life Insurance Company boosted its stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 15.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 5,319,506 shares of the financial services provider’s stock after buying an additional 716,892 shares during the period. The Manufacturers Life Insurance Company’s holdings in Brookfield Asset Management were worth $236,308,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. AQR Capital Management LLC bought a new stake in shares of Brookfield Asset Management during the first quarter worth $235,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Brookfield Asset Management by 10.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 261,050 shares of the financial services provider’s stock worth $12,648,000 after purchasing an additional 24,013 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in Brookfield Asset Management by 24.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,512 shares of the financial services provider’s stock worth $139,000 after purchasing an additional 497 shares during the period. Cerity Partners LLC increased its holdings in Brookfield Asset Management by 17.6% during the 2nd quarter. Cerity Partners LLC now owns 34,666 shares of the financial services provider’s stock worth $1,916,000 after purchasing an additional 5,184 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Brookfield Asset Management by 11,172.2% in the 2nd quarter. State Street Corp now owns 3,524,700 shares of the financial services provider’s stock valued at $194,845,000 after purchasing an additional 3,493,431 shares during the period. Institutional investors own 68.41% of the company’s stock.

Brookfield Asset Management Price Performance

Shares of NYSE BAM opened at $47.59 on Tuesday. The stock has a market capitalization of $77.96 billion, a price-to-earnings ratio of 30.90, a PEG ratio of 1.89 and a beta of 1.29. The business has a 50-day moving average of $46.98 and a 200-day moving average of $47.77. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.38 and a quick ratio of 1.38. Brookfield Asset Management Ltd. has a fifty-two week low of $42.20 and a fifty-two week high of $64.10.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its earnings results on Friday, May 8th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. Brookfield Asset Management had a return on equity of 30.66% and a net margin of 49.69%.The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.43 billion. As a group, sell-side analysts predict that Brookfield Asset Management Ltd. will post 1.76 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Friday, May 29th were given a dividend of $0.5025 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $2.01 annualized dividend and a dividend yield of 4.2%. Brookfield Asset Management’s payout ratio is 130.52%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. JPMorgan Chase & Co. cut their price target on Brookfield Asset Management from $72.00 to $60.00 and set a “neutral” rating on the stock in a report on Wednesday, May 6th. Morgan Stanley set a $56.00 target price on Brookfield Asset Management and gave the company an “equal weight” rating in a research note on Tuesday, July 21st. Scotiabank reaffirmed an “outperform” rating and set a $57.00 price target (up from $56.00) on shares of Brookfield Asset Management in a research report on Monday, May 11th. The Goldman Sachs Group decreased their price target on shares of Brookfield Asset Management from $60.00 to $49.00 and set a “buy” rating for the company in a research note on Tuesday, April 7th. Finally, Wall Street Zen downgraded shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $59.03.

Brookfield Asset Management Profile

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.