JPMorgan Chase & Co. Lowers Stock Holdings in Brookfield Asset Management Ltd. (NYSE:BAM)

JPMorgan Chase & Co. decreased its position in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 9.6% during the 3rd quarter, Holdings Channel.com reports. The fund owned 1,519,191 shares of the financial services provider’s stock after selling 161,873 shares during the period. JPMorgan Chase & Co.’s holdings in Brookfield Asset Management were worth $71,843,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. The Manufacturers Life Insurance Company increased its position in shares of Brookfield Asset Management by 68.5% during the second quarter. The Manufacturers Life Insurance Company now owns 6,859,094 shares of the financial services provider’s stock worth $260,770,000 after acquiring an additional 2,788,611 shares during the period. Mackenzie Financial Corp boosted its stake in shares of Brookfield Asset Management by 19.5% in the 2nd quarter. Mackenzie Financial Corp now owns 13,523,306 shares of the financial services provider’s stock valued at $514,867,000 after buying an additional 2,205,040 shares during the period. Dimensional Fund Advisors LP acquired a new position in shares of Brookfield Asset Management during the second quarter worth about $42,160,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Brookfield Asset Management by 66.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,965,162 shares of the financial services provider’s stock worth $92,896,000 after buying an additional 784,250 shares during the period. Finally, Segall Bryant & Hamill LLC purchased a new position in Brookfield Asset Management in the third quarter worth approximately $19,075,000. 68.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on BAM shares. The Goldman Sachs Group raised their price objective on shares of Brookfield Asset Management from $57.00 to $63.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Bank of America raised their target price on Brookfield Asset Management from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. StockNews.com upgraded shares of Brookfield Asset Management from a “sell” rating to a “hold” rating in a research note on Thursday, November 21st. Wells Fargo & Company upped their target price on shares of Brookfield Asset Management from $51.00 to $56.00 and gave the company an “underweight” rating in a report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Brookfield Asset Management from $56.00 to $59.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $54.54.

Brookfield Asset Management Price Performance

NYSE:BAM opened at $54.68 on Friday. The firm has a market cap of $24.23 billion, a price-to-earnings ratio of 48.39, a price-to-earnings-growth ratio of 2.43 and a beta of 1.41. Brookfield Asset Management Ltd. has a 1-year low of $37.19 and a 1-year high of $59.58. The firm’s fifty day moving average price is $55.86 and its 200 day moving average price is $47.36.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its quarterly earnings data on Monday, November 4th. The financial services provider reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.19 billion. Brookfield Asset Management had a return on equity of 85.03% and a net margin of 49.69%. During the same quarter in the previous year, the company earned $0.35 EPS. As a group, analysts expect that Brookfield Asset Management Ltd. will post 1.47 earnings per share for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th were issued a $0.38 dividend. The ex-dividend date was Friday, November 29th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.78%. Brookfield Asset Management’s dividend payout ratio is presently 134.51%.

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.