The Manufacturers Life Insurance Company Sells 619,853 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

The Manufacturers Life Insurance Company decreased its position in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 22.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,114,114 shares of the financial services provider’s stock after selling 619,853 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.48% of Brookfield Asset Management worth $114,715,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Truvestments Capital LLC increased its stake in shares of Brookfield Asset Management by 487.2% in the 4th quarter. Truvestments Capital LLC now owns 505 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 419 shares in the last quarter. Mountain Hill Investment Partners Corp. bought a new stake in Brookfield Asset Management in the fourth quarter valued at $32,000. Versant Capital Management Inc raised its holdings in shares of Brookfield Asset Management by 1,606.3% during the fourth quarter. Versant Capital Management Inc now owns 819 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 771 shares during the period. NewEdge Advisors LLC boosted its position in shares of Brookfield Asset Management by 61.0% during the 4th quarter. NewEdge Advisors LLC now owns 858 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 325 shares in the last quarter. Finally, Redwood Park Advisors LLC bought a new position in shares of Brookfield Asset Management during the 4th quarter worth about $64,000. Institutional investors own 68.41% of the company’s stock.

Brookfield Asset Management Price Performance

Shares of BAM opened at $53.30 on Tuesday. Brookfield Asset Management Ltd. has a 1 year low of $37.29 and a 1 year high of $62.61. The company has a 50 day simple moving average of $50.04 and a two-hundred day simple moving average of $53.80. The firm has a market cap of $87.27 billion, a P/E ratio of 40.38, a price-to-earnings-growth ratio of 1.92 and a beta of 1.63.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its earnings results on Wednesday, February 12th. The financial services provider reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.01. Brookfield Asset Management had a net margin of 54.47% and a return on equity of 81.16%. On average, sell-side analysts anticipate that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current year.

Brookfield Asset Management Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, February 28th were paid a dividend of $0.4375 per share. This is a positive change from Brookfield Asset Management’s previous quarterly dividend of $0.38. This represents a $1.75 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date was Friday, February 28th. Brookfield Asset Management’s payout ratio is currently 132.58%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BAM. Scotiabank dropped their price target on shares of Brookfield Asset Management from $62.50 to $58.00 and set a “sector outperform” rating on the stock in a research report on Monday, April 7th. Morgan Stanley dropped their price target on shares of Brookfield Asset Management from $62.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday, April 14th. Jefferies Financial Group dropped their price target on shares of Brookfield Asset Management from $52.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. Hsbc Global Res raised shares of Brookfield Asset Management from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 14th. Finally, BMO Capital Markets raised their price target on shares of Brookfield Asset Management from $50.00 to $53.00 and gave the company a “market perform” rating in a research report on Thursday, February 13th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.15.

Brookfield Asset Management 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.