Massachusetts Financial Services Co. MA Sells 9,619 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

Massachusetts Financial Services Co. MA cut its holdings in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 0.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,891,170 shares of the financial services provider’s stock after selling 9,619 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.33% of Brookfield Asset Management worth $278,593,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of BAM. SG Americas Securities LLC acquired a new position in shares of Brookfield Asset Management during the 1st quarter valued at about $137,000. Vanguard Group Inc. raised its position in shares of Brookfield Asset Management by 1.8% in the first quarter. Vanguard Group Inc. now owns 10,760,414 shares of the financial services provider’s stock valued at $452,153,000 after purchasing an additional 186,765 shares during the period. Clearbridge Investments LLC lifted its stake in shares of Brookfield Asset Management by 14.5% in the first quarter. Clearbridge Investments LLC now owns 17,342 shares of the financial services provider’s stock worth $729,000 after buying an additional 2,198 shares during the last quarter. UniSuper Management Pty Ltd boosted its holdings in shares of Brookfield Asset Management by 79.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 5,000 shares of the financial services provider’s stock worth $210,000 after buying an additional 2,206 shares during the period. Finally, Advisors Asset Management Inc. grew its stake in Brookfield Asset Management by 23.0% in the 1st quarter. Advisors Asset Management Inc. now owns 9,001 shares of the financial services provider’s stock valued at $378,000 after buying an additional 1,681 shares during the last quarter. 68.41% of the stock is owned by institutional investors and hedge funds.

Brookfield Asset Management Stock Down 0.2 %

NYSE BAM opened at $55.45 on Friday. The stock has a market cap of $24.56 billion, a P/E ratio of 49.07, a PEG ratio of 2.29 and a beta of 1.42. Brookfield Asset Management Ltd. has a twelve month low of $33.45 and a twelve month high of $58.53. The company’s 50-day simple moving average is $51.14 and its 200 day simple moving average is $43.93.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings data on Monday, November 4th. The financial services provider reported $0.38 earnings per share for the quarter, beating the consensus estimate 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 period in the prior year, the company posted $0.35 EPS. Research analysts anticipate that Brookfield Asset Management Ltd. will post 1.47 earnings per share for the current year.

Brookfield Asset Management Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be issued a dividend of $0.38 per share. The ex-dividend date is Friday, November 29th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.74%. Brookfield Asset Management’s payout ratio is presently 134.51%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. TD Securities upped their price target on shares of Brookfield Asset Management from $61.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. decreased their target price on Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Royal Bank of Canada lifted their price target on Brookfield Asset Management from $55.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft increased their price objective on Brookfield Asset Management from $56.00 to $59.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Finally, The Goldman Sachs Group boosted their target price on shares of Brookfield Asset Management from $57.00 to $63.00 and gave the stock a “buy” rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $53.46.

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.