IHT Wealth Management LLC Invests $256,000 in Brookfield Asset Management Ltd. (NYSE:BAM)

IHT Wealth Management LLC bought a new stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 5,355 shares of the financial services provider’s stock, valued at approximately $256,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BAM. Avior Wealth Management LLC boosted its position in shares of Brookfield Asset Management by 2,857.1% during the 3rd quarter. Avior Wealth Management LLC now owns 10,350 shares of the financial services provider’s stock worth $489,000 after acquiring an additional 10,000 shares in the last quarter. Intact Investment Management Inc. purchased a new stake in Brookfield Asset Management during the second quarter worth approximately $4,825,000. LGT Capital Partners LTD. boosted its holdings in Brookfield Asset Management by 11.5% in the third quarter. LGT Capital Partners LTD. now owns 534,000 shares of the financial services provider’s stock valued at $25,273,000 after purchasing an additional 55,000 shares in the last quarter. CIBC Asset Management Inc increased its stake in Brookfield Asset Management by 10.3% in the third quarter. CIBC Asset Management Inc now owns 3,953,496 shares of the financial services provider’s stock valued at $188,057,000 after purchasing an additional 370,383 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Brookfield Asset Management by 5.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 834,929 shares of the financial services provider’s stock worth $39,516,000 after purchasing an additional 45,670 shares in the last quarter. 68.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BAM has been the subject of several research analyst reports. TD Securities upped their target price 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. Bank of America raised their price objective on Brookfield Asset Management from $41.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Keefe, Bruyette & Woods boosted their target price on Brookfield Asset Management from $44.00 to $49.00 and gave the company an “underperform” rating in a report on Tuesday, November 5th. Scotiabank upped their target price on Brookfield Asset Management from $55.50 to $59.50 and gave the company a “sector outperform” rating in a research report on Tuesday, November 5th. Finally, Wells Fargo & Company lifted their price target on Brookfield Asset Management from $48.00 to $51.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $53.46.

Brookfield Asset Management Price Performance

NYSE:BAM opened at $57.25 on Wednesday. The firm has a market cap of $24.02 billion, a price-to-earnings ratio of 50.66, a price-to-earnings-growth ratio of 2.37 and a beta of 1.41. The firm’s fifty day moving average price is $53.47 and its 200 day moving average price is $45.34. Brookfield Asset Management Ltd. has a 1-year low of $35.65 and a 1-year high of $58.53.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its earnings results 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 business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.19 billion. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 85.03%. During the same quarter in the previous year, the firm earned $0.35 earnings per share. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.52 annualized dividend and a dividend yield of 2.66%. Brookfield Asset Management’s dividend payout ratio is currently 134.51%.

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.