Brookfield Asset Management Ltd. $BAM Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lowered its position in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 4.9% during the second quarter, Holdings Channel reports. The firm owned 54,006 shares of the financial services provider’s stock after selling 2,811 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Brookfield Asset Management were worth $2,985,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in BAM. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Brookfield Asset Management by 975.9% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,765,220 shares of the financial services provider’s stock worth $85,463,000 after buying an additional 1,601,155 shares during the period. Millennium Management LLC boosted its holdings in shares of Brookfield Asset Management by 461.5% in the first quarter. Millennium Management LLC now owns 1,722,683 shares of the financial services provider’s stock valued at $83,464,000 after acquiring an additional 1,415,866 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Brookfield Asset Management by 58.9% during the first quarter. The Manufacturers Life Insurance Company now owns 3,360,125 shares of the financial services provider’s stock worth $163,354,000 after acquiring an additional 1,246,011 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Brookfield Asset Management by 107.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,363,192 shares of the financial services provider’s stock valued at $114,497,000 after acquiring an additional 1,224,012 shares during the period. Finally, AGF Management Ltd. raised its position in Brookfield Asset Management by 60.5% in the 1st quarter. AGF Management Ltd. now owns 1,603,608 shares of the financial services provider’s stock valued at $77,742,000 after purchasing an additional 604,395 shares during the last quarter. 68.41% of the stock is owned by hedge funds and other institutional investors.

Brookfield Asset Management Price Performance

Shares of BAM opened at $49.85 on Wednesday. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.14. The stock’s 50 day moving average is $55.80 and its two-hundred day moving average is $57.35. Brookfield Asset Management Ltd. has a twelve month low of $41.78 and a twelve month high of $64.10. The firm has a market capitalization of $81.65 billion, a PE ratio of 33.46, a P/E/G ratio of 2.04 and a beta of 1.38.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its earnings results on Friday, November 7th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. Brookfield Asset Management had a return on equity of 41.12% and a net margin of 55.92%.The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.34 billion. Research analysts anticipate that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current year.

Brookfield Asset Management Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Friday, November 28th will be issued a $0.4375 dividend. The ex-dividend date of this dividend is Friday, November 28th. This represents a $1.75 dividend on an annualized basis and a yield of 3.5%. Brookfield Asset Management’s dividend payout ratio (DPR) is 109.38%.

Analysts Set New Price Targets

BAM has been the topic of several research reports. CIBC raised their price objective on shares of Brookfield Asset Management from $70.00 to $71.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Royal Bank Of Canada raised their price target on Brookfield Asset Management from $74.00 to $76.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. National Bank Financial initiated coverage on Brookfield Asset Management in a research note on Tuesday, July 29th. They set an “outperform” rating and a $71.00 price objective for the company. BMO Capital Markets increased their price objective on Brookfield Asset Management from $53.00 to $56.00 and gave the stock a “market perform” rating in a research report on Thursday, August 7th. Finally, Morgan Stanley set a $62.00 target price on Brookfield Asset Management in a report on Monday, October 13th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $64.32.

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.