Raymond James Trust N.A. Trims Stock Holdings in Brookfield Asset Management Ltd. (NYSE:BAM)

Raymond James Trust N.A. cut its holdings in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 2.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,300 shares of the financial services provider’s stock after selling 229 shares during the period. Raymond James Trust N.A.’s holdings in Brookfield Asset Management were worth $393,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of BAM. TD Asset Management Inc lifted its position in Brookfield Asset Management by 8.5% during the 2nd quarter. TD Asset Management Inc now owns 13,552,736 shares of the financial services provider’s stock worth $515,823,000 after acquiring an additional 1,066,015 shares during the period. Mackenzie Financial Corp raised its stake in shares of Brookfield Asset Management by 19.5% during the second quarter. Mackenzie Financial Corp now owns 13,523,306 shares of the financial services provider’s stock worth $514,867,000 after purchasing an additional 2,205,040 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Brookfield Asset Management by 0.3% during the third quarter. Principal Financial Group Inc. now owns 8,867,458 shares of the financial services provider’s stock worth $419,400,000 after purchasing an additional 24,409 shares during the period. The Manufacturers Life Insurance Company grew its position in Brookfield Asset Management by 68.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,859,094 shares of the financial services provider’s stock valued at $260,770,000 after buying an additional 2,788,611 shares during the last quarter. Finally, CIBC Asset Management Inc increased its stake in Brookfield Asset Management by 10.3% in the 3rd quarter. CIBC Asset Management Inc now owns 3,953,496 shares of the financial services provider’s stock valued at $188,057,000 after buying an additional 370,383 shares during the period. 68.41% of the stock is owned by institutional investors and hedge funds.

Brookfield Asset Management Price Performance

Shares of BAM opened at $57.81 on Wednesday. Brookfield Asset Management Ltd. has a 1-year low of $33.45 and a 1-year high of $58.53. The stock has a market cap of $25.61 billion, a price-to-earnings ratio of 51.16, a price-to-earnings-growth ratio of 2.28 and a beta of 1.42. The firm has a 50 day simple moving average of $51.61 and a 200-day simple moving average of $44.24.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings results on Monday, November 4th. The financial services provider reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations 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 previous year, the firm posted $0.35 earnings per share. On average, equities 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 company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be paid a dividend of $0.38 per share. The ex-dividend date is Friday, November 29th. This represents a $1.52 annualized dividend and a dividend yield of 2.63%. Brookfield Asset Management’s dividend payout ratio is currently 134.51%.

Analyst Ratings Changes

Several analysts have recently commented on BAM shares. StockNews.com upgraded shares of Brookfield Asset Management from a “sell” rating to a “hold” rating in a research note on Thursday, November 21st. Jefferies Financial Group started coverage on Brookfield Asset Management in a research report on Friday, August 2nd. They set a “hold” rating and a $43.00 target price on the stock. JPMorgan Chase & Co. reduced their price target on Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Bank of America upped 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. Finally, BMO Capital Markets raised their target price on Brookfield Asset Management from $40.00 to $50.00 and gave the company a “market perform” rating in a 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 assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $53.46.

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.