Brookfield Asset Management Ltd. (NYSE:BAM) Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. raised its position in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 1.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,805 shares of the financial services provider’s stock after purchasing an additional 1,007 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Brookfield Asset Management were worth $2,875,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Advisors Asset Management Inc. lifted its holdings in Brookfield Asset Management by 23.0% in the first quarter. Advisors Asset Management Inc. now owns 9,001 shares of the financial services provider’s stock valued at $378,000 after acquiring an additional 1,681 shares during the last quarter. Ascent Group LLC purchased a new stake in Brookfield Asset Management in the first quarter valued at $255,000. Janus Henderson Group PLC lifted its stake in shares of Brookfield Asset Management by 28.3% in the 1st quarter. Janus Henderson Group PLC now owns 81,103 shares of the financial services provider’s stock valued at $3,408,000 after purchasing an additional 17,895 shares during the last quarter. Ancora Advisors LLC grew its holdings in shares of Brookfield Asset Management by 6.5% during the 1st quarter. Ancora Advisors LLC now owns 23,399 shares of the financial services provider’s stock worth $983,000 after purchasing an additional 1,437 shares during the period. Finally, Adalta Capital Management LLC grew its holdings in shares of Brookfield Asset Management by 0.8% during the 1st quarter. Adalta Capital Management LLC now owns 43,494 shares of the financial services provider’s stock worth $1,828,000 after purchasing an additional 366 shares during the period. Hedge funds and other institutional investors own 68.41% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Wells Fargo & Company upped their target price on shares of Brookfield Asset Management from $48.00 to $51.00 and gave the company an “underweight” rating in a research report on Tuesday, November 5th. JPMorgan Chase & Co. decreased their price objective on shares of Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Jefferies Financial Group started coverage on shares of Brookfield Asset Management in a report on Friday, August 2nd. They issued a “hold” rating and a $43.00 target price for the company. Scotiabank boosted 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, Deutsche Bank Aktiengesellschaft raised their price target on Brookfield Asset Management from $56.00 to $59.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $53.46.

Brookfield Asset Management Stock Performance

Shares of BAM opened at $56.11 on Tuesday. The stock has a 50-day simple moving average of $51.36 and a 200-day simple moving average of $44.11. 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 capitalization of $24.85 billion, a PE ratio of 49.66, a PEG ratio of 2.28 and a beta of 1.42.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its quarterly earnings results on Monday, November 4th. The financial services provider reported $0.38 earnings per share (EPS) 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 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. Analysts predict that Brookfield Asset Management Ltd. will post 1.47 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The firm 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 $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date is Friday, November 29th. Brookfield Asset Management’s dividend payout ratio is presently 134.51%.

Brookfield Asset Management Company 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.