Clearstead Trust LLC Takes $85,000 Position in Brookfield Asset Management Ltd. (NYSE:BAM)

Clearstead Trust LLC acquired a new stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 1,575 shares of the financial services provider’s stock, valued at approximately $85,000.

Several other hedge funds have also modified their holdings of the stock. Bank of Montreal Can raised its stake in shares of Brookfield Asset Management by 0.5% in the third quarter. Bank of Montreal Can now owns 9,236,374 shares of the financial services provider’s stock valued at $435,729,000 after acquiring an additional 43,134 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Brookfield Asset Management by 0.7% in the fourth quarter. Principal Financial Group Inc. now owns 8,930,366 shares of the financial services provider’s stock valued at $483,963,000 after acquiring an additional 62,908 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Brookfield Asset Management by 103.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,997,157 shares of the financial services provider’s stock valued at $216,507,000 after acquiring an additional 2,031,995 shares in the last quarter. CIBC Asset Management Inc raised its stake in shares of 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 acquiring an additional 370,383 shares in the last quarter. Finally, Douglass Winthrop Advisors LLC raised its stake in shares of Brookfield Asset Management by 3.9% in the third quarter. Douglass Winthrop Advisors LLC now owns 2,670,488 shares of the financial services provider’s stock valued at $126,287,000 after acquiring an additional 99,020 shares in the last quarter. 68.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on BAM shares. TD Securities increased their price objective on Brookfield Asset Management from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, February 10th. Scotiabank cut their price target on Brookfield Asset Management from $63.00 to $62.50 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. UBS Group initiated coverage on Brookfield Asset Management in a research note on Monday, December 16th. They issued a “buy” rating on the stock. StockNews.com cut Brookfield Asset Management from a “hold” rating to a “sell” rating in a research note on Thursday, January 9th. Finally, The Goldman Sachs Group raised their price target on Brookfield Asset Management from $57.00 to $63.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $56.71.

Brookfield Asset Management Stock Performance

Shares of BAM stock opened at $46.89 on Friday. The stock’s 50-day moving average is $55.73 and its two-hundred day moving average is $52.91. The firm has a market cap of $20.78 billion, a price-to-earnings ratio of 35.52, a PEG ratio of 1.92 and a beta of 1.50. Brookfield Asset Management Ltd. has a 1 year low of $37.29 and a 1 year high of $62.61.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.01. Brookfield Asset Management had a return on equity of 81.16% and a net margin of 54.47%. As a group, research analysts predict that Brookfield Asset Management Ltd. will post 1.7 EPS for the current year.

Brookfield Asset Management Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, February 28th will be issued a dividend of $0.4375 per share. The ex-dividend date is Friday, February 28th. This represents a $1.75 dividend on an annualized basis and a dividend yield of 3.73%. This is a positive change from Brookfield Asset Management’s previous quarterly dividend of $0.38. Brookfield Asset Management’s dividend payout ratio (DPR) is currently 132.58%.

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.