Summit Securities Group LLC Purchases New Stake in Brookfield Asset Management Ltd. (NYSE:BAM)

Summit Securities Group LLC acquired a new position in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) in the 4th quarter, HoldingsChannel reports. The fund acquired 2,800 shares of the financial services provider’s stock, valued at approximately $152,000.

Several other large investors also recently made changes to their positions in BAM. Truvestments Capital LLC grew its stake in shares of Brookfield Asset Management by 487.2% in the fourth quarter. Truvestments Capital LLC now owns 505 shares of the financial services provider’s stock valued at $27,000 after buying an additional 419 shares in the last quarter. Mountain Hill Investment Partners Corp. acquired a new position in shares of Brookfield Asset Management in the 4th quarter worth approximately $32,000. Versant Capital Management Inc raised its stake in Brookfield Asset Management by 1,606.3% during the fourth quarter. Versant Capital Management Inc now owns 819 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 771 shares during the period. Continuum Advisory LLC boosted its holdings in shares of Brookfield Asset Management by 42.2% during the third quarter. Continuum Advisory LLC now owns 1,109 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 329 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Brookfield Asset Management by 35.1% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,227 shares of the financial services provider’s stock worth $66,000 after buying an additional 319 shares during the period. Institutional investors and hedge funds own 68.41% of the company’s stock.

Brookfield Asset Management Trading Down 3.8 %

BAM stock opened at $48.48 on Friday. Brookfield Asset Management Ltd. has a 12 month low of $37.29 and a 12 month high of $62.61. The stock has a market capitalization of $79.37 billion, a P/E ratio of 36.72, a price-to-earnings-growth ratio of 1.92 and a beta of 1.50. The firm has a 50-day moving average price of $54.84 and a 200-day moving average price of $53.59.

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

Brookfield Asset Management Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, February 28th will be given a $0.4375 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.75 annualized dividend and a yield of 3.61%. This is a boost from Brookfield Asset Management’s previous quarterly dividend of $0.38. Brookfield Asset Management’s payout ratio is currently 132.58%.

Wall Street Analysts Forecast Growth

BAM has been the topic of a number of research analyst reports. Scotiabank lowered their price objective on shares of 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 started coverage on shares of Brookfield Asset Management in a research report on Monday, December 16th. They set a “buy” rating on the stock. StockNews.com upgraded shares of Brookfield Asset Management from a “sell” rating to a “hold” rating in a research report on Thursday, March 20th. HSBC upgraded shares of Brookfield Asset Management from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Finally, Wells Fargo & Company reduced their price objective on Brookfield Asset Management from $54.00 to $50.00 and set an “underweight” rating for the company in a research report on Thursday, March 20th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Brookfield Asset Management presently has an average rating of “Moderate Buy” and a consensus target price of $56.38.

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.