Ritholtz Wealth Management Reduces Holdings in Brookfield Asset Management Ltd. $BAM

Ritholtz Wealth Management trimmed its stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 59.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,241 shares of the financial services provider’s stock after selling 7,764 shares during the period. Ritholtz Wealth Management’s holdings in Brookfield Asset Management were worth $290,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. TD Asset Management Inc lifted its position in shares of Brookfield Asset Management by 1.6% in the 2nd quarter. TD Asset Management Inc now owns 15,589,384 shares of the financial services provider’s stock worth $861,101,000 after purchasing an additional 250,068 shares during the period. Verdence Capital Advisors LLC purchased a new stake in shares of Brookfield Asset Management in the 2nd quarter worth about $209,000. Sequoia Financial Advisors LLC lifted its position in shares of Brookfield Asset Management by 0.4% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 290,496 shares of the financial services provider’s stock worth $16,059,000 after purchasing an additional 1,114 shares during the period. Yousif Capital Management LLC lifted its position in shares of Brookfield Asset Management by 72.5% in the 2nd quarter. Yousif Capital Management LLC now owns 10,784 shares of the financial services provider’s stock worth $596,000 after purchasing an additional 4,533 shares during the period. Finally, MGO One Seven LLC purchased a new stake in shares of Brookfield Asset Management in the 2nd quarter worth about $304,000. 68.41% of the stock is owned by hedge funds and other institutional investors.

Brookfield Asset Management Stock Up 0.8%

Shares of Brookfield Asset Management stock opened at $54.62 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.25 and a current ratio of 1.25. The stock has a market capitalization of $89.45 billion, a PE ratio of 36.66, a price-to-earnings-growth ratio of 2.02 and a beta of 1.39. Brookfield Asset Management Ltd. has a 52-week low of $41.78 and a 52-week high of $64.10. The company has a 50-day simple moving average of $58.55 and a two-hundred day simple moving average of $56.67.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.01). The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Brookfield Asset Management had a return on equity of 41.12% and a net margin of 55.92%. On average, analysts anticipate that Brookfield Asset Management Ltd. will post 1.7 EPS for the current fiscal year.

Brookfield Asset Management Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Friday, August 29th were issued a $0.4375 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $1.75 annualized dividend and a yield of 3.2%. Brookfield Asset Management’s payout ratio is 117.45%.

Analyst Ratings Changes

BAM has been the subject of a number of recent research reports. Wells Fargo & Company lifted their price target on shares of Brookfield Asset Management from $55.00 to $57.00 and gave the company an “underweight” rating in a research report on Friday, July 11th. TD Securities lifted their price target on shares of Brookfield Asset Management from $66.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, July 28th. Jefferies Financial Group lifted their price target on shares of Brookfield Asset Management from $55.00 to $62.00 and gave the company a “hold” rating in a research report on Wednesday, August 13th. Scotiabank lifted their price target on shares of Brookfield Asset Management from $66.00 to $67.25 and gave the company a “sector outperform” rating in a research report on Thursday, August 7th. Finally, Royal Bank Of Canada lifted their price target on shares of Brookfield Asset Management from $74.00 to $76.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Brookfield Asset Management currently has a consensus rating of “Moderate Buy” and an average price target of $64.27.

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.