Franklin Resources Inc. Decreases Stake in Brookfield Asset Management Ltd. (NYSE:BAM)
Franklin Resources Inc. cut its holdings in shares of Brookfield Asset Management Ltd. (NYSE:BAM – Free Report) (TSE:BAM.A) by 78.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 235,096 shares of the financial services provider’s stock after selling 846,159 shares during the quarter. Franklin Resources Inc. owned approximately 0.06% of Brookfield Asset Management worth $7,672,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. HBC Financial Services PLLC bought a new position in Brookfield Asset Management in the 1st quarter worth approximately $39,000. Credit Agricole S A bought a new position in shares of Brookfield Asset Management in the second quarter worth $46,000. BNP Paribas Arbitrage SA grew its position in shares of Brookfield Asset Management by 35.5% in the second quarter. BNP Paribas Arbitrage SA now owns 1,057 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 277 shares in the last quarter. Hanson & Doremus Investment Management purchased a new position in shares of Brookfield Asset Management in the second quarter valued at $57,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Brookfield Asset Management by 1,062.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,895 shares of the financial services provider’s stock worth $62,000 after purchasing an additional 1,732 shares in the last quarter. Institutional investors own 61.92% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on BAM. Royal Bank of Canada reduced their target price on Brookfield Asset Management from $45.00 to $41.00 and set an “outperform” rating for the company in a report on Tuesday, October 24th. BMO Capital Markets upped their target price on shares of Brookfield Asset Management from $33.00 to $34.00 and gave the stock a “market perform” rating in a report on Thursday, August 10th. TD Securities lowered their target price on shares of Brookfield Asset Management from $48.00 to $42.00 and set an “action list buy” rating on the stock in a research note on Wednesday, November 1st. HSBC assumed coverage on shares of Brookfield Asset Management in a research report on Friday, October 6th. They set a “buy” rating and a $39.00 price target for the company. Finally, The Goldman Sachs Group lowered their price objective on Brookfield Asset Management from $50.92 to $41.00 and set a “buy” rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.41.
View Our Latest Analysis on Brookfield Asset Management
Brookfield Asset Management Stock Up 2.9 %
NYSE BAM opened at $36.06 on Monday. The stock’s 50-day simple moving average is $32.21 and its two-hundred day simple moving average is $32.80. Brookfield Asset Management Ltd. has a twelve month low of $26.76 and a twelve month high of $36.22. The company has a market capitalization of $14.89 billion and a price-to-earnings ratio of 29.80.
Brookfield Asset Management (NYSE:BAM – Get Free Report) (TSE:BAM.A) last announced its quarterly earnings data on Monday, November 6th. The financial services provider reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.04. The company had revenue of $893.00 million for the quarter. Brookfield Asset Management had a return on equity of 91.07% and a net margin of 51.79%. On average, equities analysts expect that Brookfield Asset Management Ltd. will post 1.36 earnings per share for the current fiscal year.
Brookfield Asset Management Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Thursday, November 30th will be paid a $0.32 dividend. The ex-dividend date is Wednesday, November 29th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.55%. Brookfield Asset Management’s dividend payout ratio (DPR) is 105.79%.
Brookfield Asset Management Profile (Free Report)
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.
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