Nexus Investment Management ULC Sells 1,528 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

Nexus Investment Management ULC lowered its holdings in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 27.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 4,104 shares of the financial services provider’s stock after selling 1,528 shares during the period. Nexus Investment Management ULC’s holdings in Brookfield Asset Management were worth $222,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in Brookfield Asset Management by 11.6% during the third quarter. Geode Capital Management LLC now owns 1,611,859 shares of the financial services provider’s stock valued at $77,293,000 after purchasing an additional 168,170 shares in the last quarter. Avior Wealth Management LLC raised its holdings in shares of Brookfield Asset Management by 2,857.1% in the 3rd quarter. Avior Wealth Management LLC now owns 10,350 shares of the financial services provider’s stock worth $489,000 after buying an additional 10,000 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Brookfield Asset Management by 5.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 834,929 shares of the financial services provider’s stock worth $39,516,000 after buying an additional 45,670 shares during the period. LGT Capital Partners LTD. boosted its stake in Brookfield Asset Management by 11.5% in the 3rd quarter. LGT Capital Partners LTD. now owns 534,000 shares of the financial services provider’s stock valued at $25,273,000 after buying an additional 55,000 shares in the last quarter. Finally, CIBC Asset Management Inc grew its position in 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 during the period. Institutional investors and hedge funds own 68.41% of the company’s stock.

Wall Street Analyst Weigh In

BAM has been the subject of a number of analyst reports. UBS Group started coverage on Brookfield Asset Management in a report on Monday, December 16th. They set a “buy” rating for the company. The Goldman Sachs Group lifted their price target on shares of Brookfield Asset Management from $57.00 to $63.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Wells Fargo & Company reduced their price target on shares of Brookfield Asset Management from $56.00 to $55.00 and set an “underweight” rating on the stock in a research report on Tuesday, January 14th. TD Securities raised their price objective on shares of Brookfield Asset Management from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Finally, BMO Capital Markets boosted their target price on Brookfield Asset Management from $40.00 to $50.00 and gave the stock a “market perform” rating in a report on Tuesday, November 5th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $54.38.

Brookfield Asset Management Stock Performance

Shares of BAM opened at $55.56 on Friday. The business’s fifty day moving average price is $55.82 and its two-hundred day moving average price is $48.59. The firm has a market capitalization of $24.62 billion, a price-to-earnings ratio of 49.17, a PEG ratio of 1.75 and a beta of 1.45. Brookfield Asset Management Ltd. has a 52 week low of $37.29 and a 52 week high of $59.58.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings results on Monday, November 4th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Brookfield Asset Management had a return on equity of 85.03% and a net margin of 49.69%. During the same quarter last year, the business earned $0.35 earnings per share. As a group, research analysts forecast that Brookfield Asset Management Ltd. will post 1.45 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.74%. The ex-dividend date was Friday, November 29th. Brookfield Asset Management’s dividend payout ratio is 134.51%.

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.