The Manufacturers Life Insurance Company Sells 4,125,127 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

The Manufacturers Life Insurance Company cut its holdings in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 60.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,733,967 shares of the financial services provider's stock after selling 4,125,127 shares during the period. The Manufacturers Life Insurance Company owned about 0.62% of Brookfield Asset Management worth $129,320,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Bank of Montreal Can lifted its holdings 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 buying an additional 43,134 shares during the period. Hancock Whitney Corp acquired a new stake in shares of Brookfield Asset Management during the third quarter worth approximately $252,000. Douglass Winthrop Advisors LLC increased 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 worth $126,287,000 after acquiring an additional 99,020 shares during the last quarter. Cerity Partners LLC grew its stake in shares of Brookfield Asset Management by 25.6% in the 3rd quarter. Cerity Partners LLC now owns 25,996 shares of the financial services provider's stock valued at $1,229,000 after buying an additional 5,298 shares in the last quarter. Finally, Icon Wealth Advisors LLC acquired a new position in shares of Brookfield Asset Management during the 3rd quarter worth $118,000. 68.41% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on BAM shares. Wells Fargo & Company boosted their price objective on shares of Brookfield Asset Management from $48.00 to $51.00 and gave the stock an "underweight" rating in a research note on Tuesday, November 5th. Keefe, Bruyette & Woods lifted their price objective on Brookfield Asset Management from $44.00 to $49.00 and gave the company an "underperform" rating in a report on Tuesday, November 5th. Jefferies Financial Group started coverage on shares of Brookfield Asset Management in a report on Friday, August 2nd. They issued a "hold" rating and a $43.00 target price on the stock. BMO Capital Markets lifted their price objective on Brookfield Asset Management from $40.00 to $50.00 and gave the company a "market perform" rating in a research report on Tuesday, November 5th. Finally, The Goldman Sachs Group raised 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. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $53.46.

Brookfield Asset Management Stock Performance

Shares of NYSE BAM traded down $0.55 during mid-day trading on Wednesday, hitting $57.26. The stock had a trading volume of 665,753 shares, compared to its average volume of 1,255,638. The business has a 50 day moving average price of $51.84 and a two-hundred day moving average price of $44.33. The firm has a market cap of $25.36 billion, a P/E ratio of 50.67, a price-to-earnings-growth ratio of 2.31 and a beta of 1.42. Brookfield Asset Management Ltd. has a 1 year low of $33.45 and a 1 year high of $58.53.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last released its 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 firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.19 billion. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 85.03%. During the same period last year, the business earned $0.35 earnings per share. Equities research analysts predict that Brookfield Asset Management Ltd. will post 1.47 EPS for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, November 29th will be issued a $0.38 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.52 dividend on an annualized basis and a yield of 2.65%. Brookfield Asset Management's dividend payout ratio is presently 134.51%.

Brookfield Asset Management Profile

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.