Brookfield Asset Management Ltd. (NYSE:BAM) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc grew its holdings in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 10.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,953,496 shares of the financial services provider's stock after acquiring an additional 370,383 shares during the quarter. CIBC Asset Management Inc owned 0.89% of Brookfield Asset Management worth $188,057,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. The Manufacturers Life Insurance Company raised its stake in Brookfield Asset Management by 68.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,859,094 shares of the financial services provider's stock worth $260,770,000 after acquiring an additional 2,788,611 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Brookfield Asset Management by 19.5% during the second quarter. Mackenzie Financial Corp now owns 13,523,306 shares of the financial services provider's stock worth $514,867,000 after purchasing an additional 2,205,040 shares during the period. Dimensional Fund Advisors LP acquired a new stake in shares of Brookfield Asset Management during the second quarter worth about $42,160,000. TD Asset Management Inc increased its holdings in Brookfield Asset Management by 8.5% in the 2nd quarter. TD Asset Management Inc now owns 13,552,736 shares of the financial services provider's stock worth $515,823,000 after buying an additional 1,066,015 shares during the period. Finally, Canada Pension Plan Investment Board raised its position in Brookfield Asset Management by 49.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,779,015 shares of the financial services provider's stock worth $74,802,000 after buying an additional 591,130 shares during the last quarter. Hedge funds and other institutional investors own 68.41% of the company's stock.

Analysts Set New Price Targets

BAM has been the topic of a number of research reports. Wells Fargo & Company increased 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. StockNews.com downgraded Brookfield Asset Management from a "hold" rating to a "sell" rating in a research note on Wednesday, August 7th. The Goldman Sachs Group boosted their price target on Brookfield Asset Management from $47.00 to $52.00 and gave the company a "buy" rating in a report on Monday, September 30th. Jefferies Financial Group assumed coverage on shares of Brookfield Asset Management in a research note on Friday, August 2nd. They issued a "hold" rating and a $43.00 target price for the company. Finally, JPMorgan Chase & Co. dropped their target price on Brookfield Asset Management from $42.00 to $41.00 and set a "neutral" rating on the stock in a research report on Thursday, August 8th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $52.54.

Brookfield Asset Management Stock Performance

Shares of NYSE BAM traded down $0.17 during midday trading on Friday, reaching $55.90. 398,840 shares of the stock were exchanged, compared to its average volume of 1,265,170. Brookfield Asset Management Ltd. has a twelve month low of $33.06 and a twelve month high of $58.53. The stock has a market capitalization of $24.76 billion, a P/E ratio of 49.73, a PEG ratio of 2.36 and a beta of 1.42. The company has a 50 day simple moving average of $49.67 and a 200 day simple moving average of $43.25.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last announced its quarterly earnings results on Monday, November 4th. The financial services provider reported $0.38 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 analyst estimates 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 in the prior year, the company posted $0.35 EPS. On average, research analysts expect that Brookfield Asset Management Ltd. will post 1.45 earnings per share for the current year.

Brookfield Asset Management Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.52 annualized dividend and a dividend yield of 2.72%. Brookfield Asset Management's dividend payout ratio is currently 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.