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

CIBC Asset Management Inc reduced its position in shares of Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 26.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,902,312 shares of the financial services provider's stock after selling 1,051,184 shares during the period. CIBC Asset Management Inc owned 0.65% of Brookfield Asset Management worth $158,514,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in BAM. Tandem Capital Management Corp ADV raised its stake in Brookfield Asset Management by 0.4% in the 4th quarter. Tandem Capital Management Corp ADV now owns 39,111 shares of the financial services provider's stock valued at $2,119,000 after purchasing an additional 175 shares during the last quarter. Public Sector Pension Investment Board grew its holdings in shares of Brookfield Asset Management by 0.4% during the third quarter. Public Sector Pension Investment Board now owns 46,513 shares of the financial services provider's stock worth $2,201,000 after buying an additional 188 shares in the last quarter. Procyon Advisors LLC raised its position in shares of Brookfield Asset Management by 2.7% in the fourth quarter. Procyon Advisors LLC now owns 9,312 shares of the financial services provider's stock valued at $505,000 after buying an additional 249 shares during the last quarter. Pathstone Holdings LLC lifted its stake in shares of Brookfield Asset Management by 1.0% in the third quarter. Pathstone Holdings LLC now owns 29,166 shares of the financial services provider's stock worth $1,379,000 after buying an additional 278 shares in the last quarter. Finally, Foundations Investment Advisors LLC boosted its position in Brookfield Asset Management by 5.0% during the third quarter. Foundations Investment Advisors LLC now owns 6,654 shares of the financial services provider's stock worth $315,000 after acquiring an additional 315 shares during the last quarter. Institutional investors and hedge funds own 68.41% of the company's stock.

Brookfield Asset Management Price Performance

Shares of BAM stock traded up $0.01 during trading hours on Wednesday, hitting $60.75. The company had a trading volume of 1,066,392 shares, compared to its average volume of 1,463,383. The stock has a market capitalization of $26.92 billion, a PE ratio of 45.99, a price-to-earnings-growth ratio of 2.17 and a beta of 1.46. The company's fifty day moving average is $56.57 and its 200 day moving average is $51.43. Brookfield Asset Management Ltd. has a fifty-two week low of $37.29 and a fifty-two week high of $62.61.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last issued its quarterly earnings data on Wednesday, February 12th. The financial services provider reported $0.40 earnings per share for the quarter, beating analysts' consensus estimates of $0.39 by $0.01. Brookfield Asset Management had a return on equity of 81.16% and a net margin of 54.47%. Equities analysts forecast that Brookfield Asset Management Ltd. will post 1.71 earnings per share for the current year.

Brookfield Asset Management Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, February 28th will be paid a dividend of $0.4375 per share. The ex-dividend date is Friday, February 28th. This is a positive change from Brookfield Asset Management's previous quarterly dividend of $0.38. This represents a $1.75 dividend on an annualized basis and a yield of 2.88%. Brookfield Asset Management's dividend payout ratio is 115.15%.

Wall Street Analyst Weigh In

A number of research firms have commented on BAM. Hsbc Global Res upgraded shares of Brookfield Asset Management from a "hold" rating to a "strong-buy" rating in a report on Friday, February 14th. BMO Capital Markets increased their price target on Brookfield Asset Management from $50.00 to $53.00 and gave the company a "market perform" rating in a report on Thursday, February 13th. Wells Fargo & Company lowered their price objective on Brookfield Asset Management from $55.00 to $54.00 and set an "underweight" rating on the stock in a research note on Thursday, February 13th. Scotiabank dropped their target price on Brookfield Asset Management from $63.00 to $62.50 and set an "outperform" rating for the company in a report on Thursday, February 13th. Finally, TD Securities lifted their price target on Brookfield Asset Management from $64.00 to $66.00 and gave the stock a "buy" rating in a report on Monday, February 10th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $56.71.

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.