Brookfield Asset Management Ltd. (NYSE:BAM) Stake Lessened by Cetera Investment Advisers

Cetera Investment Advisers decreased its stake in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 60.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,678 shares of the financial services provider's stock after selling 45,113 shares during the period. Cetera Investment Advisers' holdings in Brookfield Asset Management were worth $1,130,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of BAM. TD Asset Management Inc grew its stake in shares of Brookfield Asset Management by 8.5% during the second quarter. TD Asset Management Inc now owns 13,552,736 shares of the financial services provider's stock valued at $515,823,000 after acquiring an additional 1,066,015 shares in the last quarter. Mackenzie Financial Corp grew its stake in Brookfield Asset Management by 19.5% during the 2nd quarter. Mackenzie Financial Corp now owns 13,523,306 shares of the financial services provider's stock valued at $514,867,000 after purchasing an additional 2,205,040 shares in the last quarter. Vanguard Group Inc. increased its holdings in Brookfield Asset Management by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 10,760,414 shares of the financial services provider's stock worth $452,153,000 after purchasing an additional 186,765 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of 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 valued at $260,770,000 after purchasing an additional 2,788,611 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its stake in shares of Brookfield Asset Management by 8.4% during the 2nd quarter. CIBC Asset Management Inc now owns 3,583,113 shares of the financial services provider's stock valued at $136,318,000 after buying an additional 278,613 shares during the last quarter. Institutional investors and hedge funds own 68.41% of the company's stock.

Analyst Upgrades and Downgrades

BAM has been the subject of a number of research analyst reports. Bank of America lifted their price target on shares of Brookfield Asset Management from $41.00 to $45.00 and gave the stock a "neutral" rating in a research note on Thursday, September 12th. Wells Fargo & Company upped their target price on shares of Brookfield Asset Management from $42.00 to $48.00 and gave the company an "underweight" rating in a research note on Wednesday, October 9th. BMO Capital Markets boosted their price objective on Brookfield Asset Management from $37.00 to $40.00 and gave the company a "market perform" rating in a report on Wednesday, September 11th. Scotiabank reduced their target price on Brookfield Asset Management from $46.00 to $45.50 and set a "sector outperform" rating on the stock in a report on Thursday, August 8th. Finally, Jefferies Financial Group initiated coverage on Brookfield Asset Management in a report on Friday, August 2nd. They issued a "hold" rating and a $43.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Brookfield Asset Management has a consensus rating of "Hold" and an average price target of $46.41.

Brookfield Asset Management Stock Up 1.5 %

BAM stock traded up $0.77 during mid-day trading on Thursday, reaching $51.05. The company had a trading volume of 1,672,620 shares, compared to its average volume of 1,269,052. The stock's 50-day simple moving average is $44.06 and its two-hundred day simple moving average is $41.21. The stock has a market capitalization of $22.65 billion, a P/E ratio of 47.27, a P/E/G ratio of 2.26 and a beta of 1.56. Brookfield Asset Management Ltd. has a one year low of $28.35 and a one year high of $51.40.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last posted its earnings results on Friday, August 9th. The financial services provider reported $0.34 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.01). The firm had revenue of $916.00 million during the quarter, compared to the consensus estimate of $1.16 billion. Brookfield Asset Management had a return on equity of 92.37% and a net margin of 51.29%. During the same quarter last year, the company posted $0.28 EPS. On average, research analysts forecast that Brookfield Asset Management Ltd. will post 1.43 EPS for the current fiscal year.

Brookfield Asset Management Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, August 30th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend was Friday, August 30th. Brookfield Asset Management's payout ratio is currently 140.74%.

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.