Summit Financial LLC Purchases New Shares in Brookfield Asset Management Ltd. (NYSE:BAM)

Summit Financial LLC acquired a new position in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 6,746 shares of the financial services provider’s stock, valued at approximately $366,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Truvestments Capital LLC grew its position in shares of Brookfield Asset Management by 487.2% in the 4th quarter. Truvestments Capital LLC now owns 505 shares of the financial services provider’s stock worth $27,000 after buying an additional 419 shares during the period. Mountain Hill Investment Partners Corp. bought a new stake in Brookfield Asset Management during the fourth quarter worth about $32,000. Versant Capital Management Inc grew its holdings in Brookfield Asset Management by 1,606.3% in the fourth quarter. Versant Capital Management Inc now owns 819 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 771 shares during the period. Continuum Advisory LLC increased its stake in shares of Brookfield Asset Management by 42.2% during the third quarter. Continuum Advisory LLC now owns 1,109 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 329 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its holdings in shares of Brookfield Asset Management by 35.1% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,227 shares of the financial services provider’s stock valued at $66,000 after purchasing an additional 319 shares during the last quarter. Institutional investors own 68.41% of the company’s stock.

Wall Street Analysts Forecast Growth

BAM has been the topic of several recent research reports. Wells Fargo & Company cut their price target on Brookfield Asset Management from $54.00 to $50.00 and set an “underweight” rating on the stock in a research note on Thursday, March 20th. UBS Group started coverage on Brookfield Asset Management in a report on Monday, December 16th. They set a “buy” rating for the company. CIBC lifted their price target on Brookfield Asset Management from $63.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Hsbc Global Res raised shares of Brookfield Asset Management from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 14th. Finally, StockNews.com raised shares of Brookfield Asset Management from a “sell” rating to a “hold” rating in a report on Thursday, March 20th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $56.38.

Brookfield Asset Management Trading Down 7.6 %

Shares of BAM opened at $46.96 on Friday. The firm has a fifty day simple moving average of $54.20 and a two-hundred day simple moving average of $53.65. The firm has a market cap of $76.89 billion, a PE ratio of 35.58, a P/E/G ratio of 1.92 and a beta of 1.62. Brookfield Asset Management Ltd. has a 1-year low of $37.29 and a 1-year high of $62.61.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings data on Wednesday, February 12th. The financial services provider reported $0.40 EPS 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%. As a group, research analysts forecast that Brookfield Asset Management Ltd. will post 1.7 EPS for the current fiscal year.

Brookfield Asset Management Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, February 28th were issued a $0.4375 dividend. This represents a $1.75 annualized dividend and a yield of 3.73%. This is a positive change from Brookfield Asset Management’s previous quarterly dividend of $0.38. The ex-dividend date was Friday, February 28th. Brookfield Asset Management’s dividend payout ratio is currently 132.58%.

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.