Icon Wealth Advisors LLC Invests $118,000 in Brookfield Asset Management Ltd. (NYSE:BAM)

Icon Wealth Advisors LLC purchased a new position in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,489 shares of the financial services provider’s stock, valued at approximately $118,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TD Asset Management Inc raised its position in shares of Brookfield Asset Management by 8.5% in 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 purchasing an additional 1,066,015 shares during the period. Mackenzie Financial Corp boosted its stake in 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 buying an additional 2,205,040 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Brookfield Asset Management by 1.8% during the first quarter. Vanguard Group Inc. now owns 10,760,414 shares of the financial services provider’s stock valued at $452,153,000 after acquiring an additional 186,765 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Brookfield Asset Management by 0.3% during the third quarter. Principal Financial Group Inc. now owns 8,867,458 shares of the financial services provider’s stock valued at $419,400,000 after acquiring an additional 24,409 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Brookfield Asset Management by 68.5% in the second 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 buying an additional 2,788,611 shares during the last quarter. Institutional investors own 68.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BAM. Royal Bank of Canada boosted their price objective on Brookfield Asset Management from $55.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Keefe, Bruyette & Woods upped their price objective on Brookfield Asset Management from $44.00 to $49.00 and gave the stock an “underperform” rating in a research note on Tuesday, November 5th. StockNews.com upgraded Brookfield Asset Management from a “sell” rating to a “hold” rating in a research note on Thursday. TD Securities increased their price target on Brookfield Asset Management from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Finally, Wells Fargo & Company upped their price objective on Brookfield Asset Management from $48.00 to $51.00 and gave the company an “underweight” rating in a report on Tuesday, November 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $53.46.

Brookfield Asset Management Price Performance

BAM opened at $55.47 on Monday. The stock’s 50 day simple moving average is $51.14 and its 200 day simple moving average is $44.00. The firm has a market cap of $24.57 billion, a price-to-earnings ratio of 49.09, a PEG ratio of 2.28 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) (TSE:BAM.A) last released its earnings results on Monday, November 4th. The financial services provider reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate 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 period in the previous year, the company posted $0.35 earnings per share. As a group, sell-side analysts anticipate that Brookfield Asset Management Ltd. will post 1.47 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend is Friday, November 29th. Brookfield Asset Management’s dividend payout ratio (DPR) is 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.