Verdence Capital Advisors LLC Invests $204,000 in Brookfield Asset Management Ltd. (NYSE:BAM)

Verdence Capital Advisors LLC purchased a new stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 3,764 shares of the financial services provider’s stock, valued at approximately $204,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAM. Bank of Montreal Can boosted its position in Brookfield Asset Management by 0.5% in the third quarter. Bank of Montreal Can now owns 9,236,374 shares of the financial services provider’s stock valued at $435,729,000 after buying an additional 43,134 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Brookfield Asset Management by 0.7% in the 4th quarter. Principal Financial Group Inc. now owns 8,930,366 shares of the financial services provider’s stock valued at $483,963,000 after acquiring an additional 62,908 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Brookfield Asset Management by 10.3% during the 3rd quarter. CIBC Asset Management Inc now owns 3,953,496 shares of the financial services provider’s stock valued at $188,057,000 after acquiring an additional 370,383 shares in the last quarter. Douglass Winthrop Advisors LLC grew its position in Brookfield Asset Management by 3.9% during the 3rd quarter. Douglass Winthrop Advisors LLC now owns 2,670,488 shares of the financial services provider’s stock worth $126,287,000 after acquiring an additional 99,020 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in Brookfield Asset Management by 66.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,965,162 shares of the financial services provider’s stock worth $92,896,000 after purchasing an additional 784,250 shares in the last quarter. 68.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BAM has been the topic of a number of recent research reports. Wells Fargo & Company cut their price target 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. 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. Keefe, Bruyette & Woods reduced their target price on shares of Brookfield Asset Management from $57.00 to $56.00 and set an “underperform” rating on the stock in a report on Monday, January 13th. The Goldman Sachs Group upped their price target on shares of Brookfield Asset Management from $57.00 to $63.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Finally, CIBC lifted their price target on shares of Brookfield Asset Management from $63.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $56.71.

Brookfield Asset Management Trading Down 3.1 %

Shares of BAM opened at $48.75 on Friday. The firm’s fifty day simple moving average is $56.50 and its two-hundred day simple moving average is $52.70. Brookfield Asset Management Ltd. has a 12 month low of $37.29 and a 12 month high of $62.61. The stock has a market capitalization of $21.60 billion, a P/E ratio of 36.93, a price-to-earnings-growth ratio of 1.92 and a beta of 1.46.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its earnings results on Wednesday, February 12th. The financial services provider reported $0.40 EPS for the quarter, beating the consensus estimate 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 predict that Brookfield Asset Management Ltd. will post 1.7 EPS for the current fiscal year.

Brookfield Asset Management Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, February 28th will be given a dividend of $0.4375 per share. This is an increase from Brookfield Asset Management’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.75 annualized dividend and a dividend yield of 3.59%. Brookfield Asset Management’s dividend payout ratio (DPR) is 132.58%.

Brookfield Asset Management Profile

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.