Procyon Advisors LLC Has $505,000 Position in Brookfield Asset Management Ltd. (NYSE:BAM)

Procyon Advisors LLC grew its stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 2.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,312 shares of the financial services provider’s stock after buying an additional 249 shares during the period. Procyon Advisors LLC’s holdings in Brookfield Asset Management were worth $505,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in BAM. The Manufacturers Life Insurance Company grew its holdings in Brookfield Asset Management by 68.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,859,094 shares of the financial services provider’s stock worth $260,770,000 after acquiring an additional 2,788,611 shares during the period. Mackenzie Financial Corp boosted its position in shares of 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. Dimensional Fund Advisors LP acquired a new stake in Brookfield Asset Management during the second quarter worth approximately $42,160,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Brookfield Asset Management by 66.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,965,162 shares of the financial services provider’s stock valued at $92,896,000 after buying an additional 784,250 shares during the period. Finally, Segall Bryant & Hamill LLC bought a new position in shares of Brookfield Asset Management during the 3rd quarter worth approximately $19,075,000. 68.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Wells Fargo & Company lowered their price objective on shares of Brookfield Asset Management from $56.00 to $55.00 and set an “underweight” rating for the company in a research note on Tuesday, January 14th. Royal Bank of Canada increased their price objective on shares of Brookfield Asset Management from $55.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. The Goldman Sachs Group boosted their target price on Brookfield Asset Management from $57.00 to $63.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Scotiabank increased their price target on Brookfield Asset Management from $55.50 to $59.50 and gave the stock a “sector outperform” rating in a report on Tuesday, November 5th. Finally, Keefe, Bruyette & Woods reduced their price objective on Brookfield Asset Management from $57.00 to $56.00 and set an “underperform” rating for the company in a research note on Monday, January 13th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Brookfield Asset Management presently has a consensus rating of “Hold” and an average price target of $54.38.

Brookfield Asset Management Price Performance

NYSE BAM opened at $55.56 on Friday. The company has a fifty day moving average price of $55.82 and a 200-day moving average price of $48.59. The firm has a market cap of $24.62 billion, a price-to-earnings ratio of 49.17, a PEG ratio of 1.75 and a beta of 1.45. Brookfield Asset Management Ltd. has a 1 year low of $37.29 and a 1 year high of $59.58.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its quarterly earnings data on Monday, November 4th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 85.03%. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the prior year, the firm posted $0.35 EPS. On average, research analysts anticipate that Brookfield Asset Management Ltd. will post 1.45 EPS for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, November 29th were issued a dividend of $0.38 per share. The ex-dividend date was Friday, November 29th. This represents a $1.52 dividend on an annualized basis and a yield of 2.74%. Brookfield Asset Management’s dividend payout ratio (DPR) is currently 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.