Connor Clark & Lunn Investment Management Ltd. Purchases 784,250 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

Connor Clark & Lunn Investment Management Ltd. increased its holdings in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 66.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,965,162 shares of the financial services provider’s stock after acquiring an additional 784,250 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.44% of Brookfield Asset Management worth $92,896,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of BAM. Hara Capital LLC purchased a new stake in Brookfield Asset Management in the third quarter worth $27,000. Massmutual Trust Co. FSB ADV boosted its position in Brookfield Asset Management by 98.2% during the second quarter. Massmutual Trust Co. FSB ADV now owns 777 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 385 shares during the period. Continuum Advisory LLC increased its stake in shares of Brookfield Asset Management by 57.6% in the second quarter. Continuum Advisory LLC now owns 780 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 285 shares in the last quarter. Richardson Financial Services Inc. raised its position in shares of Brookfield Asset Management by 368.3% in the second quarter. Richardson Financial Services Inc. now owns 960 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 755 shares during the period. Finally, WASHINGTON TRUST Co lifted its stake in shares of Brookfield Asset Management by 151.3% during the 2nd quarter. WASHINGTON TRUST Co now owns 1,063 shares of the financial services provider’s stock valued at $40,000 after buying an additional 640 shares in the last quarter. 68.41% of the stock is owned by hedge funds and other institutional investors.

Brookfield Asset Management Price Performance

BAM opened at $55.67 on Wednesday. The stock’s 50 day simple moving average is $50.50 and its 200 day simple moving average is $43.66. The firm has a market cap of $24.66 billion, a price-to-earnings ratio of 49.27, a PEG ratio of 2.33 and a beta of 1.42. Brookfield Asset Management Ltd. has a 1 year low of $33.06 and a 1 year high of $58.53.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its earnings results on Monday, November 4th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter last year, the business earned $0.35 earnings per share. As a group, sell-side analysts anticipate that Brookfield Asset Management Ltd. will post 1.45 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, November 29th will be issued a dividend of $0.38 per share. The ex-dividend date is Friday, November 29th. This represents a $1.52 dividend on an annualized basis and a yield of 2.73%. Brookfield Asset Management’s dividend payout ratio is presently 134.51%.

Analyst Ratings Changes

A number of research firms recently weighed in on BAM. The Goldman Sachs Group lifted their price objective on shares of Brookfield Asset Management from $57.00 to $63.00 and gave the company a “buy” rating in a research note on Tuesday. BMO Capital Markets upped their price target on Brookfield Asset Management from $40.00 to $50.00 and gave the company a “market perform” rating in a research report on Tuesday, November 5th. Scotiabank raised their price objective on shares of Brookfield Asset Management from $55.50 to $59.50 and gave the company a “sector outperform” rating in a research report on Tuesday, November 5th. TD Securities raised their price target on shares of Brookfield Asset Management from $61.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Finally, StockNews.com lowered shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a research report on Wednesday, August 7th. Three 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $53.46.

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.