Cardinal Point Capital Management ULC Invests $481,000 in Brookfield Asset Management Ltd. $BAM

Cardinal Point Capital Management ULC purchased a new stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) during the 2nd quarter, Holdings Channel reports. The fund purchased 8,702 shares of the financial services provider’s stock, valued at approximately $481,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of BAM. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Brookfield Asset Management by 975.9% during the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,765,220 shares of the financial services provider’s stock valued at $85,463,000 after buying an additional 1,601,155 shares during the period. Millennium Management LLC raised its holdings in Brookfield Asset Management by 461.5% during the 1st quarter. Millennium Management LLC now owns 1,722,683 shares of the financial services provider’s stock valued at $83,464,000 after buying an additional 1,415,866 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Brookfield Asset Management by 58.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 3,360,125 shares of the financial services provider’s stock valued at $163,354,000 after buying an additional 1,246,011 shares during the period. Goldman Sachs Group Inc. raised its holdings in Brookfield Asset Management by 107.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,363,192 shares of the financial services provider’s stock valued at $114,497,000 after buying an additional 1,224,012 shares during the period. Finally, AGF Management Ltd. raised its holdings in Brookfield Asset Management by 60.5% during the 1st quarter. AGF Management Ltd. now owns 1,603,608 shares of the financial services provider’s stock valued at $77,742,000 after buying an additional 604,395 shares during the period. Hedge funds and other institutional investors own 68.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BAM. Scotiabank increased their price target on Brookfield Asset Management from $66.00 to $67.25 and gave the company a “sector outperform” rating in a report on Thursday, August 7th. Morgan Stanley set a $62.00 target price on Brookfield Asset Management in a research note on Monday, October 13th. Bank of America lowered Brookfield Asset Management from a “buy” rating to a “neutral” rating and set a $68.00 target price on the stock. in a research note on Thursday, September 4th. National Bank Financial started coverage on Brookfield Asset Management in a research note on Tuesday, July 29th. They issued an “outperform” rating and a $71.00 target price on the stock. Finally, Royal Bank Of Canada increased their target price on Brookfield Asset Management from $74.00 to $76.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $64.27.

Brookfield Asset Management Price Performance

BAM opened at $54.38 on Friday. Brookfield Asset Management Ltd. has a 12-month low of $41.78 and a 12-month high of $64.10. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.14. The business’s fifty day simple moving average is $57.91 and its 200-day simple moving average is $56.79. The company has a market capitalization of $89.05 billion, a price-to-earnings ratio of 36.49, a PEG ratio of 2.01 and a beta of 1.39.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.01). Brookfield Asset Management had a return on equity of 41.12% and a net margin of 55.92%.The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.29 billion. On average, equities research analysts anticipate that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Friday, August 29th were given a dividend of $0.4375 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $1.75 dividend on an annualized basis and a yield of 3.2%. Brookfield Asset Management’s dividend payout ratio (DPR) is presently 117.45%.

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.