HighTower Advisors LLC Acquires 32,788 Shares of Brookfield Asset Management Ltd. $BAM

HighTower Advisors LLC grew its holdings in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 17.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 219,485 shares of the financial services provider’s stock after acquiring an additional 32,788 shares during the quarter. HighTower Advisors LLC’s holdings in Brookfield Asset Management were worth $12,498,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC bought a new stake in shares of Brookfield Asset Management in the 1st quarter worth approximately $235,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Brookfield Asset Management by 10.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 261,050 shares of the financial services provider’s stock valued at $12,648,000 after purchasing an additional 24,013 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in Brookfield Asset Management by 18.9% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 79,236 shares of the financial services provider’s stock worth $4,375,000 after purchasing an additional 12,571 shares during the period. Denali Advisors LLC bought a new stake in Brookfield Asset Management in the second quarter worth $339,000. Finally, Cardinal Point Capital Management ULC bought a new stake in Brookfield Asset Management in the second quarter worth $481,000. Hedge funds and other institutional investors own 68.41% of the company’s stock.

Brookfield Asset Management Stock Up 1.1%

Shares of NYSE:BAM opened at $50.60 on Friday. Brookfield Asset Management Ltd. has a 1 year low of $41.78 and a 1 year high of $64.10. The company has a market cap of $82.88 billion, a PE ratio of 33.29, a P/E/G ratio of 1.82 and a beta of 1.40. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.97 and a quick ratio of 0.97. The stock’s 50-day moving average is $52.10 and its 200 day moving average is $54.91.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings data on Wednesday, February 4th. The financial services provider reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.06. The business had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Brookfield Asset Management had a return on equity of 29.67% and a net margin of 51.59%. Sell-side analysts anticipate that Brookfield Asset Management Ltd. will post 1.7 EPS for the current year.

Brookfield Asset Management Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, February 27th will be paid a $0.5025 dividend. The ex-dividend date of this dividend is Friday, February 27th. This is a positive change from Brookfield Asset Management’s previous quarterly dividend of $0.44. This represents a $2.01 dividend on an annualized basis and a yield of 4.0%. Brookfield Asset Management’s payout ratio is 132.24%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BAM. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Brookfield Asset Management in a research note on Monday, December 22nd. Scotiabank set a $64.00 target price on Brookfield Asset Management and gave the company an “outperform” rating in a report on Thursday, February 5th. JPMorgan Chase & Co. raised their price target on Brookfield Asset Management from $68.00 to $72.00 and gave the stock a “neutral” rating in a research report on Thursday, February 5th. Morgan Stanley set a $63.00 price objective on Brookfield Asset Management in a research report on Tuesday. Finally, UBS Group set a $52.00 price objective on Brookfield Asset Management in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $63.65.

Brookfield Asset Management Profile

Brookfield Asset Management is a global alternative asset manager headquartered in Toronto, Canada, that specializes in investments in real assets and related private equity and credit strategies. The firm acquires, manages and develops assets in sectors such as real estate, renewable power, infrastructure and private equity, seeking long-term value through active asset management and operational improvements. Brookfield structures and manages commingled funds, listed partnerships and separate accounts for institutional and retail investors.

The company’s products and services include fund management across equity and debt strategies, direct asset ownership and operations, property and facilities management, and capital markets solutions.