Harvest Portfolios Group Inc. Makes New Investment in Brookfield Asset Management Ltd. $BAM

Harvest Portfolios Group Inc. bought a new position in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 59,880 shares of the financial services provider’s stock, valued at approximately $3,137,000.

Several other hedge funds have also recently modified their holdings of BAM. AQR Capital Management LLC bought a new position in shares of Brookfield Asset Management during the 1st quarter worth approximately $235,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position 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 worth $12,648,000 after buying an additional 24,013 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Brookfield Asset Management by 24.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,512 shares of the financial services provider’s stock worth $139,000 after buying an additional 497 shares in the last quarter. Cerity Partners LLC lifted its position in shares of Brookfield Asset Management by 17.6% during the 2nd quarter. Cerity Partners LLC now owns 34,666 shares of the financial services provider’s stock worth $1,916,000 after buying an additional 5,184 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Brookfield Asset Management by 11,172.2% during the 2nd quarter. State Street Corp now owns 3,524,700 shares of the financial services provider’s stock worth $194,845,000 after buying an additional 3,493,431 shares in the last quarter. Institutional investors own 68.41% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on BAM. Canadian Imperial Bank of Commerce set a $62.50 target price on shares of Brookfield Asset Management in a research report on Monday, May 11th. Royal Bank Of Canada decreased their price target on shares of Brookfield Asset Management from $74.00 to $65.00 and set an “outperform” rating for the company in a research note on Monday, May 11th. BMO Capital Markets upgraded shares of Brookfield Asset Management from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 5th. Piper Sandler restated a “neutral” rating and set a $50.00 price target (up from $48.00) on shares of Brookfield Asset Management in a research note on Monday. Finally, Morgan Stanley decreased their price target on shares of Brookfield Asset Management from $63.00 to $62.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $60.21.

Brookfield Asset Management Trading Up 2.4%

Shares of BAM stock opened at $48.10 on Thursday. The company has a 50 day moving average of $46.14 and a 200-day moving average of $49.75. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.34. Brookfield Asset Management Ltd. has a 12-month low of $42.20 and a 12-month high of $64.10. The firm has a market cap of $78.80 billion, a P/E ratio of 31.23, a PEG ratio of 1.91 and a beta of 1.28.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its quarterly earnings results on Friday, May 8th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.02. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 30.66%. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.43 billion. Sell-side analysts anticipate that Brookfield Asset Management Ltd. will post 1.74 earnings per share for the current year.

Brookfield Asset Management Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, May 29th will be paid a $0.5025 dividend. This represents a $2.01 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date is Friday, May 29th. Brookfield Asset Management’s payout ratio is currently 130.52%.

About Brookfield Asset Management

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.