Connor Clark & Lunn Investment Management Ltd. Increases Stock Position in Brookfield Asset Management Ltd. (NYSE:BAM)

Connor Clark & Lunn Investment Management Ltd. lifted its stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 66.4% in the third quarter, HoldingsChannel.com reports. The fund owned 1,965,162 shares of the financial services provider’s stock after purchasing an additional 784,250 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Brookfield Asset Management were worth $92,896,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Bank of Nova Scotia Trust Co. grew its position in shares of Brookfield Asset Management by 4.4% during the 1st quarter. Bank of Nova Scotia Trust Co. now owns 6,202 shares of the financial services provider’s stock valued at $261,000 after acquiring an additional 263 shares during the period. CWM LLC lifted its stake in Brookfield Asset Management by 12.2% in the 2nd quarter. CWM LLC now owns 2,448 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 267 shares in the last quarter. Pathstone Holdings LLC grew its position in shares of Brookfield Asset Management by 1.0% during the third quarter. Pathstone Holdings LLC now owns 29,166 shares of the financial services provider’s stock valued at $1,379,000 after purchasing an additional 278 shares in the last quarter. Continuum Advisory LLC lifted its position 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 buying an additional 285 shares in the last quarter. Finally, Foundations Investment Advisors LLC grew its holdings in Brookfield Asset Management by 5.0% during the 3rd quarter. Foundations Investment Advisors LLC now owns 6,654 shares of the financial services provider’s stock valued at $315,000 after buying an additional 315 shares in the last quarter. 68.41% of the stock is currently owned by hedge funds and other institutional investors.

Brookfield Asset Management Stock Up 0.4 %

Shares of NYSE:BAM opened at $55.67 on Wednesday. The business’s 50 day moving average is $50.50 and its 200 day moving average is $43.66. The stock has a market cap of $24.66 billion, a P/E ratio of 49.27, a price-to-earnings-growth ratio of 2.33 and a beta of 1.42. Brookfield Asset Management Ltd. has a 52-week low of $33.06 and a 52-week high of $58.53.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its quarterly earnings results on Monday, November 4th. The financial services provider reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.19 billion. Brookfield Asset Management had a return on equity of 85.03% and a net margin of 49.69%. During the same quarter last year, the firm posted $0.35 earnings per share. On average, sell-side 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 will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be issued a $0.38 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.52 annualized dividend and a dividend yield of 2.73%. Brookfield Asset Management’s dividend payout ratio is currently 134.51%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. TD Securities upped their price target on shares of Brookfield Asset Management from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Bank of America lifted their price target on Brookfield Asset Management from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Royal Bank of Canada upped their price objective on Brookfield Asset Management from $55.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Jefferies Financial Group began coverage on Brookfield Asset Management in a report on Friday, August 2nd. They issued a “hold” rating and a $43.00 target price for the company. Finally, JPMorgan Chase & Co. cut their target price on Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $53.46.

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.