Pitcairn Co. Invests $525,000 in Brookfield Asset Management Ltd. (NYSE:BAM)

Pitcairn Co. bought a new position in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 12,498 shares of the financial services provider’s stock, valued at approximately $525,000.

Several other institutional investors have also recently made changes to their positions in the company. Partners Value Investments L.P. grew its position in Brookfield Asset Management by 0.9% during the fourth quarter. Partners Value Investments L.P. now owns 30,807,960 shares of the financial services provider’s stock valued at $1,237,556,000 after buying an additional 280,098 shares during the period. Capital World Investors boosted its position in Brookfield Asset Management by 10.0% during the fourth quarter. Capital World Investors now owns 24,562,364 shares of the financial services provider’s stock worth $986,656,000 after purchasing an additional 2,241,372 shares during the period. TD Asset Management Inc lifted its holdings in shares of Brookfield Asset Management by 8.6% in the first quarter. TD Asset Management Inc now owns 12,486,721 shares of the financial services provider’s stock worth $525,028,000 after buying an additional 988,538 shares in the last quarter. FIL Ltd lifted its holdings in shares of Brookfield Asset Management by 66.1% in the fourth quarter. FIL Ltd now owns 11,314,071 shares of the financial services provider’s stock worth $454,424,000 after buying an additional 4,501,410 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Brookfield Asset Management by 1.8% in the first quarter. Vanguard Group Inc. now owns 10,760,414 shares of the financial services provider’s stock valued at $452,153,000 after purchasing an additional 186,765 shares in the last quarter. Institutional investors own 68.41% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. StockNews.com downgraded shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. CIBC raised their target price on shares of Brookfield Asset Management from $47.00 to $49.00 and gave the stock an “outperformer” rating in a report on Friday, July 19th. Royal Bank of Canada lifted their price target on shares of Brookfield Asset Management from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Monday, April 29th. Scotiabank lowered their price objective on Brookfield Asset Management from $47.00 to $44.50 and set a “sector outperform” rating for the company in a research report on Thursday, May 9th. Finally, JPMorgan Chase & Co. began coverage on Brookfield Asset Management in a research report on Wednesday, May 15th. They set a “neutral” rating and a $41.00 price objective for the company. Two analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $42.32.

Brookfield Asset Management Stock Performance

Shares of NYSE:BAM opened at $41.47 on Friday. Brookfield Asset Management Ltd. has a fifty-two week low of $28.35 and a fifty-two week high of $43.00. The business has a 50-day simple moving average of $39.33 and a two-hundred day simple moving average of $39.95. The firm has a market cap of $18.41 billion, a price-to-earnings ratio of 38.40, a price-to-earnings-growth ratio of 1.91 and a beta of 1.62.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings results on Wednesday, May 8th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. The business had revenue of $884.00 million during the quarter. Brookfield Asset Management had a return on equity of 98.98% and a net margin of 49.36%. As a group, research analysts predict that Brookfield Asset Management Ltd. will post 1.47 earnings per share for the current year.

Brookfield Asset Management Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, May 31st were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.67%. Brookfield Asset Management’s dividend payout ratio is currently 140.74%.

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.