Connor Clark & Lunn Investment Management Ltd. Acquires 2,031,995 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 103.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,997,157 shares of the financial services provider’s stock after acquiring an additional 2,031,995 shares during the period. Brookfield Asset Management accounts for approximately 1.0% of Connor Clark & Lunn Investment Management Ltd.’s portfolio, making the stock its 24th largest holding. Connor Clark & Lunn Investment Management Ltd. owned 0.90% of Brookfield Asset Management worth $216,507,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in BAM. Principal Financial Group Inc. lifted its holdings in shares of Brookfield Asset Management by 0.3% in the third quarter. Principal Financial Group Inc. now owns 8,867,458 shares of the financial services provider’s stock worth $419,400,000 after buying an additional 24,409 shares in the last quarter. Venturi Wealth Management LLC raised its position in shares of Brookfield Asset Management by 45.6% in the third quarter. Venturi Wealth Management LLC now owns 5,841 shares of the financial services provider’s stock worth $276,000 after buying an additional 1,830 shares in the last quarter. Apollon Wealth Management LLC boosted its stake in Brookfield Asset Management by 3.5% during the third quarter. Apollon Wealth Management LLC now owns 17,228 shares of the financial services provider’s stock valued at $815,000 after buying an additional 579 shares during the period. Entropy Technologies LP bought a new position in Brookfield Asset Management in the 3rd quarter worth about $415,000. Finally, Oppenheimer & Co. Inc. purchased a new stake in shares of Brookfield Asset Management in the 3rd quarter valued at about $219,000. Institutional investors own 68.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on BAM shares. Scotiabank decreased their price objective on shares of Brookfield Asset Management from $63.00 to $62.50 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. UBS Group started coverage on Brookfield Asset Management in a research report on Monday, December 16th. They set a “buy” rating on the stock. StockNews.com lowered Brookfield Asset Management from a “hold” rating to a “sell” rating in a research report on Thursday, January 9th. Keefe, Bruyette & Woods dropped their target price on Brookfield Asset Management from $57.00 to $56.00 and set an “underperform” rating for the company in a research report on Monday, January 13th. Finally, CIBC increased their price target on shares of Brookfield Asset Management from $63.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $56.71.

Brookfield Asset Management Stock Performance

Shares of BAM stock opened at $46.66 on Wednesday. The firm has a market cap of $20.67 billion, a P/E ratio of 35.34, a P/E/G ratio of 1.92 and a beta of 1.50. The business’s 50 day moving average price is $56.19 and its 200-day moving average price is $52.97. Brookfield Asset Management Ltd. has a fifty-two week low of $37.29 and a fifty-two week high of $62.61.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.01. Brookfield Asset Management had a net margin of 54.47% and a return on equity of 81.16%. As a group, equities analysts predict that Brookfield Asset Management Ltd. will post 1.7 EPS for the current year.

Brookfield Asset Management Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, February 28th will be issued a dividend of $0.4375 per share. This is an increase from Brookfield Asset Management’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.75 dividend on an annualized basis and a dividend yield of 3.75%. Brookfield Asset Management’s dividend payout ratio is 132.58%.

Brookfield Asset Management Profile

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.