1832 Asset Management L.P. Buys 482,509 Shares of Brookfield Asset Management Ltd. $BAM

Key Points

• 1832 Asset Management L.P. has increased its stake in Brookfield Asset Management Ltd. by 96.6%, owning approximately $47.58 million in shares after purchasing an additional 482,509 shares.
• Brookfield Asset Management reported a quarterly EPS of $0.38, missing estimates by $0.01, alongside a significant net margin of 55.92% and a return on equity of 41.12%.
• The company announced a quarterly dividend of $0.4375 per share, reflecting an annualized yield of 2.9%, with a payout ratio currently at 117.45%.

1832 Asset Management L.P. boosted its holdings in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 96.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 981,961 shares of the financial services provider's stock after acquiring an additional 482,509 shares during the quarter. 1832 Asset Management L.P. owned 0.06% of Brookfield Asset Management worth $47,576,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Brookfield Asset Management by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 17,204,794 shares of the financial services provider's stock valued at $832,833,000 after acquiring an additional 302,852 shares in the last quarter. Bank of Nova Scotia increased its stake in Brookfield Asset Management by 1.2% in the 1st quarter. Bank of Nova Scotia now owns 2,269,833 shares of the financial services provider's stock worth $109,913,000 after buying an additional 27,913 shares in the last quarter. Bank of America Corp DE increased its stake in Brookfield Asset Management by 12.5% in the 4th quarter. Bank of America Corp DE now owns 1,939,109 shares of the financial services provider's stock worth $105,080,000 after buying an additional 215,670 shares in the last quarter. Madison Asset Management LLC increased its stake in Brookfield Asset Management by 9.5% in the 1st quarter. Madison Asset Management LLC now owns 1,901,985 shares of the financial services provider's stock worth $92,151,000 after buying an additional 165,098 shares in the last quarter. Finally, AGF Management Ltd. increased its stake in Brookfield Asset Management by 60.5% in the 1st quarter. AGF Management Ltd. now owns 1,603,608 shares of the financial services provider's stock worth $77,742,000 after buying an additional 604,395 shares in the last quarter. 68.41% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

BAM has been the subject of a number of analyst reports. TD Securities increased their price target on Brookfield Asset Management from $66.00 to $75.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Wells Fargo & Company lifted their target price on Brookfield Asset Management from $55.00 to $57.00 and gave the stock an "underweight" rating in a report on Friday, July 11th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $58.00 target price on shares of Brookfield Asset Management in a report on Thursday, August 7th. Jefferies Financial Group lifted their target price on Brookfield Asset Management from $55.00 to $62.00 and gave the stock a "hold" rating in a report on Wednesday, August 13th. Finally, CIBC lifted their target price on Brookfield Asset Management from $70.00 to $71.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $63.33.

Brookfield Asset Management Trading Up 0.4%

BAM traded up $0.25 on Wednesday, hitting $60.47. The company had a trading volume of 3,307,600 shares, compared to its average volume of 2,053,501. The company has a market cap of $99.03 billion, a PE ratio of 40.58, a PEG ratio of 2.19 and a beta of 1.44. Brookfield Asset Management Ltd. has a 12-month low of $39.19 and a 12-month high of $64.10. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.14. The business's fifty day simple moving average is $59.02 and its 200 day simple moving average is $55.20.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last announced its earnings results on Wednesday, August 6th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.01). Brookfield Asset Management had a net margin of 55.92% and a return on equity of 41.12%. The business had revenue of $1,107,960 billion for the quarter, compared to analysts' expectations of $1.29 billion. Equities research analysts expect that Brookfield Asset Management Ltd. will post 1.7 EPS for the current year.

Brookfield Asset Management Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a dividend of $0.4375 per share. This represents a $1.75 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Friday, August 29th. Brookfield Asset Management's payout ratio is 117.45%.

Brookfield Asset Management Company 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.