Adage Capital Partners GP L.L.C. Takes Position in Brookfield Asset Management Ltd. $BAM

Key Points

• Adage Capital Partners GP L.L.C. acquired 386,867 shares of Brookfield Asset Management Ltd. for approximately $18.7 million in the 1st quarter, signaling growing institutional interest in the company.
• Analysts have recently upgraded their price targets for Brookfield Asset Management, with TD Securities raising their target from $66.00 to $75.00 and maintaining a "buy" rating.
• The company announced a quarterly dividend of $0.4375 per share, translating to an annualized dividend yield of 3.0%, despite a payout ratio of 117.45%.

Adage Capital Partners GP L.L.C. bought a new stake in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 386,867 shares of the financial services provider's stock, valued at approximately $18,744,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Barclays PLC boosted its holdings in shares of Brookfield Asset Management by 274.0% in the fourth quarter. Barclays PLC now owns 7,492 shares of the financial services provider's stock valued at $406,000 after acquiring an additional 5,489 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Brookfield Asset Management by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,910 shares of the financial services provider's stock worth $754,000 after purchasing an additional 882 shares during the period. Northern Trust Corp boosted its stake in Brookfield Asset Management by 63.0% during the 4th quarter. Northern Trust Corp now owns 426,594 shares of the financial services provider's stock valued at $23,117,000 after purchasing an additional 164,809 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in Brookfield Asset Management by 139.2% during the 4th quarter. Ameriprise Financial Inc. now owns 406,376 shares of the financial services provider's stock valued at $22,237,000 after purchasing an additional 236,495 shares in the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in shares of Brookfield Asset Management during the 4th quarter valued at $183,000. 68.41% of the stock is currently owned by institutional investors.

Brookfield Asset Management Stock Up 1.9%

NYSE BAM traded up $1.08 during trading on Thursday, reaching $56.76. 2,245,442 shares of the company's stock were exchanged, compared to its average volume of 1,863,530. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.14. Brookfield Asset Management Ltd. has a fifty-two week low of $41.78 and a fifty-two week high of $64.10. The company's fifty day simple moving average is $59.84 and its 200-day simple moving average is $55.22. The firm has a market capitalization of $92.96 billion, a PE ratio of 38.10, a P/E/G ratio of 2.03 and a beta of 1.44.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.01). The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.29 billion. Brookfield Asset Management had a net margin of 55.92% and a return on equity of 41.12%. Sell-side analysts predict that Brookfield Asset Management Ltd. will post 1.7 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.4375 per share. This represents a $1.75 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Friday, August 29th. Brookfield Asset Management's payout ratio is currently 117.45%.

Analysts Set New Price Targets

A number of brokerages have weighed in on BAM. CIBC upped their price target on shares of Brookfield Asset Management from $70.00 to $71.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Scotiabank upped their price target on Brookfield Asset Management from $66.00 to $67.25 and gave the company a "sector outperform" rating in a report on Thursday, August 7th. Jefferies Financial Group increased their price objective on Brookfield Asset Management from $55.00 to $62.00 and gave the company a "hold" rating in a research report on Wednesday, August 13th. TD Securities lifted their target price on Brookfield Asset Management from $66.00 to $75.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Finally, BMO Capital Markets boosted their target price on Brookfield Asset Management from $53.00 to $56.00 and gave the stock a "market perform" rating in a research report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $63.52.

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.