Bank of America Corp DE Acquires 341,600 Shares of Brookfield Asset Management Ltd. $BAM

Key Points

• Bank of America increased its Brookfield Asset Management stake by 11% in the first quarter, acquiring 341,600 shares and bringing its holdings to 3.45 million shares valued at approximately $153.3 million.
• Brookfield reported quarterly earnings of $0.44 per share, exceeding estimates by $0.01, while revenue of $1.75 billion surpassed the $1.47 billion consensus forecast.
• The company pays a quarterly dividend of $0.5025 per share, representing a 3.8% annualized yield. Analysts have a consensus “Hold” rating and an average price target of $59.03, compared with a recent share price of $52.58.

Bank of America Corp DE lifted its stake in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 11.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,448,351 shares of the financial services provider's stock after acquiring an additional 341,600 shares during the quarter. Bank of America Corp DE owned 0.21% of Brookfield Asset Management worth $153,279,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. Zions Bancorporation National Association UT increased its holdings in Brookfield Asset Management by 241.3% during the fourth quarter. Zions Bancorporation National Association UT now owns 488 shares of the financial services provider's stock valued at $26,000 after buying an additional 345 shares during the last quarter. LOM Asset Management Ltd purchased a new position in shares of Brookfield Asset Management in the fourth quarter valued at about $31,000. Allworth Financial LP boosted its stake in Brookfield Asset Management by 47.8% in the 4th quarter. Allworth Financial LP now owns 1,029 shares of the financial services provider's stock worth $54,000 after purchasing an additional 333 shares during the period. Fifth Third Bancorp boosted its position in shares of Brookfield Asset Management by 709.8% during the fourth quarter. Fifth Third Bancorp now owns 1,069 shares of the financial services provider's stock worth $56,000 after acquiring an additional 937 shares during the last quarter. Finally, Cullen Frost Bankers Inc. boosted its holdings in shares of Brookfield Asset Management by 29.6% during the 4th quarter. Cullen Frost Bankers Inc. now owns 1,096 shares of the financial services provider's stock valued at $57,000 after purchasing an additional 250 shares during the last quarter. Hedge funds and other institutional investors own 68.41% of the company's stock.

Brookfield Asset Management Stock Up 1.2%

BAM stock opened at $52.58 on Thursday. The firm's fifty day simple moving average is $47.16 and its 200-day simple moving average is $47.60. The company has a market capitalization of $86.14 billion, a P/E ratio of 34.14, a price-to-earnings-growth ratio of 2.11 and a beta of 1.26. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.38 and a quick ratio of 1.38. Brookfield Asset Management Ltd. has a 12 month low of $42.20 and a 12 month high of $64.10.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.43 by $0.01. The business had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.47 billion. Brookfield Asset Management had a return on equity of 30.66% and a net margin of 49.69%. As a group, equities research analysts forecast that Brookfield Asset Management Ltd. will post 1.76 earnings per share for the current year.

Brookfield Asset Management Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Friday, May 29th were given a dividend of $0.5025 per share. This represents a $2.01 annualized dividend and a yield of 3.8%. The ex-dividend date was Friday, May 29th. Brookfield Asset Management's dividend payout ratio (DPR) is currently 130.52%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BAM. Weiss Ratings cut shares of Brookfield Asset Management from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, May 15th. Scotiabank reiterated an "outperform" rating and set a $57.00 target price (up from $56.00) on shares of Brookfield Asset Management in a research report on Monday, May 11th. Wall Street Zen cut Brookfield Asset Management from a "hold" rating to a "sell" rating in a research note on Saturday, July 4th. JPMorgan Chase & Co. reduced their price target on shares of Brookfield Asset Management from $72.00 to $60.00 and set a "neutral" rating for the company in a report on Wednesday, May 6th. Finally, Morgan Stanley set a $56.00 target price on Brookfield Asset Management and gave the company an "equal weight" rating in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $59.03.

About Brookfield Asset Management

Brookfield Asset Management is a global alternative asset manager headquartered in Toronto, Canada, that specializes in investments in real assets and related private equity and credit strategies. The firm acquires, manages and develops assets in sectors such as real estate, renewable power, infrastructure and private equity, seeking long-term value through active asset management and operational improvements. Brookfield structures and manages commingled funds, listed partnerships and separate accounts for institutional and retail investors.

The company's products and services include fund management across equity and debt strategies, direct asset ownership and operations, property and facilities management, and capital markets solutions.

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