Citigroup Inc. Boosts Holdings in Brookfield Asset Management Ltd. $BAM

Key Points

• Citigroup Inc. increased its stake in Brookfield Asset Management by 162.2%, bringing its total holdings to $13.14 million after acquiring 167,931 additional shares in the first quarter.
• Brookfield Asset Management declared a quarterly dividend of $0.4375, with an annualized yield of 2.9% and a payout ratio of 117.45%.
• Equities analysts currently have a consensus rating of "Moderate Buy" for Brookfield Asset Management, with an average target price of $63.33.

Citigroup Inc. grew its holdings in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 162.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 271,489 shares of the financial services provider's stock after purchasing an additional 167,931 shares during the period. Citigroup Inc.'s holdings in Brookfield Asset Management were worth $13,140,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the business. Deutsche Bank AG lifted its stake in shares of Brookfield Asset Management by 11.3% in the 1st quarter. Deutsche Bank AG now owns 573,939 shares of the financial services provider's stock valued at $27,807,000 after purchasing an additional 58,332 shares during the last quarter. Chicago Partners Investment Group LLC lifted its stake in shares of Brookfield Asset Management by 12.8% in the 1st quarter. Chicago Partners Investment Group LLC now owns 61,664 shares of the financial services provider's stock valued at $2,988,000 after purchasing an additional 7,017 shares during the last quarter. ASR Vermogensbeheer N.V. acquired a new position in shares of Brookfield Asset Management in the 1st quarter valued at $319,000. Vanguard Group Inc. lifted its stake in shares of 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 purchasing an additional 302,852 shares during the last quarter. Finally, Blue Sky Capital Consultants Group Inc. lifted its stake in shares of Brookfield Asset Management by 4.4% in the 1st quarter. Blue Sky Capital Consultants Group Inc. now owns 45,510 shares of the financial services provider's stock valued at $2,205,000 after purchasing an additional 1,910 shares during the last quarter. Institutional investors and hedge funds own 68.41% of the company's stock.

Brookfield Asset Management Stock Down 1.0%

NYSE BAM traded down $0.6190 during trading hours on Tuesday, hitting $60.6110. 221,054 shares of the company were exchanged, compared to its average volume of 2,075,717. The company has a 50 day moving average of $58.45 and a two-hundred day moving average of $55.09. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.14. Brookfield Asset Management Ltd. has a 52-week low of $39.19 and a 52-week high of $64.10. The firm has a market cap of $99.26 billion, a price-to-earnings ratio of 40.68, a PEG ratio of 2.24 and a beta of 1.44.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last issued its quarterly earnings results 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). Brookfield Asset Management had a return on equity of 41.12% and a net margin of 55.92%.The company had revenue of $1,107,960 billion for the quarter, compared to analysts' expectations of $1.29 billion. Equities research analysts anticipate that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current year.

Brookfield Asset Management Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders 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 of this dividend is Friday, August 29th. Brookfield Asset Management's dividend payout ratio (DPR) is 117.45%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Wells Fargo & Company upped their price target on Brookfield Asset Management from $55.00 to $57.00 and gave the company an "underweight" rating in a research note on Friday, July 11th. Morgan Stanley boosted their price objective on Brookfield Asset Management from $50.00 to $54.00 and gave the company an "equal weight" rating in a report on Friday, May 16th. Royal Bank Of Canada initiated coverage on Brookfield Asset Management in a report on Wednesday, June 18th. They issued an "outperform" rating and a $72.00 price objective on the stock. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $58.00 price objective on shares of Brookfield Asset Management in a report on Thursday, August 7th. Finally, Piper Sandler initiated coverage on Brookfield Asset Management in a report on Monday, June 30th. They issued a "neutral" rating and a $60.00 price objective on the stock. Two equities research 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 issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $63.33.

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.