Geode Capital Management LLC Purchases 310,049 Shares of Brookfield Asset Management Ltd. $BAM

Key Points

• Geode Capital Management increased its stake in Brookfield Asset Management by 7.2% in the fourth quarter, buying 310,049 additional shares and bringing its total holdings to 4.6 million shares worth about $245.5 million.
• Brookfield Asset Management reported Q1 earnings of $0.43 per share, beating analysts’ estimate of $0.41, though revenue of $1.32 billion came in below expectations.
• The company declared a quarterly dividend of $0.5025 per share, implying an annualized yield of 4.2%, while analysts currently rate the stock a consensus Hold with an average target price of $60.21.

Geode Capital Management LLC raised its position in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 7.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,604,648 shares of the financial services provider's stock after buying an additional 310,049 shares during the quarter. Geode Capital Management LLC owned about 0.28% of Brookfield Asset Management worth $245,497,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Brookfield Asset Management by 72.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,904,677 shares of the financial services provider's stock valued at $222,161,000 after buying an additional 1,642,375 shares during the period. Vanguard Group Inc. increased its holdings in Brookfield Asset Management by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 17,425,392 shares of the financial services provider's stock valued at $991,677,000 after buying an additional 253,789 shares during the period. Cumberland Partners Ltd increased its holdings in Brookfield Asset Management by 78.0% in the 3rd quarter. Cumberland Partners Ltd now owns 126,015 shares of the financial services provider's stock valued at $7,168,000 after buying an additional 55,225 shares during the period. Hillsdale Investment Management Inc. grew its holdings in shares of Brookfield Asset Management by 65.6% during the 3rd quarter. Hillsdale Investment Management Inc. now owns 254,212 shares of the financial services provider's stock valued at $14,463,000 after purchasing an additional 100,713 shares during the last quarter. Finally, Fiera Capital Corp grew its holdings in shares of Brookfield Asset Management by 21.7% during the 3rd quarter. Fiera Capital Corp now owns 184,728 shares of the financial services provider's stock valued at $10,509,000 after purchasing an additional 32,923 shares during the last quarter. 68.41% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

BAM has been the topic of several research reports. Morgan Stanley decreased their price target on shares of Brookfield Asset Management from $63.00 to $62.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 21st. Piper Sandler reaffirmed a "neutral" rating and set a $50.00 price target (up from $48.00) on shares of Brookfield Asset Management in a report on Monday, May 18th. JPMorgan Chase & Co. decreased their price target on shares of Brookfield Asset Management from $72.00 to $60.00 and set a "neutral" rating on the stock in a report on Wednesday, May 6th. Royal Bank Of Canada decreased their price target on shares of Brookfield Asset Management from $74.00 to $65.00 and set an "outperform" rating on the stock in a report on Monday, May 11th. Finally, Canadian Imperial Bank of Commerce set a $62.50 price target on shares of Brookfield Asset Management in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $60.21.

Brookfield Asset Management Stock Down 0.8%

NYSE:BAM opened at $47.76 on Wednesday. The firm's 50 day simple moving average is $46.88 and its 200 day simple moving average is $49.46. 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 one year low of $42.20 and a one year high of $64.10. The company has a market cap of $78.23 billion, a PE ratio of 31.01, a P/E/G ratio of 1.93 and a beta of 1.26.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last posted its earnings results on Friday, May 8th. The financial services provider reported $0.43 EPS for the quarter, topping the consensus estimate of $0.41 by $0.02. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 30.66%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.43 billion. On average, research analysts anticipate that Brookfield Asset Management Ltd. will post 1.75 earnings per share for the current year.

Brookfield Asset Management Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Friday, May 29th will be given a $0.5025 dividend. The ex-dividend date is Friday, May 29th. This represents a $2.01 dividend on an annualized basis and a dividend yield of 4.2%. Brookfield Asset Management's payout ratio is 130.52%.

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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