Goldman Sachs Group Inc. Acquires 1,224,012 Shares of Brookfield Asset Management Ltd. $BAM

Key Points

• Goldman Sachs Group Inc. increased its investment in Brookfield Asset Management by 107.4%, acquiring an additional 1,224,012 shares, bringing its total holdings to approximately 2.36 million shares worth $114.5 million.
• Brookfield Asset Management reported a quarterly earnings per share of $0.38, missing estimates by one cent, with revenue of $1.11 billion compared to expectations of $1.29 billion.
• The company declared a quarterly dividend of $0.4375 per share, resulting in an annualized dividend of $1.75, translating to a 3.1% dividend yield.

Goldman Sachs Group Inc. raised its holdings in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 107.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,363,192 shares of the financial services provider's stock after purchasing an additional 1,224,012 shares during the period. Goldman Sachs Group Inc. owned approximately 0.14% of Brookfield Asset Management worth $114,497,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. ST Germain D J Co. Inc. bought a new position in shares of Brookfield Asset Management in the first quarter worth $26,000. Rossby Financial LCC bought a new position in shares of Brookfield Asset Management in the first quarter worth $28,000. Truvestments Capital LLC increased its position in shares of Brookfield Asset Management by 85.5% in the first quarter. Truvestments Capital LLC now owns 937 shares of the financial services provider's stock worth $45,000 after purchasing an additional 432 shares during the period. Larson Financial Group LLC increased its position in shares of Brookfield Asset Management by 1,079.6% in the first quarter. Larson Financial Group LLC now owns 1,097 shares of the financial services provider's stock worth $53,000 after purchasing an additional 1,004 shares during the period. Finally, Parallel Advisors LLC increased its position in shares of Brookfield Asset Management by 85.7% in the first quarter. Parallel Advisors LLC now owns 1,558 shares of the financial services provider's stock worth $75,000 after purchasing an additional 719 shares during the period. Institutional investors own 68.41% of the company's stock.

Brookfield Asset Management Stock Performance

NYSE:BAM opened at $56.68 on Friday. The stock has a market cap of $92.83 billion, a P/E ratio of 38.04, a price-to-earnings-growth ratio of 2.07 and a beta of 1.44. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.14. The stock's 50-day moving average is $59.83 and its 200-day moving average is $55.22. Brookfield Asset Management Ltd. has a 1-year low of $41.78 and a 1-year high of $64.10.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last released 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). The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.29 billion. Brookfield Asset Management had a return on equity of 41.12% and a net margin of 55.92%. Equities research analysts anticipate that Brookfield Asset Management Ltd. will post 1.7 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 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 117.45%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on BAM shares. Jefferies Financial Group raised their price target on Brookfield Asset Management from $55.00 to $62.00 and gave the stock a "hold" rating in a research report on Wednesday, August 13th. Piper Sandler decreased their target price on Brookfield Asset Management from $65.00 to $60.00 and set a "neutral" rating on the stock in a research report on Thursday. BMO Capital Markets lifted their target price on Brookfield Asset Management from $53.00 to $56.00 and gave the company a "market perform" rating in a research report on Thursday, August 7th. Bank of America cut shares of Brookfield Asset Management from a "buy" rating to a "neutral" rating and set a $68.00 price objective for the company. in a research report on Thursday, September 4th. Finally, National Bank Financial started coverage on shares of Brookfield Asset Management in a research report on Tuesday, July 29th. They set an "outperform" rating and a $71.00 price objective for the company. Two investment 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 company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $63.52.

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.

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