Brookfield Asset Management Ltd. $BAM Shares Bought by Goldman Sachs Group Inc.

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. grew its position in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 107.4% during the first quarter, according to its most recent Form 13F filing with the SEC. 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.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Scientech Research LLC acquired a new stake in Brookfield Asset Management during the first quarter worth about $1,147,000. Millennium Management LLC grew its holdings in Brookfield Asset Management by 461.5% during the first quarter. Millennium Management LLC now owns 1,722,683 shares of the financial services provider's stock worth $83,464,000 after acquiring an additional 1,415,866 shares during the period. EdgePoint Investment Group Inc. grew its holdings in Brookfield Asset Management by 9.5% during the first quarter. EdgePoint Investment Group Inc. now owns 159,255 shares of the financial services provider's stock worth $7,710,000 after acquiring an additional 13,796 shares during the period. Belmont Capital LLC acquired a new stake in Brookfield Asset Management during the first quarter worth about $190,000. Finally, AQR Capital Management LLC acquired a new stake in Brookfield Asset Management during the first quarter worth about $235,000. 68.41% of the stock is owned by institutional investors and hedge funds.

Brookfield Asset Management Price Performance

Shares of NYSE:BAM traded up $1.16 during midday trading on Thursday, hitting $59.84. The company had a trading volume of 1,724,017 shares, compared to its average volume of 2,153,519. Brookfield Asset Management Ltd. has a twelve month low of $41.78 and a twelve month high of $64.10. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.25 and a quick ratio of 1.25. The stock has a market cap of $98.01 billion, a price-to-earnings ratio of 40.16, a price-to-earnings-growth ratio of 2.14 and a beta of 1.44. The business's 50-day simple moving average is $60.07 and its 200-day simple moving average is $55.28.

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

Brookfield Asset Management Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a $0.4375 dividend. 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 currently 117.45%.

Analyst Upgrades and Downgrades

Several research firms recently commented on BAM. CIBC raised their target price on Brookfield Asset Management from $70.00 to $71.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. TD Securities increased their price target on Brookfield Asset Management from $66.00 to $75.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $58.00 price target on shares of Brookfield Asset Management in a research report on Thursday, August 7th. Bank of America downgraded Brookfield Asset Management from a "buy" rating to a "neutral" rating and set a $68.00 price target on the stock. in a research report on Thursday, September 4th. Finally, Scotiabank increased their price target on Brookfield Asset Management from $66.00 to $67.25 and gave the stock a "sector outperform" rating in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, Brookfield Asset Management presently has a consensus rating of "Moderate Buy" and an average price target of $63.52.

About Brookfield Asset Management

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.