Millennium Management LLC Has $83.46 Million Stock Position in Brookfield Asset Management Ltd. $BAM

Key Points

• Millennium Management LLC increased its stake in Brookfield Asset Management Ltd. by 461.5% in the first quarter, owning approximately 1,722,683 shares worth about $83.5 million.
• Several institutional investors, including ST Germain D J Co. and Parallel Advisors LLC, also significantly increased their holdings in Brookfield Asset Management during the same period.
• Brookfield Asset Management declared a quarterly dividend of $0.4375 per share, with a dividend yield of 3.0%, while the company reported earnings of $0.38 EPS, missing the consensus estimate.

Millennium Management LLC lifted its position in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 461.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,722,683 shares of the financial services provider's stock after buying an additional 1,415,866 shares during the quarter. Millennium Management LLC owned about 0.11% of Brookfield Asset Management worth $83,464,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. ST Germain D J Co. Inc. bought a new position in shares of Brookfield Asset Management in the first quarter valued at $26,000. Rossby Financial LCC bought a new position in shares of Brookfield Asset Management in the first quarter valued at $28,000. Truvestments Capital LLC grew its stake 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 valued at $45,000 after buying an additional 432 shares in the last quarter. Larson Financial Group LLC grew its stake 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 valued at $53,000 after buying an additional 1,004 shares in the last quarter. Finally, Parallel Advisors LLC grew its stake 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 valued at $75,000 after buying an additional 719 shares in the last quarter. 68.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on BAM shares. TD Securities raised their target price on shares of Brookfield Asset Management from $66.00 to $75.00 and gave the company a "buy" rating in a research note on Monday, July 28th. 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 report on Thursday. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $58.00 target price on shares of Brookfield Asset Management in a report on Thursday, August 7th. Royal Bank Of Canada assumed coverage on Brookfield Asset Management in a report on Wednesday, June 18th. They set an "outperform" rating and a $72.00 target price on the stock. Finally, National Bankshares set a $71.00 target price on Brookfield Asset Management and gave the stock an "outperform" rating in a report on Tuesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Brookfield Asset Management presently has a consensus rating of "Moderate Buy" and an average target price of $63.52.

Brookfield Asset Management Stock Performance

BAM traded down $0.21 during trading on Friday, hitting $56.52. The stock had a trading volume of 322,434 shares, compared to its average volume of 2,081,236. The company has a 50 day moving average price of $59.84 and a 200-day moving average price of $55.22. The firm has a market cap of $92.57 billion, a price-to-earnings ratio of 37.93, a P/E/G ratio of 2.03 and a beta of 1.44. Brookfield Asset Management Ltd. has a one year low of $41.78 and a one year 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.

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 (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.01). The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.29 billion. Brookfield Asset Management had a net margin of 55.92% and a return on equity of 41.12%. As a group, research analysts predict that Brookfield Asset Management Ltd. will post 1.7 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a $0.4375 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.75 annualized dividend and a yield of 3.1%. Brookfield Asset Management's payout ratio is 117.45%.

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.