Brookfield Asset Management Ltd. $BAM Shares Bought by Millennium Management LLC

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 boosted its holdings in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 461.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 approximately 0.11% of Brookfield Asset Management worth $83,464,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of BAM. Barclays PLC increased its holdings in Brookfield Asset Management by 274.0% in the fourth quarter. Barclays PLC now owns 7,492 shares of the financial services provider's stock valued at $406,000 after buying an additional 5,489 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Brookfield Asset Management by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,910 shares of the financial services provider's stock valued at $754,000 after buying an additional 882 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Brookfield Asset Management by 63.0% during the fourth quarter. Northern Trust Corp now owns 426,594 shares of the financial services provider's stock worth $23,117,000 after purchasing an additional 164,809 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Brookfield Asset Management by 139.2% during the fourth quarter. Ameriprise Financial Inc. now owns 406,376 shares of the financial services provider's stock worth $22,237,000 after purchasing an additional 236,495 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in shares of Brookfield Asset Management during the fourth quarter worth about $183,000. Hedge funds and other institutional investors own 68.41% of the company's stock.

Brookfield Asset Management Price Performance

Shares of NYSE:BAM traded up $1.05 during trading on Thursday, hitting $56.73. 1,111,273 shares of the stock were exchanged, compared to its average volume of 2,084,642. The company has a fifty day moving average price of $59.85 and a two-hundred day moving average price of $55.23. The company has a market cap of $92.91 billion, a PE ratio of 38.07, a P/E/G ratio of 2.05 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. Brookfield Asset Management Ltd. has a 12-month low of $41.78 and a 12-month high of $64.10.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last announced 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). The firm had revenue of $1.11 billion for the quarter, compared to analysts' expectations of $1.29 billion. Brookfield Asset Management had a return on equity of 41.12% and a net margin of 55.92%. On average, analysts forecast that Brookfield Asset Management Ltd. will post 1.7 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors 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 3.1%. The ex-dividend date is Friday, August 29th. Brookfield Asset Management's payout ratio is currently 117.45%.

Analysts Set New Price Targets

BAM has been the topic of several research reports. Jefferies Financial Group raised their price objective on Brookfield Asset Management from $55.00 to $62.00 and gave the stock a "hold" rating in a report on Wednesday, August 13th. Piper Sandler dropped their price objective on Brookfield Asset Management from $65.00 to $60.00 and set a "neutral" rating on the stock in a report on Thursday. Morgan Stanley raised their price objective on Brookfield Asset Management from $50.00 to $54.00 and gave the stock an "equal weight" rating in a report on Friday, May 16th. CIBC raised their price objective on Brookfield Asset Management from $70.00 to $71.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Finally, Royal Bank Of Canada initiated coverage on Brookfield Asset Management in a report on Wednesday, June 18th. They set an "outperform" rating and a $72.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $63.52.

Brookfield Asset Management 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.