Principal Financial Group Inc. Trims Stock Position in Brookfield Asset Management Ltd. (NYSE:BAM)

Principal Financial Group Inc. decreased its stake in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 12.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,824,393 shares of the financial services provider's stock after selling 1,105,973 shares during the quarter. Principal Financial Group Inc. owned approximately 0.48% of Brookfield Asset Management worth $379,071,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. ST Germain D J Co. Inc. purchased a new stake in Brookfield Asset Management in the 1st quarter worth approximately $26,000. Truvestments Capital LLC lifted its stake in shares of Brookfield Asset Management by 487.2% in the 4th quarter. Truvestments Capital LLC now owns 505 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 419 shares during the period. Rossby Financial LCC purchased a new stake in Brookfield Asset Management during the first quarter worth $28,000. Mountain Hill Investment Partners Corp. purchased a new stake in Brookfield Asset Management during the fourth quarter worth $32,000. Finally, NewEdge Advisors LLC grew its position in Brookfield Asset Management by 61.0% during the fourth quarter. NewEdge Advisors LLC now owns 858 shares of the financial services provider's stock valued at $47,000 after buying an additional 325 shares during the period. 68.41% of the stock is owned by institutional investors and hedge funds.

Brookfield Asset Management Price Performance

Shares of NYSE:BAM traded up $1.58 during midday trading on Friday, hitting $57.12. The company's stock had a trading volume of 1,432,599 shares, compared to its average volume of 1,583,354. The business's 50 day simple moving average is $55.92 and its 200 day simple moving average is $54.12. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.31 and a current ratio of 1.31. The company has a market cap of $93.52 billion, a P/E ratio of 40.51, a price-to-earnings-growth ratio of 2.09 and a beta of 1.43. Brookfield Asset Management Ltd. has a 12-month low of $37.80 and a 12-month high of $62.61.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last released its quarterly earnings data on Tuesday, May 6th. The financial services provider reported $0.40 EPS for the quarter, meeting analysts' consensus estimates of $0.40. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.29 billion. Brookfield Asset Management had a net margin of 55.26% and a return on equity of 52.70%. On average, analysts forecast that Brookfield Asset Management Ltd. will post 1.7 EPS for the current year.

Brookfield Asset Management Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, May 30th were issued a $0.4375 dividend. This represents a $1.75 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend was Friday, May 30th. Brookfield Asset Management's payout ratio is currently 124.11%.

Analysts Set New Price Targets

BAM has been the topic of several recent analyst reports. Wells Fargo & Company increased their target price on shares of Brookfield Asset Management from $54.00 to $55.00 and gave the stock an "underweight" rating in a research note on Friday, May 23rd. Scotiabank increased their price target on Brookfield Asset Management from $58.00 to $59.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. TD Securities raised their price objective on Brookfield Asset Management from $64.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Piper Sandler initiated coverage on Brookfield Asset Management in a research report on Monday. They issued a "neutral" rating and a $60.00 price objective for the company. Finally, Bank of America upgraded Brookfield Asset Management from a "neutral" rating to a "buy" rating and set a $65.00 target price on the stock in a research report on Thursday, April 10th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $59.50.

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.