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

Principal Financial Group Inc. decreased its position in shares of Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 12.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Kirr Marbach & Co. LLC IN boosted its holdings in shares of Brookfield Asset Management by 0.6% during the 1st quarter. Kirr Marbach & Co. LLC IN now owns 35,400 shares of the financial services provider's stock valued at $1,715,000 after acquiring an additional 203 shares in the last quarter. RE Dickinson Investment Advisors LLC boosted its holdings in shares of Brookfield Asset Management by 3.2% during the 4th quarter. RE Dickinson Investment Advisors LLC now owns 6,962 shares of the financial services provider's stock valued at $377,000 after acquiring an additional 215 shares in the last quarter. Focus Financial Network Inc. boosted its holdings in shares of Brookfield Asset Management by 5.2% during the 1st quarter. Focus Financial Network Inc. now owns 4,442 shares of the financial services provider's stock valued at $215,000 after acquiring an additional 218 shares in the last quarter. Gold Investment Management Ltd. boosted its holdings in shares of Brookfield Asset Management by 0.5% during the 4th quarter. Gold Investment Management Ltd. now owns 41,889 shares of the financial services provider's stock valued at $2,271,000 after acquiring an additional 219 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in shares of Brookfield Asset Management by 61.0% during the 4th quarter. NewEdge Advisors LLC now owns 858 shares of the financial services provider's stock valued at $47,000 after acquiring an additional 325 shares in the last quarter. Institutional investors and hedge funds own 68.41% of the company's stock.

Brookfield Asset Management Trading Up 2.8%

Shares of NYSE:BAM traded up $1.58 during midday trading on Friday, reaching $57.12. The company's stock had a trading volume of 1,432,599 shares, compared to its average volume of 1,586,617. The firm has a market capitalization of $93.52 billion, a price-to-earnings ratio of 40.51, a PEG ratio of 2.13 and a beta of 1.43. 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 firm has a 50 day moving average price of $56.00 and a two-hundred day moving average price of $54.12. Brookfield Asset Management Ltd. has a fifty-two week low of $37.80 and a fifty-two week high of $62.61.

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

Brookfield Asset Management Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on BAM shares. Scotiabank raised their price objective on Brookfield Asset Management from $58.00 to $59.00 and gave the company an "outperform" rating in a report on Wednesday, May 7th. Piper Sandler initiated coverage on Brookfield Asset Management in a report on Monday, June 30th. They set a "neutral" rating and a $60.00 target price on the stock. JPMorgan Chase & Co. lifted their target price on Brookfield Asset Management from $51.00 to $55.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. 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 target price on the stock. Finally, Bank of America raised Brookfield Asset Management from a "neutral" rating to a "buy" rating and set a $65.00 target price on the stock in a report on Thursday, April 10th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus 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.