Vanguard Group Inc. Raises Stake in Brookfield Asset Management Ltd. (NYSE:BAM)

Key Points

• Vanguard Group Inc. increased its stake in Brookfield Asset Management by 1.8%, acquiring an additional 302,852 shares during the first quarter, bringing its total ownership to approximately 1.05% worth $832.8 million.
• Several institutional investors have recently changed their positions in Brookfield, with 68.41% of the company's stock now owned by such investors, highlighting growing interest in the firm.
• Brokerages have raised their price targets for Brookfield Asset Management, with a consensus price target now at $62.33 and the stock holding a consensus rating of "Moderate Buy."

Vanguard Group Inc. grew its holdings in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 1.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 17,204,794 shares of the financial services provider's stock after acquiring an additional 302,852 shares during the quarter. Vanguard Group Inc. owned 1.05% of Brookfield Asset Management worth $832,833,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Capital International Investors boosted its holdings in Brookfield Asset Management by 0.7% in the fourth quarter. Capital International Investors now owns 16,116,518 shares of the financial services provider's stock worth $873,354,000 after acquiring an additional 116,008 shares in the last quarter. Bank of Nova Scotia lifted its holdings in shares of Brookfield Asset Management by 1.2% during the first quarter. Bank of Nova Scotia now owns 2,269,833 shares of the financial services provider's stock worth $109,913,000 after purchasing an additional 27,913 shares during the period. Bank of America Corp DE lifted its holdings in shares of Brookfield Asset Management by 12.5% during the fourth quarter. Bank of America Corp DE now owns 1,939,109 shares of the financial services provider's stock worth $105,080,000 after purchasing an additional 215,670 shares during the period. Madison Asset Management LLC lifted its holdings in shares of Brookfield Asset Management by 9.5% during the first quarter. Madison Asset Management LLC now owns 1,901,985 shares of the financial services provider's stock worth $92,151,000 after purchasing an additional 165,098 shares during the period. Finally, Bamco Inc. NY lifted its holdings in shares of Brookfield Asset Management by 22.6% during the fourth quarter. Bamco Inc. NY now owns 1,348,906 shares of the financial services provider's stock worth $73,097,000 after purchasing an additional 248,471 shares during the period. Institutional investors and hedge funds own 68.41% of the company's stock.

Brookfield Asset Management Trading Down 0.3%

NYSE:BAM traded down $0.17 during trading hours on Wednesday, hitting $62.49. The company had a trading volume of 2,164,467 shares, compared to its average volume of 1,916,446. The company has a current ratio of 1.25, a quick ratio of 1.31 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average of $58.13 and a 200 day moving average of $55.14. The company has a market cap of $100.80 billion, a P/E ratio of 41.94, a P/E/G ratio of 2.26 and a beta of 1.44. Brookfield Asset Management Ltd. has a 1 year low of $39.19 and a 1 year high of $64.10.

Brookfield Asset Management Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a $0.4375 dividend. This represents a $1.75 annualized dividend and a yield of 2.8%. The ex-dividend date is Friday, August 29th. Brookfield Asset Management's dividend payout ratio is presently 117.45%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on BAM shares. 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. Piper Sandler started coverage on Brookfield Asset Management in a report on Monday, June 30th. They set a "neutral" rating and a $60.00 target price for the company. TD Securities lifted their target price on Brookfield Asset Management from $66.00 to $75.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Morgan Stanley lifted their target price 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. Finally, Wall Street Zen raised Brookfield Asset Management from a "sell" rating to a "hold" rating in a report on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Brookfield Asset Management presently has a consensus rating of "Moderate Buy" and a consensus target price of $63.33.

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.