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

Principal Financial Group Inc. lifted its stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 0.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,867,458 shares of the financial services provider’s stock after acquiring an additional 24,409 shares during the quarter. Principal Financial Group Inc. owned approximately 2.00% of Brookfield Asset Management worth $419,400,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. National Bank of Canada FI increased its holdings in Brookfield Asset Management by 15.5% during the first quarter. National Bank of Canada FI now owns 801,163 shares of the financial services provider’s stock valued at $31,742,000 after buying an additional 107,245 shares during the period. Confluence Investment Management LLC lifted its holdings in Brookfield Asset Management by 382.6% during the second quarter. Confluence Investment Management LLC now owns 89,891 shares of the financial services provider’s stock worth $3,420,000 after buying an additional 71,263 shares during the period. O Shaughnessy Asset Management LLC bought a new stake in Brookfield Asset Management during the 1st quarter valued at $3,014,000. Intact Investment Management Inc. purchased a new position in shares of Brookfield Asset Management in the 2nd quarter valued at $4,825,000. Finally, Pitcairn Co. purchased a new position in shares of Brookfield Asset Management in the 1st quarter valued at $525,000. 68.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BAM. BMO Capital Markets upped their price objective on Brookfield Asset Management from $40.00 to $50.00 and gave the stock a “market perform” rating in a research note on Tuesday. CIBC upped their price objective on Brookfield Asset Management from $47.00 to $49.00 and gave the stock an “outperformer” rating in a research note on Friday, July 19th. The Goldman Sachs Group upped their price objective on Brookfield Asset Management from $47.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Wells Fargo & Company upped their price objective on Brookfield Asset Management from $48.00 to $51.00 and gave the stock an “underweight” rating in a research note on Tuesday. Finally, TD Securities upped their price objective on Brookfield Asset Management from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $52.29.

Brookfield Asset Management Stock Performance

Brookfield Asset Management stock opened at $56.96 on Thursday. The stock has a 50-day moving average of $47.78 and a two-hundred day moving average of $42.55. Brookfield Asset Management Ltd. has a one year low of $30.59 and a one year high of $57.36. The stock has a market cap of $25.30 billion, a PE ratio of 50.41, a price-to-earnings-growth ratio of 2.55 and a beta of 1.42.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its quarterly earnings data on Monday, November 4th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. Brookfield Asset Management had a return on equity of 92.37% and a net margin of 51.29%. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same period last year, the business posted $0.35 earnings per share. As a group, sell-side analysts predict that Brookfield Asset Management Ltd. will post 1.43 EPS for the current fiscal year.

Brookfield Asset Management Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend is Friday, November 29th. Brookfield Asset Management’s dividend payout ratio is presently 134.51%.

Brookfield Asset Management Company 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.