Geode Capital Management LLC Raises Stock Position in Brookfield Asset Management Ltd. (NYSE:BAM)

Geode Capital Management LLC grew its stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 11.6% in the 3rd quarter, Holdings Channel reports. The firm owned 1,611,859 shares of the financial services provider’s stock after purchasing an additional 168,170 shares during the period. Geode Capital Management LLC’s holdings in Brookfield Asset Management were worth $77,293,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Public Sector Pension Investment Board raised its stake in Brookfield Asset Management by 0.4% in the third quarter. Public Sector Pension Investment Board now owns 46,513 shares of the financial services provider’s stock worth $2,201,000 after buying an additional 188 shares in the last quarter. Pathstone Holdings LLC grew its holdings in shares of Brookfield Asset Management by 1.0% during the 3rd quarter. Pathstone Holdings LLC now owns 29,166 shares of the financial services provider’s stock worth $1,379,000 after acquiring an additional 278 shares during the period. Foundations Investment Advisors LLC raised its position in shares of Brookfield Asset Management by 5.0% in the 3rd quarter. Foundations Investment Advisors LLC now owns 6,654 shares of the financial services provider’s stock worth $315,000 after acquiring an additional 315 shares in the last quarter. Continuum Advisory LLC lifted its stake in shares of Brookfield Asset Management by 42.2% in the 3rd quarter. Continuum Advisory LLC now owns 1,109 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 329 shares during the period. Finally, Procyon Advisors LLC boosted its position in shares of Brookfield Asset Management by 4.2% during the third quarter. Procyon Advisors LLC now owns 9,063 shares of the financial services provider’s stock valued at $429,000 after purchasing an additional 366 shares in the last quarter. 68.41% of the stock is owned by hedge funds and other institutional investors.

Brookfield Asset Management Stock Up 0.4 %

Shares of NYSE BAM opened at $54.42 on Friday. The firm has a market cap of $24.11 billion, a P/E ratio of 48.16, a PEG ratio of 2.43 and a beta of 1.41. Brookfield Asset Management Ltd. has a twelve month low of $37.19 and a twelve month high of $59.58. The company has a 50 day moving average of $55.11 and a 200 day moving average of $46.33.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its earnings results on Monday, November 4th. The financial services provider reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.19 billion. Brookfield Asset Management had a return on equity of 85.03% and a net margin of 49.69%. During the same quarter last year, the company earned $0.35 EPS. As a group, equities analysts expect that Brookfield Asset Management Ltd. will post 1.47 earnings per share for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.79%. The ex-dividend date is Friday, November 29th. Brookfield Asset Management’s dividend payout ratio is currently 134.51%.

Analysts Set New Price Targets

A number of research firms have issued reports on BAM. UBS Group began coverage on Brookfield Asset Management in a report on Monday, December 16th. They issued a “buy” rating for the company. TD Securities increased their price target on shares of Brookfield Asset Management from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Scotiabank boosted their price objective on shares of Brookfield Asset Management from $55.50 to $59.50 and gave the stock a “sector outperform” rating in a research note on Tuesday, November 5th. Royal Bank of Canada raised their target price on shares of Brookfield Asset Management from $55.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Brookfield Asset Management from $56.00 to $59.00 and gave the company a “buy” rating in a report on Monday, November 11th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $54.54.

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.