Principal Financial Group Inc. Buys 4,872,090 Shares of Brookfield Asset Management Ltd. $BAM

Principal Financial Group Inc. grew its stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 62.0% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 12,735,547 shares of the financial services provider’s stock after buying an additional 4,872,090 shares during the period. Principal Financial Group Inc. owned approximately 0.78% of Brookfield Asset Management worth $566,092,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Cooke & Bieler LP lifted its position in shares of Brookfield Asset Management by 48.6% in the 4th quarter. Cooke & Bieler LP now owns 2,001,903 shares of the financial services provider’s stock worth $104,880,000 after acquiring an additional 655,009 shares during the period. Vanguard Group Inc. increased its position in shares of Brookfield Asset Management by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 17,723,182 shares of the financial services provider’s stock valued at $928,414,000 after purchasing an additional 297,790 shares during the period. CIBC Bancorp USA Inc. bought a new stake in shares of Brookfield Asset Management during the third quarter valued at approximately $23,197,000. Nicola Wealth Management LTD. increased its position in shares of Brookfield Asset Management by 16.3% during the fourth quarter. Nicola Wealth Management LTD. now owns 251,758 shares of the financial services provider’s stock valued at $13,190,000 after purchasing an additional 35,200 shares during the period. Finally, SG Americas Securities LLC raised its stake in shares of Brookfield Asset Management by 147.1% in the fourth quarter. SG Americas Securities LLC now owns 119,494 shares of the financial services provider’s stock valued at $6,260,000 after purchasing an additional 71,129 shares in the last quarter. Institutional investors own 68.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BAM shares. Royal Bank Of Canada reduced their target price on Brookfield Asset Management from $74.00 to $65.00 and set an “outperform” rating for the company in a research report on Monday, May 11th. Zacks Research lowered shares of Brookfield Asset Management from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Scotiabank reissued an “outperform” rating and issued a $57.00 target price (up from $56.00) on shares of Brookfield Asset Management in a research note on Monday, May 11th. Wall Street Zen cut shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a research note on Saturday, July 4th. Finally, Piper Sandler reissued a “neutral” rating and issued a $50.00 price target (up from $48.00) on shares of Brookfield Asset Management in a research report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $60.41.

Brookfield Asset Management Price Performance

Shares of Brookfield Asset Management stock opened at $46.64 on Tuesday. The stock has a market capitalization of $76.40 billion, a price-to-earnings ratio of 30.29, a P/E/G ratio of 1.88 and a beta of 1.29. The firm’s 50-day moving average price is $47.23 and its two-hundred day moving average price is $48.19. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.34. Brookfield Asset Management Ltd. has a 1-year low of $42.20 and a 1-year high of $64.10.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its earnings results on Friday, May 8th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 30.66%. On average, equities analysts predict that Brookfield Asset Management Ltd. will post 1.74 earnings per share for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Friday, May 29th were given a $0.5025 dividend. The ex-dividend date was Friday, May 29th. This represents a $2.01 annualized dividend and a yield of 4.3%. Brookfield Asset Management’s payout ratio is presently 130.52%.

Brookfield Asset Management Company Profile

Brookfield Asset Management is a global alternative asset manager headquartered in Toronto, Canada, that specializes in investments in real assets and related private equity and credit strategies. The firm acquires, manages and develops assets in sectors such as real estate, renewable power, infrastructure and private equity, seeking long-term value through active asset management and operational improvements. Brookfield structures and manages commingled funds, listed partnerships and separate accounts for institutional and retail investors.

The company’s products and services include fund management across equity and debt strategies, direct asset ownership and operations, property and facilities management, and capital markets solutions.