Renaissance Technologies LLC Buys 815,800 Shares of Brookfield Asset Management Ltd. $BAM

Renaissance Technologies LLC increased its stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 283.7% during the first quarter, HoldingsChannel.com reports. The fund owned 1,103,325 shares of the financial services provider’s stock after purchasing an additional 815,800 shares during the period. Renaissance Technologies LLC’s holdings in Brookfield Asset Management were worth $49,043,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in Brookfield Asset Management in the 4th quarter worth approximately $263,444,000. Principal Financial Group Inc. grew its holdings in Brookfield Asset Management by 62.0% during the first quarter. Principal Financial Group Inc. now owns 12,735,547 shares of the financial services provider’s stock valued at $566,092,000 after purchasing an additional 4,872,090 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Brookfield Asset Management by 88,805.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,725,314 shares of the financial services provider’s stock valued at $247,559,000 after purchasing an additional 4,719,999 shares during the period. State Street Corp raised its position in shares of Brookfield Asset Management by 11,172.2% in the second quarter. State Street Corp now owns 3,524,700 shares of the financial services provider’s stock valued at $194,845,000 after purchasing an additional 3,493,431 shares during the period. Finally, GFI Investment Counsel Ltd. acquired a new stake in shares of Brookfield Asset Management in the fourth quarter worth $182,090,000. Institutional investors and hedge funds own 68.41% of the company’s stock.

Brookfield Asset Management Stock Up 2.7%

Shares of BAM stock opened at $47.59 on Tuesday. Brookfield Asset Management Ltd. has a 12 month low of $42.20 and a 12 month high of $64.10. The firm has a market cap of $77.96 billion, a PE ratio of 30.90, a price-to-earnings-growth ratio of 1.89 and a beta of 1.29. The stock has a 50 day moving average of $46.98 and a 200-day moving average of $47.77. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.34.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its quarterly earnings data on Friday, May 8th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.02. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate 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 1.76 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Friday, May 29th were issued a $0.5025 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $2.01 dividend on an annualized basis and a yield of 4.2%. Brookfield Asset Management’s dividend payout ratio is 130.52%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Wall Street Zen downgraded shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. Weiss Ratings downgraded shares of Brookfield Asset Management from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, May 15th. Morgan Stanley set a $56.00 target price on shares of Brookfield Asset Management and gave the stock an “equal weight” rating in a research report on Tuesday, July 21st. Canadian Imperial Bank of Commerce set a $62.50 price target on shares of Brookfield Asset Management in a report on Monday, May 11th. Finally, Royal Bank Of Canada lowered their price target on Brookfield Asset Management from $74.00 to $65.00 and set an “outperform” rating on the stock in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $59.03.

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.