Geode Capital Management LLC Acquires 504,478 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

Geode Capital Management LLC grew its stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 31.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,116,337 shares of the financial services provider's stock after acquiring an additional 504,478 shares during the period. Geode Capital Management LLC owned about 0.48% of Brookfield Asset Management worth $117,171,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Brookfield Asset Management by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 16,901,942 shares of the financial services provider's stock worth $916,676,000 after buying an additional 263,660 shares during the last quarter. TD Asset Management Inc. lifted its holdings in Brookfield Asset Management by 8.9% during the fourth quarter. TD Asset Management Inc. now owns 16,664,426 shares of the financial services provider's stock valued at $903,323,000 after purchasing an additional 1,359,126 shares during the last quarter. Principal Financial Group Inc. boosted its position in Brookfield Asset Management by 0.7% during the fourth quarter. Principal Financial Group Inc. now owns 8,930,366 shares of the financial services provider's stock worth $483,963,000 after purchasing an additional 62,908 shares during the period. Norges Bank purchased a new position in shares of Brookfield Asset Management in the fourth quarter worth about $287,361,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Brookfield Asset Management by 103.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,997,157 shares of the financial services provider's stock valued at $216,507,000 after purchasing an additional 2,031,995 shares during the period. Hedge funds and other institutional investors own 68.41% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on BAM shares. Hsbc Global Res raised Brookfield Asset Management from a "hold" rating to a "strong-buy" rating in a report on Friday, February 14th. CIBC upped their price objective on shares of Brookfield Asset Management from $63.00 to $70.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. HSBC raised Brookfield Asset Management from a "hold" rating to a "buy" rating in a research note on Friday, February 14th. BMO Capital Markets increased their price target on shares of Brookfield Asset Management from $50.00 to $53.00 and gave the company a "market perform" rating in a research report on Thursday, February 13th. Finally, Bank of America raised shares of Brookfield Asset Management from a "neutral" rating to a "buy" rating and set a $65.00 price objective for the company in a research note on Thursday. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Brookfield Asset Management has an average rating of "Moderate Buy" and a consensus price target of $57.75.

Brookfield Asset Management Stock Performance

Shares of NYSE:BAM traded up $0.70 during midday trading on Monday, reaching $48.01. 208,531 shares of the company's stock traded hands, compared to its average volume of 1,441,723. Brookfield Asset Management Ltd. has a one year low of $37.29 and a one year high of $62.61. The company has a market cap of $78.61 billion, a price-to-earnings ratio of 36.37, a P/E/G ratio of 1.92 and a beta of 1.63. The stock has a 50 day moving average of $51.89 and a 200 day moving average of $53.62.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last announced its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.39 by $0.01. Brookfield Asset Management had a net margin of 54.47% and a return on equity of 81.16%. Sell-side analysts predict that Brookfield Asset Management Ltd. will post 1.7 EPS for the current fiscal year.

Brookfield Asset Management Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, February 28th were given a dividend of $0.4375 per share. This represents a $1.75 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date was Friday, February 28th. This is a boost from Brookfield Asset Management's previous quarterly dividend of $0.38. Brookfield Asset Management's dividend payout ratio is 132.58%.

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.