Principal Financial Group Inc. Has $566.09 Million Holdings in Brookfield Asset Management Ltd. $BAM

Principal Financial Group Inc. lifted its stake in Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 62.0% in the first quarter, HoldingsChannel.com reports. The firm owned 12,735,547 shares of the financial services provider’s stock after purchasing an additional 4,872,090 shares during the quarter. Principal Financial Group Inc.’s holdings in Brookfield Asset Management were worth $566,092,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of BAM. Zions Bancorporation National Association UT increased its stake in shares of Brookfield Asset Management by 241.3% in the 4th quarter. Zions Bancorporation National Association UT now owns 488 shares of the financial services provider’s stock valued at $26,000 after buying an additional 345 shares during the period. LOM Asset Management Ltd acquired a new position in shares of Brookfield Asset Management during the fourth quarter valued at $31,000. eCIO Inc. bought a new position in Brookfield Asset Management in the fourth quarter valued at about $42,000. Allworth Financial LP boosted its holdings in Brookfield Asset Management by 47.8% in the fourth quarter. Allworth Financial LP now owns 1,029 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 333 shares during the last quarter. Finally, Fifth Third Bancorp increased its position in Brookfield Asset Management by 709.8% in the fourth quarter. Fifth Third Bancorp now owns 1,069 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 937 shares during the period. 68.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Weiss Ratings cut Brookfield Asset Management from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, May 15th. The Goldman Sachs Group reduced their target price on shares of Brookfield Asset Management from $60.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, April 7th. Scotiabank reiterated an “outperform” rating and set a $57.00 price target (up from $56.00) on shares of Brookfield Asset Management in a research report on Monday, May 11th. JPMorgan Chase & Co. dropped their price target on shares of Brookfield Asset Management from $72.00 to $60.00 and set a “neutral” rating for the company in a research note on Wednesday, May 6th. Finally, Morgan Stanley cut their price objective on shares of Brookfield Asset Management from $63.00 to $62.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $60.41.

Brookfield Asset Management Trading Down 0.2%

BAM opened at $46.64 on Tuesday. The stock has a market capitalization of $76.40 billion, a P/E ratio of 30.29, a P/E/G ratio of 1.88 and a beta of 1.29. 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 12 month low of $42.20 and a 12 month high of $64.10. The firm’s fifty day simple moving average is $47.23 and its 200 day simple moving average is $48.19.

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

Brookfield Asset Management Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Friday, May 29th were issued a dividend of $0.5025 per share. The ex-dividend date was Friday, May 29th. This represents a $2.01 dividend on an annualized basis and a dividend yield of 4.3%. Brookfield Asset Management’s dividend payout ratio (DPR) is presently 130.52%.

Brookfield Asset Management 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.