The Goldman Sachs Group Raises Brookfield Asset Management (NYSE:BAM) Price Target to $47.00

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price target upped by The Goldman Sachs Group from $41.00 to $47.00 in a research note published on Thursday morning, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Several other research firms also recently issued reports on BAM. BMO Capital Markets upped their price objective on Brookfield Asset Management from $37.00 to $40.00 and gave the stock a market perform rating in a report on Wednesday. CIBC raised their price target on Brookfield Asset Management from $47.00 to $49.00 and gave the company an outperformer rating in a report on Friday, July 19th. TD Securities lifted their price objective on Brookfield Asset Management from $49.00 to $50.00 and gave the stock a buy rating in a research report on Tuesday, August 6th. StockNews.com downgraded shares of Brookfield Asset Management from a hold rating to a sell rating in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Brookfield Asset Management from $42.00 to $41.00 and set a neutral rating for the company in a research report on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $43.81.

Brookfield Asset Management Stock Up 0.3 %

Brookfield Asset Management stock opened at $44.85 on Thursday. The stock has a 50-day simple moving average of $41.11 and a 200 day simple moving average of $40.28. The stock has a market capitalization of $19.91 billion, a price-to-earnings ratio of 41.53, a P/E/G ratio of 2.26 and a beta of 1.56. Brookfield Asset Management has a 12-month low of $28.35 and a 12-month high of $45.24.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its earnings results on Friday, August 9th. The financial services provider reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). Brookfield Asset Management had a return on equity of 92.37% and a net margin of 51.29%. The company had revenue of $916.00 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the firm posted $0.28 earnings per share. As a group, sell-side analysts anticipate that Brookfield Asset Management will post 1.42 EPS for the current year.

Brookfield Asset Management Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.39%. Brookfield Asset Management’s dividend payout ratio is 140.74%.

Institutional Trading of Brookfield Asset Management

Hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Brookfield Asset Management in the fourth quarter valued at about $239,421,000. FIL Ltd grew its position in shares of Brookfield Asset Management by 66.1% in the 4th quarter. FIL Ltd now owns 11,314,071 shares of the financial services provider’s stock valued at $454,424,000 after purchasing an additional 4,501,410 shares during the period. Beutel Goodman & Co Ltd. increased its stake in Brookfield Asset Management by 114.5% during the 4th quarter. Beutel Goodman & Co Ltd. now owns 6,922,224 shares of the financial services provider’s stock worth $279,387,000 after purchasing an additional 3,695,774 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Brookfield Asset Management by 68.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,859,094 shares of the financial services provider’s stock worth $260,770,000 after buying an additional 2,788,611 shares during the period. Finally, TD Asset Management Inc lifted its stake in Brookfield Asset Management by 29.2% in the fourth quarter. TD Asset Management Inc now owns 11,498,183 shares of the financial services provider’s stock valued at $464,078,000 after buying an additional 2,595,793 shares in the last quarter. Institutional investors and hedge funds own 68.41% of the company’s stock.

Brookfield Asset Management Company Profile

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.