Brookfield Asset Management (NYSE:BAM) Hits New 12-Month High at $48.03

Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A)’s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $48.03 and last traded at $47.55, with a volume of 111996 shares trading hands. The stock had previously closed at $47.07.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on BAM shares. Bank of America raised their price target on shares of Brookfield Asset Management from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Deutsche Bank Aktiengesellschaft increased their price target on Brookfield Asset Management from $43.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Wells Fargo & Company initiated coverage on Brookfield Asset Management in a report on Thursday, September 12th. They issued an “underweight” rating and a $42.00 target price for the company. Jefferies Financial Group initiated coverage on Brookfield Asset Management in a report on Friday, August 2nd. They set a “hold” rating and a $43.00 price target on the stock. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $43.81.

Brookfield Asset Management Stock Up 1.1 %

The stock has a market capitalization of $21.13 billion, a price-to-earnings ratio of 44.15, a price-to-earnings-growth ratio of 2.36 and a beta of 1.56. The company has a 50 day simple moving average of $42.13 and a 200-day simple moving average of $40.56.

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

Brookfield Asset Management Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.52 annualized dividend and a yield of 3.19%. Brookfield Asset Management’s payout ratio is currently 140.74%.

Institutional Investors Weigh In On Brookfield Asset Management

Several hedge funds and other institutional investors have recently modified their holdings of BAM. Bank of Nova Scotia Trust Co. grew its position in Brookfield Asset Management by 4.4% in the 1st quarter. Bank of Nova Scotia Trust Co. now owns 6,202 shares of the financial services provider’s stock valued at $261,000 after purchasing an additional 263 shares during the period. CWM LLC increased its position in shares of Brookfield Asset Management by 12.2% during the second quarter. CWM LLC now owns 2,448 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 267 shares in the last quarter. Choate Investment Advisors increased its position in shares of Brookfield Asset Management by 3.3% during the first quarter. Choate Investment Advisors now owns 8,900 shares of the financial services provider’s stock worth $374,000 after acquiring an additional 285 shares in the last quarter. Continuum Advisory LLC raised its holdings in shares of Brookfield Asset Management by 57.6% in the 2nd quarter. Continuum Advisory LLC now owns 780 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 285 shares during the last quarter. Finally, Tritonpoint Wealth LLC lifted its position in Brookfield Asset Management by 0.4% in the 1st quarter. Tritonpoint Wealth LLC now owns 78,194 shares of the financial services provider’s stock valued at $3,038,000 after acquiring an additional 321 shares in the last quarter. Institutional investors own 68.41% of the company’s stock.

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.