Brookfield Asset Management (NYSE:BAM) Price Target Raised to $59.50

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its target price boosted by Scotiabank from $55.50 to $59.50 in a research report released on Tuesday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the financial services provider’s stock.

A number of other brokerages have also recently issued reports on BAM. Wells Fargo & Company upped their price objective on shares of Brookfield Asset Management from $48.00 to $51.00 and gave the stock an “underweight” rating in a report on Tuesday. The Goldman Sachs Group increased their price objective on Brookfield Asset Management from $47.00 to $52.00 and gave the company a “buy” rating in a report on Monday, September 30th. TD Securities boosted their target price on Brookfield Asset Management from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. lowered their price target on Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Finally, StockNews.com cut shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a research note on Wednesday, August 7th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $52.29.

Brookfield Asset Management Price Performance

Shares of BAM stock opened at $56.39 on Tuesday. Brookfield Asset Management has a fifty-two week low of $30.68 and a fifty-two week high of $57.48. The stock’s 50-day moving average is $48.39 and its two-hundred day moving average is $42.76. The firm has a market cap of $25.05 billion, a P/E ratio of 49.90, a PEG ratio of 2.63 and a beta of 1.42.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings data on Monday, November 4th. The financial services provider reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.19 billion. Brookfield Asset Management had a return on equity of 91.12% and a net margin of 49.69%. During the same quarter in the prior year, the company posted $0.35 earnings per share. As a group, research analysts expect that Brookfield Asset Management will post 1.43 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.52 annualized dividend and a dividend yield of 2.70%. Brookfield Asset Management’s dividend payout ratio (DPR) is currently 134.51%.

Institutional Investors Weigh In On Brookfield Asset Management

Large investors have recently modified their holdings of the stock. Moors & Cabot Inc. boosted its stake in Brookfield Asset Management by 4.9% in the 3rd quarter. Moors & Cabot Inc. now owns 8,983 shares of the financial services provider’s stock valued at $425,000 after buying an additional 420 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Brookfield Asset Management by 66.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,965,162 shares of the financial services provider’s stock worth $92,896,000 after purchasing an additional 784,250 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new stake in shares of Brookfield Asset Management during the 3rd quarter worth about $19,075,000. Avior Wealth Management LLC boosted its holdings in shares of Brookfield Asset Management by 2,857.1% in the 3rd quarter. Avior Wealth Management LLC now owns 10,350 shares of the financial services provider’s stock worth $489,000 after acquiring an additional 10,000 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Brookfield Asset Management by 1.7% during the third quarter. PNC Financial Services Group Inc. now owns 60,805 shares of the financial services provider’s stock worth $2,875,000 after purchasing an additional 1,007 shares during the last quarter. 68.41% of the stock is currently owned by institutional investors.

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.