Brookfield Asset Management (NYSE:BAM) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) from a sell rating to a hold rating in a report published on Thursday morning.

BAM has been the subject of several other reports. JPMorgan Chase & Co. reduced their price objective on Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Royal Bank of Canada lifted their price objective on Brookfield Asset Management from $55.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Wells Fargo & Company lifted their price objective on Brookfield Asset Management from $48.00 to $51.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. TD Securities lifted their price objective on Brookfield Asset Management from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Finally, Jefferies Financial Group began coverage on Brookfield Asset Management in a report on Friday, August 2nd. They issued a “hold” rating and a $43.00 price objective for the company. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $53.46.

Brookfield Asset Management Price Performance

Shares of NYSE:BAM opened at $55.47 on Thursday. Brookfield Asset Management has a 1-year low of $33.45 and a 1-year high of $58.53. The business has a fifty day moving average price of $51.14 and a 200-day moving average price of $44.00. The company has a market capitalization of $24.57 billion, a PE ratio of 49.09, a PEG ratio of 2.28 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 the consensus estimate of $0.36 by $0.02. Brookfield Asset Management had a return on equity of 85.03% and a net margin of 49.69%. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period last year, the company earned $0.35 EPS. On average, sell-side analysts anticipate that Brookfield Asset Management will post 1.47 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.74%. Brookfield Asset Management’s payout ratio is currently 134.51%.

Institutional Trading of Brookfield Asset Management

Several institutional investors and hedge funds have recently added to or reduced their stakes in BAM. SG Americas Securities LLC bought a new stake in Brookfield Asset Management during the 1st quarter valued at approximately $137,000. Vanguard Group Inc. raised its stake in Brookfield Asset Management by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 10,760,414 shares of the financial services provider’s stock valued at $452,153,000 after purchasing an additional 186,765 shares during the period. Clearbridge Investments LLC increased its stake in Brookfield Asset Management by 14.5% in the 1st quarter. Clearbridge Investments LLC now owns 17,342 shares of the financial services provider’s stock worth $729,000 after acquiring an additional 2,198 shares during the last quarter. UniSuper Management Pty Ltd increased its stake in Brookfield Asset Management by 79.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 5,000 shares of the financial services provider’s stock worth $210,000 after acquiring an additional 2,206 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its stake in Brookfield Asset Management by 3.8% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 424,636 shares of the financial services provider’s stock worth $17,847,000 after acquiring an additional 15,658 shares during 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.