Brookfield Asset Management (NYSE:BAM) Price Target Raised to $56.00

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price objective lifted by Wells Fargo & Company from $51.00 to $56.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has an underweight rating on the financial services provider’s stock.

BAM has been the subject of a number of other reports. Keefe, Bruyette & Woods raised their target price on Brookfield Asset Management from $44.00 to $49.00 and gave the stock an “underperform” rating in a research note on Tuesday, November 5th. BMO Capital Markets lifted their target price on shares of Brookfield Asset Management from $40.00 to $50.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 5th. The Goldman Sachs Group boosted their target price on shares of Brookfield Asset Management from $57.00 to $63.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Scotiabank raised their price target on shares of Brookfield Asset Management from $55.50 to $59.50 and gave the stock a “sector outperform” rating in a report on Tuesday, November 5th. Finally, Royal Bank of Canada upped their price objective on Brookfield Asset Management from $55.00 to $68.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $53.88.

Brookfield Asset Management Trading Down 0.6 %

Shares of NYSE BAM opened at $57.43 on Thursday. The stock has a market cap of $24.10 billion, a PE ratio of 50.82, a P/E/G ratio of 2.43 and a beta of 1.41. Brookfield Asset Management has a 12-month low of $37.19 and a 12-month high of $59.58. The company has a 50-day moving average of $54.29 and a 200 day moving average of $45.80.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its earnings results on Monday, November 4th. The financial services provider reported $0.38 earnings per share 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 business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the previous year, the firm posted $0.35 EPS. On average, sell-side analysts forecast that Brookfield Asset Management will post 1.47 EPS for the current fiscal year.

Brookfield Asset Management Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date is Friday, November 29th. Brookfield Asset Management’s dividend payout ratio is currently 134.51%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BAM. Wilmington Savings Fund Society FSB acquired a new stake in shares of Brookfield Asset Management in the 3rd quarter valued at $209,000. Morse Asset Management Inc purchased a new position in Brookfield Asset Management in the third quarter valued at $176,000. Toronto Dominion Bank raised its stake in Brookfield Asset Management by 7.7% in the third quarter. Toronto Dominion Bank now owns 1,056,919 shares of the financial services provider’s stock valued at $49,982,000 after buying an additional 75,963 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Brookfield Asset Management by 11.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,611,859 shares of the financial services provider’s stock worth $77,293,000 after buying an additional 168,170 shares during the last quarter. Finally, Continuum Advisory LLC boosted its position in shares of Brookfield Asset Management by 42.2% during the 3rd quarter. Continuum Advisory LLC now owns 1,109 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 329 shares in the last quarter. Institutional investors and hedge funds 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.