Brookfield Asset Management (NYSE:BAM) Price Target Raised to $57.00

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price objective raised by Keefe, Bruyette & Woods from $49.00 to $57.00 in a report published on Friday morning, MarketBeat.com reports. Keefe, Bruyette & Woods currently has an underperform rating on the financial services provider’s stock.

A number of other research analysts have also weighed in on the company. Deutsche Bank Aktiengesellschaft upped their price objective on Brookfield Asset Management from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Wells Fargo & Company increased their price target on Brookfield Asset Management from $51.00 to $56.00 and gave the stock an “underweight” rating in a research note on Thursday, December 12th. The Goldman Sachs Group upped their target price on Brookfield Asset Management from $57.00 to $63.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Bank of America raised their price target on Brookfield Asset Management from $41.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. Finally, TD Securities upped their price objective on shares of Brookfield Asset Management from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Brookfield Asset Management currently has a consensus rating of “Hold” and a consensus target price of $54.54.

Brookfield Asset Management Stock Up 0.4 %

Brookfield Asset Management stock opened at $54.42 on Friday. The firm has a market cap of $24.11 billion, a PE ratio of 48.16, a price-to-earnings-growth ratio of 2.43 and a beta of 1.41. The company’s 50 day moving average is $55.11 and its two-hundred day moving average is $46.38. Brookfield Asset Management has a 52-week low of $37.19 and a 52-week high of $59.58.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its earnings results on Monday, November 4th. The financial services provider reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.19 billion. Brookfield Asset Management had a return on equity of 85.03% and a net margin of 49.69%. During the same quarter in the prior year, the company posted $0.35 earnings per share. On average, equities research analysts anticipate that Brookfield Asset Management will post 1.47 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The company also recently disclosed 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 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend is Friday, November 29th. Brookfield Asset Management’s dividend payout ratio (DPR) is 134.51%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. TD Asset Management Inc lifted its holdings in Brookfield Asset Management by 8.5% in the 2nd quarter. TD Asset Management Inc now owns 13,552,736 shares of the financial services provider’s stock worth $515,823,000 after buying an additional 1,066,015 shares in the last quarter. Mackenzie Financial Corp lifted its stake in shares of Brookfield Asset Management by 19.5% in the second quarter. Mackenzie Financial Corp now owns 13,523,306 shares of the financial services provider’s stock worth $514,867,000 after acquiring an additional 2,205,040 shares in the last quarter. Bank of Montreal Can lifted its stake in shares of Brookfield Asset Management by 0.5% in the third quarter. Bank of Montreal Can now owns 9,236,374 shares of the financial services provider’s stock worth $435,729,000 after acquiring an additional 43,134 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Brookfield Asset Management by 0.3% in the third quarter. Principal Financial Group Inc. now owns 8,867,458 shares of the financial services provider’s stock valued at $419,400,000 after purchasing an additional 24,409 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake 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 valued at $260,770,000 after purchasing an additional 2,788,611 shares in the last quarter. 68.41% of the stock is currently owned by hedge funds and other institutional investors.

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.