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

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

BAM has been the subject of a number of other reports. Wells Fargo & Company upped their price objective on shares of Brookfield Asset Management from $48.00 to $51.00 and gave the company an “underweight” rating in a research report on Tuesday. Royal Bank of Canada upped their price objective on shares of Brookfield Asset Management from $55.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft upped their target price on shares of Brookfield Asset Management from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday. Bank of America upped their target price 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. Finally, JPMorgan Chase & Co. cut their target price on shares of Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $52.29.

Brookfield Asset Management Trading Down 1.9 %

Shares of Brookfield Asset Management stock opened at $55.90 on Tuesday. The company has a fifty day moving average price of $47.78 and a 200 day moving average price of $42.55. Brookfield Asset Management has a twelve month low of $30.60 and a twelve month high of $57.48. The stock has a market cap of $24.83 billion, a price-to-earnings ratio of 49.47, a price-to-earnings-growth ratio of 2.63 and a beta of 1.42.

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

Brookfield Asset Management Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, November 29th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.52 dividend on an annualized basis and a yield of 2.72%. Brookfield Asset Management’s payout ratio is presently 134.51%.

Institutional Trading of Brookfield Asset Management

Several hedge funds and other institutional investors have recently bought and sold shares of BAM. Hara Capital LLC acquired a new stake in Brookfield Asset Management in the 3rd quarter worth $27,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Brookfield Asset Management by 98.2% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 777 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 385 shares during the period. Continuum Advisory LLC lifted its holdings in shares of Brookfield Asset Management by 57.6% during 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 period. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Brookfield Asset Management by 574.2% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 890 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 758 shares during the period. Finally, Richardson Financial Services Inc. lifted its holdings in shares of Brookfield Asset Management by 368.3% during the 2nd quarter. Richardson Financial Services Inc. now owns 960 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 755 shares during the period. 68.41% of the stock is currently owned by institutional investors and hedge funds.

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.