Brookfield Asset Management (NYSE:BAM) Price Target Raised to $46.00

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its target price increased by Scotiabank from $44.50 to $46.00 in a research note published on Thursday, Marketbeat Ratings reports. The firm currently has an outperform rating on the financial services provider’s stock.

A number of other equities research analysts also recently weighed in on the stock. CIBC boosted their price target on shares of Brookfield Asset Management from $47.00 to $49.00 and gave the stock an outperformer rating in a research note on Friday, July 19th. Royal Bank of Canada upped their target price on Brookfield Asset Management from $50.00 to $53.00 and gave the stock an outperform rating in a report on Monday, April 29th. JPMorgan Chase & Co. boosted their target price on Brookfield Asset Management from $41.00 to $42.00 and gave the stock a neutral rating in a report on Wednesday. Finally, StockNews.com raised Brookfield Asset Management from a sell rating to a hold rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Brookfield Asset Management has a consensus rating of Hold and an average price target of $42.58.

Brookfield Asset Management Stock Performance

Shares of NYSE:BAM traded down $1.84 on Thursday, hitting $40.15. The company’s stock had a trading volume of 275,687 shares, compared to its average volume of 1,329,757. The company has a market capitalization of $17.82 billion, a price-to-earnings ratio of 37.86, a price-to-earnings-growth ratio of 2.03 and a beta of 1.57. The stock’s 50-day moving average is $39.58 and its two-hundred day moving average is $40.08. Brookfield Asset Management has a 12 month low of $28.35 and a 12 month high of $44.38.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings data on Wednesday, May 8th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. Brookfield Asset Management had a return on equity of 98.98% and a net margin of 49.36%. The firm had revenue of $884.00 million during the quarter. Equities analysts expect that Brookfield Asset Management will post 1.47 earnings per share for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, May 31st were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.79%. The ex-dividend date was Friday, May 31st. Brookfield Asset Management’s payout ratio is 140.74%.

Hedge Funds Weigh In On Brookfield Asset Management

Several institutional investors have recently made changes to their positions in BAM. YHB Investment Advisors Inc. purchased a new stake in Brookfield Asset Management in the first quarter valued at about $26,000. Massmutual Trust Co. FSB ADV increased its stake in 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 buying an additional 385 shares in the last quarter. Continuum Advisory LLC raised its position in shares of Brookfield Asset Management by 57.6% in the second quarter. Continuum Advisory LLC now owns 780 shares of the financial services provider’s stock valued at $30,000 after buying an additional 285 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its position in Brookfield Asset Management by 574.2% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 890 shares of the financial services provider’s stock worth $37,000 after buying an additional 758 shares in the last quarter. Finally, WASHINGTON TRUST Co boosted its holdings in Brookfield Asset Management by 151.3% in the 2nd quarter. WASHINGTON TRUST Co now owns 1,063 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 640 shares during the last quarter. Hedge funds and other 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.