Brookfield Asset Management (NYSE:BAM) Price Target Raised to $55.50 at Scotiabank

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its target price lifted by Scotiabank from $45.50 to $55.50 in a research report released on Wednesday morning, Marketbeat Ratings reports. They currently have an outperform rating on the financial services provider’s stock.

Several other equities analysts have also recently issued reports on the company. Wells Fargo & Company boosted their target price on Brookfield Asset Management from $42.00 to $48.00 and gave the company an “underweight” rating in a research note on Wednesday, October 9th. Jefferies Financial Group initiated coverage on Brookfield Asset Management in a research note on Friday, August 2nd. They set a “hold” rating and a $43.00 target price on the stock. StockNews.com cut Brookfield Asset Management from a “hold” rating to a “sell” rating in a research note on Wednesday, August 7th. TD Securities boosted their target price on Brookfield Asset Management from $50.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. Finally, The Goldman Sachs Group upped their price target on Brookfield Asset Management from $47.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $48.32.

Brookfield Asset Management Stock Performance

Shares of BAM stock opened at $53.19 on Wednesday. Brookfield Asset Management has a fifty-two week low of $29.83 and a fifty-two week high of $54.20. The stock has a 50 day moving average price of $46.92 and a two-hundred day moving average price of $42.19. The company has a market capitalization of $23.63 billion, a P/E ratio of 48.35, a PEG ratio of 2.58 and a beta of 1.56.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its earnings results on Friday, August 9th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.01). Brookfield Asset Management had a net margin of 51.29% and a return on equity of 92.37%. The business had revenue of $916.00 million for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the firm posted $0.28 earnings per share. As a group, equities analysts predict that Brookfield Asset Management will post 1.43 earnings per share for the current year.

Brookfield Asset Management Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, August 30th were paid a $0.38 dividend. The ex-dividend date was Friday, August 30th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.86%. Brookfield Asset Management’s dividend payout ratio is currently 138.18%.

Institutional Investors Weigh In On Brookfield Asset Management

A number of institutional investors have recently modified their holdings of the stock. Bridges Investment Management Inc. purchased a new stake in shares of Brookfield Asset Management in the third quarter worth $373,000. Fiera Capital Corp grew its stake in shares of Brookfield Asset Management by 75.7% in the third quarter. Fiera Capital Corp now owns 69,358 shares of the financial services provider’s stock worth $3,282,000 after acquiring an additional 29,882 shares during the last quarter. Hara Capital LLC purchased a new stake in shares of Brookfield Asset Management in the third quarter worth $27,000. Principal Financial Group Inc. grew its stake in shares of 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 worth $419,400,000 after acquiring an additional 24,409 shares during the last quarter. Finally, Radnor Capital Management LLC purchased a new stake in shares of Brookfield Asset Management in the third quarter worth $430,000. 68.41% of the stock is 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.