Brookfield Asset Management (NYSE:BAM) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) announced its quarterly earnings data on Monday. The financial services provider reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02, Zacks reports. The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Brookfield Asset Management had a return on equity of 92.37% and a net margin of 51.29%. During the same quarter last year, the company earned $0.35 EPS.

Brookfield Asset Management Trading Up 2.5 %

BAM stock traded up $1.39 during mid-day trading on Wednesday, hitting $56.96. 1,703,528 shares of the company were exchanged, compared to its average volume of 1,281,062. Brookfield Asset Management has a 1-year low of $30.59 and a 1-year high of $57.36. The business has a 50 day simple moving average of $47.78 and a 200-day simple moving average of $42.55. The stock has a market capitalization of $25.30 billion, a PE ratio of 50.41, a price-to-earnings-growth ratio of 2.55 and a beta of 1.42.

Brookfield Asset Management Announces Dividend

The business 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 dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.52 annualized dividend and a yield of 2.67%. Brookfield Asset Management’s dividend payout ratio (DPR) is presently 134.51%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BAM. CIBC raised their price objective on Brookfield Asset Management from $47.00 to $49.00 and gave the company an “outperformer” rating in a report on Friday, July 19th. Wells Fargo & Company lifted their price target on Brookfield Asset Management from $48.00 to $51.00 and gave the stock an “underweight” rating in a report on Tuesday. Jefferies Financial Group began coverage on Brookfield Asset Management in a report on Friday, August 2nd. They set a “hold” rating and a $43.00 price target for the company. The Goldman Sachs Group lifted their price target on Brookfield Asset Management from $47.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Finally, Keefe, Bruyette & Woods lifted their price target on Brookfield Asset Management from $44.00 to $49.00 and gave the stock an “underperform” rating in a report on Tuesday. Three equities 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 company. According to MarketBeat.com, Brookfield Asset Management presently has an average rating of “Hold” and an average price target of $52.29.

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.