Brookfield Asset Management (NYSE:BAM) Price Target Raised to $59.00

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its target price increased by Scotiabank from $58.00 to $59.00 in a report published on Wednesday, Marketbeat.com reports. Scotiabank currently has an outperform rating on the financial services provider’s stock.

A number of other equities research analysts also recently issued reports on the company. JPMorgan Chase & Co. boosted their price target on Brookfield Asset Management from $51.00 to $55.00 and gave the company a “neutral” rating in a research report on Wednesday. Wells Fargo & Company boosted their target price on Brookfield Asset Management from $48.00 to $54.00 and gave the stock an “underweight” rating in a report on Wednesday. Jefferies Financial Group cut their price target on shares of Brookfield Asset Management from $52.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, April 8th. HSBC upgraded shares of Brookfield Asset Management from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Finally, CIBC lifted their target price on shares of Brookfield Asset Management from $63.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $58.77.

Brookfield Asset Management Price Performance

NYSE BAM opened at $56.35 on Wednesday. The company has a market cap of $92.26 billion, a P/E ratio of 42.69, a P/E/G ratio of 1.92 and a beta of 1.56. Brookfield Asset Management has a 12 month low of $37.29 and a 12 month high of $62.61. The company has a 50-day moving average of $49.67 and a 200-day moving average of $54.03.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings results on Tuesday, May 6th. The financial services provider reported $0.40 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.40. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.29 billion. Brookfield Asset Management had a net margin of 54.47% and a return on equity of 81.16%. As a group, equities research analysts anticipate that Brookfield Asset Management will post 1.7 EPS for the current year.

Brookfield Asset Management Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, May 30th will be paid a $0.4375 dividend. This represents a $1.75 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, May 30th. Brookfield Asset Management’s payout ratio is 124.11%.

Institutional Investors Weigh In On Brookfield Asset Management

Hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. increased its holdings in Brookfield Asset Management by 0.3% in the 3rd quarter. Principal Financial Group Inc. now owns 8,867,458 shares of the financial services provider’s stock valued at $419,400,000 after buying an additional 24,409 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Brookfield Asset Management during the 3rd quarter worth about $209,000. JCIC Asset Management Inc. grew its stake in shares of Brookfield Asset Management by 1.4% during the fourth quarter. JCIC Asset Management Inc. now owns 84,179 shares of the financial services provider’s stock valued at $4,562,000 after purchasing an additional 1,159 shares during the last quarter. FNY Investment Advisers LLC bought a new position in Brookfield Asset Management in the 4th quarter valued at $195,000. Finally, Assenagon Asset Management S.A. acquired a new stake in Brookfield Asset Management in the fourth quarter worth about $215,000. 68.41% of the stock is owned by institutional investors.

Brookfield Asset Management Company Profile

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.