Brookfield Asset Management (NYSE:BAM) Price Target Raised to $53.00

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price target lifted by Royal Bank of Canada from $50.00 to $53.00 in a research note released on Monday morning, BayStreet.CA reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other research analysts have also commented on the company. BMO Capital Markets upped their price target on Brookfield Asset Management from $34.00 to $36.00 and gave the stock a market perform rating in a report on Thursday, February 8th. HSBC cut shares of Brookfield Asset Management from a buy rating to a hold rating in a research note on Thursday, February 1st. CIBC raised their price objective on Brookfield Asset Management from $40.00 to $47.00 and gave the stock an outperform rating in a research report on Monday, January 29th. Scotiabank upped their target price on Brookfield Asset Management from $46.50 to $47.00 and gave the company a sector outperform rating in a research note on Thursday, February 8th. Finally, TD Securities decreased their price target on shares of Brookfield Asset Management from $52.00 to $49.00 and set an action list buy rating on the stock in a research note on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $42.50.

Brookfield Asset Management Stock Performance

BAM opened at $38.19 on Monday. Brookfield Asset Management has a twelve month low of $28.35 and a twelve month high of $43.00. The firm has a market cap of $15.78 billion, a P/E ratio of 33.79, a price-to-earnings-growth ratio of 1.54 and a beta of 1.68. The business has a 50 day moving average price of $40.76 and a 200 day moving average price of $37.94.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its earnings results on Wednesday, February 7th. The financial services provider reported $0.36 EPS for the quarter, topping the consensus estimate of $0.34 by $0.02. The firm had revenue of $1.13 billion for the quarter. Brookfield Asset Management had a net margin of 50.23% and a return on equity of 96.43%. During the same quarter last year, the business earned $0.31 EPS. As a group, analysts anticipate that Brookfield Asset Management will post 1.49 earnings per share for the current fiscal year.

Brookfield Asset Management Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were paid a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.98%. This is a boost from Brookfield Asset Management’s previous quarterly dividend of $0.32. Brookfield Asset Management’s payout ratio is 134.51%.

Institutional Investors Weigh In On Brookfield Asset Management

Hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC raised its holdings in shares of Brookfield Asset Management by 48.5% in the third quarter. CWM LLC now owns 1,959 shares of the financial services provider’s stock valued at $65,000 after buying an additional 640 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Brookfield Asset Management during the third quarter worth approximately $238,000. Private Trust Co. NA grew its stake in shares of Brookfield Asset Management by 180.4% during the third quarter. Private Trust Co. NA now owns 1,057 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 680 shares during the last quarter. Asset Management One Co. Ltd. increased its holdings in shares of Brookfield Asset Management by 505.6% in the third quarter. Asset Management One Co. Ltd. now owns 27,614 shares of the financial services provider’s stock valued at $921,000 after purchasing an additional 23,054 shares in the last quarter. Finally, Balboa Wealth Partners bought a new position in Brookfield Asset Management in the 3rd quarter worth approximately $299,000. 68.41% of the stock is 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.