Brookfield Asset Management (NYSE:BAM) Price Target Raised to $68.00

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price target boosted by Royal Bank of Canada from $55.00 to $68.00 in a report released on Tuesday morning, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

A number of other research analysts have also weighed in on BAM. The Goldman Sachs Group raised their price objective on shares of Brookfield Asset Management from $47.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Deutsche Bank Aktiengesellschaft lifted their price target on Brookfield Asset Management from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday. Wells Fargo & Company increased their price objective on Brookfield Asset Management from $48.00 to $51.00 and gave the stock an “underweight” rating in a research note on Tuesday. Scotiabank lifted their target price on Brookfield Asset Management from $45.50 to $55.50 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. decreased their price target on Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Three analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $52.29.

Brookfield Asset Management Price Performance

Shares of Brookfield Asset Management stock opened at $55.56 on Tuesday. The business has a 50-day simple moving average of $47.46 and a 200 day simple moving average of $42.45. The firm has a market capitalization of $24.68 billion, a price-to-earnings ratio of 49.17, a PEG ratio of 2.55 and a beta of 1.42. Brookfield Asset Management has a one year low of $30.59 and a one year high of $57.36.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings data on Monday, November 4th. The financial services provider reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. Brookfield Asset Management had a return on equity of 92.37% and a net margin of 51.29%. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the previous year, the company posted $0.35 earnings per share. On average, sell-side analysts expect that Brookfield Asset Management will post 1.43 EPS for the current year.

Brookfield Asset Management Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, November 29th will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.52 dividend on an annualized basis and a yield of 2.74%. Brookfield Asset Management’s dividend payout ratio (DPR) is presently 134.51%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BAM. Bank of Nova Scotia Trust Co. increased its stake in shares of Brookfield Asset Management by 4.4% during the 1st quarter. Bank of Nova Scotia Trust Co. now owns 6,202 shares of the financial services provider’s stock worth $261,000 after purchasing an additional 263 shares during the last quarter. CWM LLC increased its position in Brookfield Asset Management by 12.2% in the second quarter. CWM LLC now owns 2,448 shares of the financial services provider’s stock worth $93,000 after buying an additional 267 shares during the last quarter. Choate Investment Advisors raised its stake in shares of Brookfield Asset Management by 3.3% in the first quarter. Choate Investment Advisors now owns 8,900 shares of the financial services provider’s stock valued at $374,000 after buying an additional 285 shares during the period. Continuum Advisory LLC lifted its position in shares of Brookfield Asset Management by 57.6% during the 2nd 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. Finally, Foundations Investment Advisors LLC lifted its position in shares of Brookfield Asset Management by 5.0% during the 3rd quarter. Foundations Investment Advisors LLC now owns 6,654 shares of the financial services provider’s stock valued at $315,000 after buying an additional 315 shares during the last quarter. 68.41% of the stock is currently 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.