Brookfield Asset Management (NYSE:BAM) Sets New 12-Month High After Analyst Upgrade

Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) shares reached a new 52-week high on Monday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $56.00 to $59.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Brookfield Asset Management traded as high as $57.56 and last traded at $57.42, with a volume of 24748 shares. The stock had previously closed at $56.39.

Several other analysts have also issued reports on BAM. Royal Bank of Canada upped their price target on shares of Brookfield Asset Management from $55.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Jefferies Financial Group began coverage on shares of Brookfield Asset Management in a research report on Friday, August 2nd. They set a “hold” rating and a $43.00 price target on the stock. Bank of America upped their price target on shares of Brookfield Asset Management from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Wells Fargo & Company upped their price target on shares of Brookfield Asset Management from $48.00 to $51.00 and gave the company an “underweight” rating in a research note on Tuesday, November 5th. Finally, CIBC upped their price target on shares of Brookfield Asset Management from $47.00 to $49.00 and gave the company an “outperformer” rating in a research note on Friday, July 19th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Brookfield Asset Management currently has a consensus rating of “Hold” and a consensus target price of $52.54.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new position in Brookfield Asset Management during the 1st quarter worth approximately $137,000. Headlands Technologies LLC purchased a new position in Brookfield Asset Management during the 1st quarter worth $53,000. Russell Investments Group Ltd. boosted its holdings in Brookfield Asset Management by 2.7% during the 1st quarter. Russell Investments Group Ltd. now owns 140,125 shares of the financial services provider’s stock worth $5,892,000 after acquiring an additional 3,692 shares during the last quarter. SageView Advisory Group LLC purchased a new position in shares of Brookfield Asset Management in the 1st quarter worth about $273,000. Finally, Kingsview Wealth Management LLC purchased a new position in shares of Brookfield Asset Management in the 1st quarter worth about $250,000. Institutional investors own 68.41% of the company’s stock.

Brookfield Asset Management Trading Down 1.5 %

The stock’s fifty day moving average is $48.73 and its two-hundred day moving average is $42.94. The company has a market capitalization of $25.29 billion, a PE ratio of 51.37, a P/E/G ratio of 2.52 and a beta of 1.42.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its quarterly earnings data on Monday, November 4th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Brookfield Asset Management had a return on equity of 85.03% and a net margin of 49.69%. The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the previous year, the business posted $0.35 EPS. As a group, analysts anticipate that Brookfield Asset Management Ltd. will post 1.45 EPS for the current fiscal year.

Brookfield Asset Management Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Friday, November 29th. Brookfield Asset Management’s dividend payout ratio is presently 134.51%.

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.