Brookfield Asset Management (NYSE:BAM) Hits New 1-Year High on Better-Than-Expected Earnings

Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) shares reached a new 52-week high on Monday following a stronger than expected earnings report. The stock traded as high as $55.97 and last traded at $55.80, with a volume of 220359 shares traded. The stock had previously closed at $53.19.

The financial services provider reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates 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 period in the previous year, the company posted $0.35 earnings per share.

Brookfield Asset Management Dividend Announcement

The firm also recently announced 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 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 is presently 134.51%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BAM. Royal Bank of Canada boosted their price target on shares of Brookfield Asset Management from $55.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday. BMO Capital Markets increased their target price on Brookfield Asset Management from $40.00 to $50.00 and gave the stock a “market perform” rating in a research report on Tuesday. Scotiabank raised their price target on Brookfield Asset Management from $55.50 to $59.50 and gave the stock a “sector outperform” rating in a report on Tuesday. CIBC boosted their price objective on Brookfield Asset Management from $47.00 to $49.00 and gave the company an “outperformer” rating in a research note on Friday, July 19th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Brookfield Asset Management from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $52.29.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Janney Montgomery Scott LLC increased its holdings in shares of Brookfield Asset Management by 2.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 194,158 shares of the financial services provider’s stock worth $8,159,000 after buying an additional 4,820 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in Brookfield Asset Management by 574.2% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 890 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 758 shares during the last quarter. SG Americas Securities LLC bought a new position in Brookfield Asset Management in the first quarter valued at $137,000. JCIC Asset Management Inc. raised its position in Brookfield Asset Management by 1.0% during the first quarter. JCIC Asset Management Inc. now owns 81,850 shares of the financial services provider’s stock valued at $3,440,000 after purchasing an additional 840 shares in the last quarter. Finally, Karpas Strategies LLC lifted its stake in Brookfield Asset Management by 0.7% during the first quarter. Karpas Strategies LLC now owns 263,513 shares of the financial services provider’s stock worth $11,073,000 after purchasing an additional 1,821 shares during the last quarter. 68.41% of the stock is currently owned by institutional investors.

Brookfield Asset Management Trading Up 1.4 %

The stock has a market capitalization of $24.68 billion, a PE ratio of 49.17, a PEG ratio of 2.55 and a beta of 1.42. The business has a fifty day moving average price of $47.46 and a 200-day moving average price of $42.45.

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.