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

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

A number of other analysts have also recently weighed in on BAM. BMO Capital Markets raised their price target on shares of Brookfield Asset Management from $37.00 to $40.00 and gave the company a “market perform” rating in a report on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Brookfield Asset Management from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday. The Goldman Sachs Group upped their price target on Brookfield Asset Management from $47.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Scotiabank raised their price objective on Brookfield Asset Management from $45.50 to $55.50 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. reduced their target price on Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $52.29.

Brookfield Asset Management Stock Down 1.9 %

Shares of NYSE:BAM opened at $55.90 on Tuesday. The firm has a 50 day moving average of $47.78 and a 200 day moving average of $42.55. The company has a market capitalization of $24.83 billion, a price-to-earnings ratio of 49.47, a price-to-earnings-growth ratio of 2.63 and a beta of 1.42. Brookfield Asset Management has a 52 week low of $30.60 and a 52 week high of $57.48.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings results on Monday, November 4th. The financial services provider reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. Brookfield Asset Management had a return on equity of 91.12% and a net margin of 49.69%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same period in the previous year, the company posted $0.35 EPS. 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 firm also recently declared 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. This represents a $1.52 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date is Friday, November 29th. Brookfield Asset Management’s dividend payout ratio is presently 134.51%.

Institutional Trading of Brookfield Asset Management

Large investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC boosted its holdings in Brookfield Asset Management by 2.5% in the first quarter. Janney Montgomery Scott LLC now owns 194,158 shares of the financial services provider’s stock valued at $8,159,000 after purchasing an additional 4,820 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in Brookfield Asset Management by 574.2% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 890 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 758 shares during the period. SG Americas Securities LLC purchased a new position in Brookfield Asset Management during the first quarter valued at approximately $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 acquiring an additional 840 shares in the last quarter. Finally, Karpas Strategies LLC lifted its holdings in Brookfield Asset Management by 0.7% in the first quarter. Karpas Strategies LLC now owns 263,513 shares of the financial services provider’s stock valued at $11,073,000 after acquiring an additional 1,821 shares during the period. 68.41% of the stock is 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.