Keefe, Bruyette & Woods Cuts Brookfield Asset Management (NYSE:BAM) Price Target to $56.00

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price target reduced by Keefe, Bruyette & Woods from $57.00 to $56.00 in a research note published on Monday, Marketbeat reports. Keefe, Bruyette & Woods currently has an underperform rating on the financial services provider’s stock.

A number of other research analysts have also recently weighed in on the company. Wells Fargo & Company lifted their price objective on Brookfield Asset Management from $51.00 to $56.00 and gave the company an “underweight” rating in a research report on Thursday, December 12th. The Goldman Sachs Group upped their price target on shares of Brookfield Asset Management from $57.00 to $63.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Scotiabank raised their price objective on shares of Brookfield Asset Management from $55.50 to $59.50 and gave the company a “sector outperform” rating in a research report on Tuesday, November 5th. Royal Bank of Canada upped their target price on shares of Brookfield Asset Management from $55.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Finally, UBS Group started coverage on Brookfield Asset Management in a research note on Monday, December 16th. They issued a “buy” rating for the company. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $54.38.

Brookfield Asset Management Price Performance

BAM stock opened at $54.17 on Monday. Brookfield Asset Management has a 1 year low of $37.19 and a 1 year high of $59.58. The company has a market cap of $24.00 billion, a P/E ratio of 47.94, a price-to-earnings-growth ratio of 2.43 and a beta of 1.45. The stock’s fifty day moving average price is $55.91 and its 200-day moving average price is $48.38.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its earnings results on Monday, November 4th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Brookfield Asset Management had a return on equity of 85.03% and a net margin of 49.69%. During the same period last year, the firm posted $0.35 earnings per share. As a group, analysts expect that Brookfield Asset Management will post 1.47 earnings per share for the current year.

Brookfield Asset Management Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date of this dividend was Friday, November 29th. Brookfield Asset Management’s payout ratio is 134.51%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Hara Capital LLC purchased a new stake in Brookfield Asset Management during the third quarter valued at $27,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of Brookfield Asset Management during the 3rd quarter valued at about $27,000. Versant Capital Management Inc raised its position in shares of Brookfield Asset Management by 1,606.3% during the 4th quarter. Versant Capital Management Inc now owns 819 shares of the financial services provider’s stock valued at $44,000 after buying an additional 771 shares in the last quarter. Richardson Financial Services Inc. lifted its holdings in shares of Brookfield Asset Management by 368.3% in the 2nd quarter. Richardson Financial Services Inc. now owns 960 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 755 shares during the last quarter. Finally, Continuum Advisory LLC grew its position in Brookfield Asset Management by 42.2% in the third quarter. Continuum Advisory LLC now owns 1,109 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 329 shares in the last quarter. 68.41% of the stock is currently owned by 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.