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

Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A)’s stock price hit a new 52-week high during trading 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 traded. The stock had previously closed at $56.39.

Other equities research analysts have also issued research reports about the company. CIBC increased their target price 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. Scotiabank increased their target price on Brookfield Asset Management from $55.50 to $59.50 and gave the stock a “sector outperform” rating in a report on Tuesday, November 5th. The Goldman Sachs Group raised their price target on Brookfield Asset Management from $47.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Bank of America raised their target price on Brookfield Asset Management from $41.00 to $45.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Finally, Keefe, Bruyette & Woods raised their target price on Brookfield Asset Management from $44.00 to $49.00 and gave the company an “underperform” rating in a research report on Tuesday, November 5th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $52.54.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. National Bank of Canada FI grew its position in Brookfield Asset Management by 15.5% in the 1st quarter. National Bank of Canada FI now owns 801,163 shares of the financial services provider’s stock worth $31,742,000 after purchasing an additional 107,245 shares during the last quarter. Confluence Investment Management LLC boosted its position in shares of Brookfield Asset Management by 382.6% during the 2nd quarter. Confluence Investment Management LLC now owns 89,891 shares of the financial services provider’s stock valued at $3,420,000 after acquiring an additional 71,263 shares in the last quarter. O Shaughnessy Asset Management LLC acquired a new stake in shares of Brookfield Asset Management during the 1st quarter valued at about $3,014,000. Intact Investment Management Inc. acquired a new stake in shares of Brookfield Asset Management during the 2nd quarter valued at about $4,825,000. Finally, Pitcairn Co. acquired a new stake in shares of Brookfield Asset Management during the 1st quarter valued at about $525,000. Institutional investors own 68.41% of the company’s stock.

Brookfield Asset Management Stock Performance

The firm’s 50-day moving average price is $48.73 and its two-hundred day moving average price is $42.94. The firm has a market capitalization of $25.29 billion, a price-to-earnings ratio of 51.37, a price-to-earnings-growth ratio of 2.52 and a beta of 1.42.

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, beating analysts’ consensus estimates 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 net margin of 49.69% and a return on equity of 85.03%. During the same period in the previous year, the business earned $0.35 earnings per share. As a group, equities research analysts anticipate that Brookfield Asset Management Ltd. will post 1.45 EPS for the current year.

Brookfield Asset Management Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis 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.