Brookfield Asset Management (NYSE:BAM) Reaches New 52-Week High Following Analyst Upgrade

Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A)’s stock price hit a new 52-week high during mid-day trading on Thursday after BMO Capital Markets raised their price target on the stock from $37.00 to $40.00. BMO Capital Markets currently has a market perform rating on the stock. Brookfield Asset Management traded as high as $44.57 and last traded at $44.26, with a volume of 30326 shares changing hands. The stock had previously closed at $44.27.

Other research analysts have also issued research reports about the stock. 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. Scotiabank dropped their price target on Brookfield Asset Management from $46.00 to $45.50 and set a “sector outperform” rating for the company in a report on Thursday, August 8th. StockNews.com cut Brookfield Asset Management from a “hold” rating to a “sell” rating in a research report on Wednesday, August 7th. Jefferies Financial Group started coverage on Brookfield Asset Management in a report on Friday, August 2nd. They set a “hold” rating and a $43.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Brookfield Asset Management from $43.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $42.73.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Private Advisor Group LLC boosted its position in Brookfield Asset Management by 14.7% in the fourth quarter. Private Advisor Group LLC now owns 12,511 shares of the financial services provider’s stock valued at $503,000 after buying an additional 1,599 shares in the last quarter. Principal Securities Inc. acquired a new position in shares of Brookfield Asset Management in the fourth quarter valued at approximately $485,000. NBC Securities Inc. boosted its position in Brookfield Asset Management by 4.7% during the 4th quarter. NBC Securities Inc. now owns 6,139 shares of the financial services provider’s stock worth $246,000 after buying an additional 277 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new position in Brookfield Asset Management in the 4th quarter valued at approximately $221,000. Finally, Janney Montgomery Scott LLC bought a new position in shares of Brookfield Asset Management during the fourth quarter valued at $7,605,000. Institutional investors own 68.41% of the company’s stock.

Brookfield Asset Management Stock Down 0.0 %

The company has a market cap of $19.64 billion, a P/E ratio of 40.99, a PEG ratio of 2.09 and a beta of 1.56. The firm’s 50 day moving average is $40.87 and its two-hundred day moving average is $40.23.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its quarterly earnings data on Friday, August 9th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). The company had revenue of $916.00 million for the quarter, compared to the consensus estimate of $1.16 billion. Brookfield Asset Management had a return on equity of 92.37% and a net margin of 51.29%. During the same quarter last year, the business earned $0.28 earnings per share. As a group, research analysts forecast that Brookfield Asset Management Ltd. will post 1.42 EPS for the current fiscal year.

Brookfield Asset Management Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.43%. The ex-dividend date is Friday, August 30th. Brookfield Asset Management’s dividend payout ratio is presently 140.74%.

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.