Scotiabank Issues Positive Forecast for Brookfield Asset Management (NYSE:BAM) Stock Price

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price target lifted by Scotiabank from $45.50 to $55.50 in a research report sent to investors on Wednesday morning, MarketBeat reports. Scotiabank currently has an outperform rating on the financial services provider’s stock.

Other analysts have also recently issued reports about the stock. The Goldman Sachs Group raised their target price on shares of Brookfield Asset Management from $47.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, September 30th. BMO Capital Markets lifted their target price on Brookfield Asset Management from $37.00 to $40.00 and gave the stock a “market perform” rating in a report on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft increased their price target on Brookfield Asset Management from $43.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. TD Securities boosted their price objective on Brookfield Asset Management from $50.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Bank of America raised their price objective on shares of Brookfield Asset Management from $41.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. Two investment 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 data from MarketBeat.com, Brookfield Asset Management presently has a consensus rating of “Hold” and an average target price of $48.32.

Brookfield Asset Management Stock Performance

BAM stock opened at $53.80 on Wednesday. Brookfield Asset Management has a 1 year low of $28.35 and a 1 year high of $54.20. The stock has a market capitalization of $23.87 billion, a price-to-earnings ratio of 49.81, a PEG ratio of 2.26 and a beta of 1.56. The stock’s fifty day moving average is $46.43 and its two-hundred day moving average is $41.98.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its earnings results on Friday, August 9th. The financial services provider reported $0.34 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.01). The business had revenue of $916.00 million during the quarter, compared to analyst estimates of $1.16 billion. Brookfield Asset Management had a net margin of 51.29% and a return on equity of 92.37%. During the same quarter in the prior year, the business earned $0.28 earnings per share. As a group, analysts predict that Brookfield Asset Management will post 1.43 EPS for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, August 30th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.52 annualized dividend and a yield of 2.83%. Brookfield Asset Management’s dividend payout ratio is 140.74%.

Institutional Trading of Brookfield Asset Management

A number of hedge funds have recently modified their holdings of BAM. The Manufacturers Life Insurance Company lifted its position in Brookfield Asset Management by 68.5% in the second quarter. The Manufacturers Life Insurance Company now owns 6,859,094 shares of the financial services provider’s stock worth $260,770,000 after purchasing an additional 2,788,611 shares during the period. Mackenzie Financial Corp lifted its holdings in shares of Brookfield Asset Management by 19.5% during the 2nd quarter. Mackenzie Financial Corp now owns 13,523,306 shares of the financial services provider’s stock worth $514,867,000 after acquiring an additional 2,205,040 shares during the period. Dimensional Fund Advisors LP acquired a new stake in shares of Brookfield Asset Management during the 2nd quarter valued at about $42,160,000. TD Asset Management Inc increased its stake in Brookfield Asset Management by 8.5% in the second quarter. TD Asset Management Inc now owns 13,552,736 shares of the financial services provider’s stock valued at $515,823,000 after acquiring an additional 1,066,015 shares during the period. Finally, Canada Pension Plan Investment Board raised its position in Brookfield Asset Management by 49.8% in the first quarter. Canada Pension Plan Investment Board now owns 1,779,015 shares of the financial services provider’s stock worth $74,802,000 after purchasing an additional 591,130 shares in the last quarter. Institutional investors own 68.41% of the company’s stock.

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.