Brookfield Asset Management Ltd. to Issue Quarterly Dividend of $0.38 (NYSE:BAM)

Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) announced a quarterly dividend on Monday, November 4th,Zacks Dividends reports. Shareholders of record on Friday, November 29th will be paid a dividend of 0.38 per share by the financial services provider on Tuesday, December 31st. This represents a $1.52 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date is Friday, November 29th.

Brookfield Asset Management has a dividend payout ratio of 88.4% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Research analysts expect Brookfield Asset Management to earn $1.79 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 84.9%.

Brookfield Asset Management Price Performance

Brookfield Asset Management stock opened at $57.26 on Thursday. Brookfield Asset Management has a one year low of $33.45 and a one year high of $58.53. The firm has a market capitalization of $25.36 billion, a P/E ratio of 50.67, a PEG ratio of 2.31 and a beta of 1.42. The business has a fifty day moving average price of $51.84 and a 200-day moving average price of $44.33.

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

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Brookfield Asset Management from $44.00 to $49.00 and gave the stock an “underperform” rating in a research report on Tuesday, November 5th. Jefferies Financial Group initiated coverage on shares of Brookfield Asset Management in a report on Friday, August 2nd. They set a “hold” rating and a $43.00 price objective for the company. TD Securities increased their target price on Brookfield Asset Management from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Royal Bank of Canada raised their price target on Brookfield Asset Management from $55.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Finally, The Goldman Sachs Group raised their price objective on Brookfield Asset Management from $57.00 to $63.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $53.46.

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.