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

Shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) reached a new 52-week high on Thursday after CIBC raised their price target on the stock from $63.00 to $70.00. CIBC currently has an outperform rating on the stock. Brookfield Asset Management traded as high as $61.51 and last traded at $61.33, with a volume of 1268222 shares traded. The stock had previously closed at $61.09.

Several other equities analysts have also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft raised their price target on shares of Brookfield Asset Management from $56.00 to $59.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. TD Securities lifted their price target on shares of Brookfield Asset Management from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. UBS Group started coverage on shares of Brookfield Asset Management in a research note on Monday, December 16th. They set a “buy” rating for the company. BMO Capital Markets upped their target price on Brookfield Asset Management from $40.00 to $50.00 and gave the stock a “market perform” rating in a report on Tuesday, November 5th. Finally, Scotiabank raised their price target on Brookfield Asset Management from $55.50 to $59.50 and gave the company a “sector outperform” rating in a research note on Tuesday, November 5th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $56.13.

Institutional Trading of Brookfield Asset Management

Several hedge funds and other institutional investors have recently modified their holdings of BAM. Connor Clark & Lunn Investment Management Ltd. lifted its position in Brookfield Asset Management by 66.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,965,162 shares of the financial services provider’s stock worth $92,896,000 after acquiring an additional 784,250 shares during the last quarter. Segall Bryant & Hamill LLC bought a new position in shares of Brookfield Asset Management during the third quarter worth approximately $19,075,000. CIBC Asset Management Inc lifted its holdings in Brookfield Asset Management by 10.3% during the 3rd quarter. CIBC Asset Management Inc now owns 3,953,496 shares of the financial services provider’s stock worth $188,057,000 after purchasing an additional 370,383 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in Brookfield Asset Management in the 3rd quarter valued at $14,216,000. Finally, Bamco Inc. NY grew its holdings in Brookfield Asset Management by 31.5% in the 3rd quarter. Bamco Inc. NY now owns 1,100,435 shares of the financial services provider’s stock valued at $52,040,000 after buying an additional 263,532 shares in the last quarter. Institutional investors own 68.41% of the company’s stock.

Brookfield Asset Management Trading Down 1.4 %

The stock has a market cap of $26.56 billion, a P/E ratio of 53.04, a PEG ratio of 2.32 and a beta of 1.45. The firm has a 50-day simple moving average of $56.32 and a two-hundred day simple moving average of $49.84.

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, topping analysts’ consensus estimates of $0.36 by $0.02. The business 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 last year, the firm earned $0.35 earnings per share. Sell-side analysts predict that Brookfield Asset Management Ltd. will post 1.45 earnings per share for the current year.

Brookfield Asset Management Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, November 29th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.54%. The ex-dividend date was Friday, November 29th. Brookfield Asset Management’s dividend payout ratio (DPR) is currently 134.51%.

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.