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

Shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) hit a new 52-week high during mid-day trading on Thursday after Bank of America raised their price target on the stock from $41.00 to $45.00. Bank of America currently has a neutral 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 trading hands. The stock had previously closed at $44.27.

A number of other equities research analysts also recently issued reports on the stock. JPMorgan Chase & Co. cut their price objective on shares of Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. CIBC upped their target price on shares of Brookfield Asset Management from $47.00 to $49.00 and gave the stock an “outperformer” rating in a report on Friday, July 19th. Jefferies Financial Group started coverage on shares of Brookfield Asset Management in a report on Friday, August 2nd. They issued a “hold” rating and a $43.00 target price for the company. BMO Capital Markets upped their target price on shares of Brookfield Asset Management from $37.00 to $40.00 and gave the stock a “market perform” rating in a report on Wednesday. Finally, The Goldman Sachs Group upped their target price on shares of Brookfield Asset Management from $41.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $43.81.

Institutional Trading of Brookfield Asset Management

Hedge funds have recently made changes to their positions in the business. YHB Investment Advisors Inc. purchased a new stake in shares of Brookfield Asset Management during the 1st quarter valued at about $26,000. Massmutual Trust Co. FSB ADV boosted its position in shares of Brookfield Asset Management by 98.2% during the second quarter. Massmutual Trust Co. FSB ADV now owns 777 shares of the financial services provider’s stock valued at $30,000 after buying an additional 385 shares during the period. Continuum Advisory LLC boosted its position in shares of Brookfield Asset Management by 57.6% during the second quarter. Continuum Advisory LLC now owns 780 shares of the financial services provider’s stock valued at $30,000 after buying an additional 285 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Brookfield Asset Management by 574.2% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 890 shares of the financial services provider’s stock valued at $37,000 after buying an additional 758 shares during the period. Finally, Richardson Financial Services Inc. boosted its holdings in Brookfield Asset Management by 368.3% during the 2nd quarter. Richardson Financial Services Inc. now owns 960 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 755 shares during the period. 68.41% of the stock is currently owned by hedge funds and other institutional investors.

Brookfield Asset Management Stock Performance

The stock has a fifty day moving average of $41.11 and a 200-day moving average of $40.29. The company has a market cap of $19.91 billion, a PE ratio of 41.53, a PEG ratio of 2.26 and a beta of 1.56.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted 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). Brookfield Asset Management had a net margin of 51.29% and a return on equity of 92.37%. The business had revenue of $916.00 million for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the previous year, the firm earned $0.28 EPS. As a group, equities analysts anticipate that Brookfield Asset Management Ltd. will post 1.42 EPS for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date is Friday, August 30th. Brookfield Asset Management’s payout ratio is currently 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.