Wells Fargo & Company Cuts Brookfield Asset Management (NYSE:BAM) Price Target to $55.00

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price target decreased by Wells Fargo & Company from $56.00 to $55.00 in a report released on Tuesday,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the financial services provider’s stock.

BAM has been the subject of a number of other research reports. Keefe, Bruyette & Woods lowered their target price on Brookfield Asset Management from $57.00 to $56.00 and set an “underperform” rating for the company in a research note on Monday. BMO Capital Markets boosted their price objective on Brookfield Asset Management from $40.00 to $50.00 and gave the company a “market perform” rating in a research report on Tuesday, November 5th. Royal Bank of Canada raised their target price on shares of Brookfield Asset Management from $55.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft lifted their target price 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. Finally, StockNews.com cut shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a research report on Thursday, January 9th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $54.38.

Brookfield Asset Management Price Performance

Shares of NYSE BAM opened at $55.05 on Tuesday. The stock has a market capitalization of $24.39 billion, a P/E ratio of 48.71, a PEG ratio of 1.75 and a beta of 1.45. Brookfield Asset Management has a one year low of $37.19 and a one year high of $59.58. The firm’s 50 day simple moving average is $55.85 and its two-hundred day simple moving average is $48.42.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its earnings results on Monday, November 4th. The financial services provider reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. The company 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 quarter last year, the firm earned $0.35 EPS. As a group, equities analysts expect that Brookfield Asset Management will post 1.45 earnings per share for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.76%. Brookfield Asset Management’s dividend payout ratio (DPR) is 134.51%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BAM. Acadian Asset Management LLC grew its stake in Brookfield Asset Management by 5,033.8% in the second quarter. Acadian Asset Management LLC now owns 7,136 shares of the financial services provider’s stock worth $270,000 after purchasing an additional 6,997 shares during the period. Choreo LLC purchased a new stake in shares of Brookfield Asset Management in the 2nd quarter worth about $239,000. DekaBank Deutsche Girozentrale grew its position in shares of Brookfield Asset Management by 34.7% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 89,808 shares of the financial services provider’s stock worth $3,315,000 after buying an additional 23,143 shares during the period. Oppenheimer Asset Management Inc. increased its stake in shares of Brookfield Asset Management by 48.9% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 27,921 shares of the financial services provider’s stock worth $1,062,000 after acquiring an additional 9,175 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in Brookfield Asset Management during the 2nd quarter valued at about $42,160,000. Hedge funds and other 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.