Royal Bank of Canada Boosts Brookfield Asset Management (NYSE:BAM) Price Target to $63.00

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price target hoisted by Royal Bank of Canada from $57.00 to $63.00 in a report released on Monday morning, The Fly reports. Royal Bank of Canada currently has an outperform rating on the financial services provider’s stock.

A number of other equities analysts also recently commented on BAM. Canaccord Genuity set a $62.00 price objective on Brookfield Asset Management and gave the stock a buy rating in a report on Friday, September 27th. Citigroup raised their price objective on Brookfield Asset Management from $56.00 to $62.50 and gave the stock a buy rating in a report on Friday, September 27th. TD Securities raised their price objective on Brookfield Asset Management from $69.00 to $73.00 and gave the stock a buy rating in a report on Friday, November 15th. BMO Capital Markets raised their price objective on Brookfield Asset Management from $59.00 to $63.00 and gave the stock an outperform rating in a report on Friday, November 15th. Finally, ValuEngine downgraded Brookfield Asset Management from a hold rating to a sell rating in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. Brookfield Asset Management currently has a consensus rating of Buy and a consensus target price of $62.25.

Brookfield Asset Management stock opened at $57.30 on Monday. The stock’s 50-day moving average is $54.36 and its 200-day moving average is $50.65. The company has a market cap of $59.70 billion, a price-to-earnings ratio of 15.44 and a beta of 1.05. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.11 and a quick ratio of 0.89. Brookfield Asset Management has a 12 month low of $36.58 and a 12 month high of $58.10.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings data on Thursday, November 14th. The financial services provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.80. The company had revenue of $17.88 billion for the quarter, compared to the consensus estimate of $13.92 billion. Brookfield Asset Management had a return on equity of 3.95% and a net margin of 5.82%. The company’s quarterly revenue was up 20.3% compared to the same quarter last year. During the same period last year, the business posted $1.07 EPS.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, November 29th will be issued a dividend of $0.16 per share. The ex-dividend date is Wednesday, November 27th. This represents a $0.64 annualized dividend and a dividend yield of 1.12%.

Several large investors have recently made changes to their positions in the stock. Financial Architects Inc raised its holdings in shares of Brookfield Asset Management by 192.9% during the 3rd quarter. Financial Architects Inc now owns 1,406 shares of the financial services provider’s stock valued at $75,000 after buying an additional 926 shares during the period. First Allied Advisory Services Inc. raised its holdings in shares of Brookfield Asset Management by 7.2% during the 3rd quarter. First Allied Advisory Services Inc. now owns 6,366 shares of the financial services provider’s stock valued at $338,000 after buying an additional 427 shares during the period. Rational Advisors LLC purchased a new stake in shares of Brookfield Asset Management during the 3rd quarter valued at about $777,000. Violich Capital Management Inc. purchased a new stake in shares of Brookfield Asset Management during the 3rd quarter valued at about $305,000. Finally, EdgePoint Investment Group Inc. raised its holdings in shares of Brookfield Asset Management by 11.4% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 1,566,476 shares of the financial services provider’s stock valued at $83,184,000 after buying an additional 160,500 shares during the period. Institutional investors and hedge funds own 57.10% of the company’s stock.

About Brookfield Asset Management

Brookfield Asset Management Inc is a publicly owned asset management holding company. The firm specializes in early stage, acquisition, distressed investments, short-term financing to mid-market companies, corporate carve-outs, recapitalizations, convertible, senior and mezzanine financings, operational and capital structure restructuring, strategic re-direction, turnaround, and under-performing midmarket companies.

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