Brookfield Asset Management (NYSE:BAM) Hits New 1-Year High After Dividend Announcement

Brookfield Asset Management Inc. (NYSE:BAM) (TSE:BAM.A) shares reached a new 52-week high on Friday after the company announced a dividend. The stock traded as high as $47.11 and last traded at $47.07, with a volume of 23220 shares trading hands. The stock had previously closed at $45.53.

The newly announced dividend which will be paid on Wednesday, June 30th. Shareholders of record on Friday, May 28th will be issued a $0.13 dividend. The ex-dividend date is Thursday, May 27th. This represents a $0.52 dividend on an annualized basis and a yield of 1.07%. Brookfield Asset Management’s payout ratio is 20.81%.

BAM has been the subject of a number of recent analyst reports. TheStreet raised shares of Brookfield Asset Management from a “c+” rating to a “b-” rating in a report on Tuesday, March 23rd. Zacks Investment Research cut shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a report on Friday, April 16th. Credit Suisse Group cut shares of Brookfield Asset Management from an “outperform” rating to a “neutral” rating and lifted their price objective for the company from $52.00 to $54.00 in a report on Wednesday, March 31st. Royal Bank of Canada lifted their price objective on shares of Brookfield Asset Management from $52.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, February 12th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Brookfield Asset Management from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Monday, March 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $48.50.

The firm has a market cap of $76.32 billion, a PE ratio of -1,318.97 and a beta of 1.27. The business’s 50 day moving average price is $45.50 and its 200 day moving average price is $41.44. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.03 and a quick ratio of 0.85.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings results on Wednesday, May 12th. The financial services provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.33. The firm had revenue of $16.41 billion for the quarter, compared to analyst estimates of $10.89 billion. Brookfield Asset Management had a net margin of 0.11% and a return on equity of 0.06%. Brookfield Asset Management’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.55 earnings per share. As a group, analysts predict that Brookfield Asset Management Inc. will post 1.87 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Fin Capital Inc. boosted its position in Brookfield Asset Management by 0.3% during the first quarter. Blue Fin Capital Inc. now owns 72,922 shares of the financial services provider’s stock worth $3,245,000 after acquiring an additional 231 shares during the last quarter. Rockefeller Capital Management L.P. boosted its position in Brookfield Asset Management by 0.8% during the first quarter. Rockefeller Capital Management L.P. now owns 29,639 shares of the financial services provider’s stock worth $1,318,000 after acquiring an additional 249 shares during the last quarter. CWM LLC boosted its position in Brookfield Asset Management by 59.0% during the fourth quarter. CWM LLC now owns 741 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 275 shares during the last quarter. We Are One Seven LLC boosted its holdings in Brookfield Asset Management by 2.9% in the 1st quarter. We Are One Seven LLC now owns 9,826 shares of the financial services provider’s stock valued at $437,000 after purchasing an additional 277 shares during the last quarter. Finally, Jag Capital Management LLC boosted its holdings in Brookfield Asset Management by 1.2% in the 4th quarter. Jag Capital Management LLC now owns 24,450 shares of the financial services provider’s stock valued at $1,009,000 after purchasing an additional 287 shares during the last quarter. Hedge funds and other institutional investors own 60.33% of the company’s stock.

Brookfield Asset Management Company Profile (NYSE:BAM)

Brookfield Asset Management is a leading global alternative asset manager and one of the largest investors in real assets. Our investment focus is on real estate, renewable power, infrastructure and private equity assets. Our objective is to generate attractive long-term risk-adjusted returns for the benefit of our clients and shareholders.

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