Brookfield Asset Management (NYSE:BAM) Price Target Raised to $53.00 at Royal Bank of Canada

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its target price lifted by Royal Bank of Canada from $50.00 to $53.00 in a report published on Monday morning, BayStreet.CA reports. Royal Bank of Canada currently has an outperform rating on the financial services provider’s stock.

A number of other equities analysts have also recently issued reports on BAM. TD Securities cut their price objective on Brookfield Asset Management from $52.00 to $49.00 and set an action list buy rating for the company in a report on Tuesday, January 9th. HSBC downgraded shares of Brookfield Asset Management from a buy rating to a hold rating in a research note on Thursday, February 1st. Scotiabank upped their price objective on shares of Brookfield Asset Management from $46.50 to $47.00 and gave the company a sector outperform rating in a research note on Thursday, February 8th. CIBC increased their target price on shares of Brookfield Asset Management from $40.00 to $47.00 and gave the company an outperform rating in a report on Monday, January 29th. Finally, BMO Capital Markets boosted their price target on shares of Brookfield Asset Management from $34.00 to $36.00 and gave the stock a market perform rating in a research note on Thursday, February 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $42.50.

Brookfield Asset Management Price Performance

Shares of BAM opened at $39.94 on Monday. Brookfield Asset Management has a 1-year low of $28.35 and a 1-year high of $43.00. The company has a market capitalization of $16.50 billion, a P/E ratio of 35.35, a P/E/G ratio of 1.53 and a beta of 1.68. The firm’s 50 day simple moving average is $40.86 and its 200 day simple moving average is $37.90.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its quarterly earnings results on Wednesday, February 7th. The financial services provider reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.02. Brookfield Asset Management had a net margin of 50.23% and a return on equity of 96.43%. The firm had revenue of $1.13 billion for the quarter. During the same period in the previous year, the company earned $0.31 EPS. On average, equities analysts anticipate that Brookfield Asset Management will post 1.49 earnings per share for the current year.

Brookfield Asset Management Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This is a positive change from Brookfield Asset Management’s previous quarterly dividend of $0.32. This represents a $1.52 annualized dividend and a yield of 3.81%. Brookfield Asset Management’s dividend payout ratio is 134.51%.

Institutional Trading of Brookfield Asset Management

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of Brookfield Asset Management in the 4th quarter valued at approximately $239,421,000. FIL Ltd boosted its holdings in shares of Brookfield Asset Management by 66.1% during the 4th quarter. FIL Ltd now owns 11,314,071 shares of the financial services provider’s stock valued at $454,424,000 after buying an additional 4,501,410 shares in the last quarter. Beutel Goodman & Co Ltd. grew its position in shares of Brookfield Asset Management by 114.5% in the 4th quarter. Beutel Goodman & Co Ltd. now owns 6,922,224 shares of the financial services provider’s stock worth $279,387,000 after buying an additional 3,695,774 shares during the period. TD Asset Management Inc increased its stake in shares of Brookfield Asset Management by 29.2% in the 4th quarter. TD Asset Management Inc now owns 11,498,183 shares of the financial services provider’s stock worth $464,078,000 after acquiring an additional 2,595,793 shares in the last quarter. Finally, Capital World Investors lifted its position in Brookfield Asset Management by 10.0% during the 4th quarter. Capital World Investors now owns 24,562,364 shares of the financial services provider’s stock valued at $986,656,000 after acquiring an additional 2,241,372 shares during the period. 68.41% of the stock is currently owned by hedge funds and other institutional investors.

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.