Bank of America Boosts Brookfield Asset Management (NYSE:BAM) Price Target to $45.00

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price target hoisted by Bank of America from $41.00 to $45.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

Several other research firms have also issued reports on BAM. Deutsche Bank Aktiengesellschaft upped their target price on shares of Brookfield Asset Management from $43.00 to $44.00 and gave the stock a buy rating in a research note on Thursday, August 8th. Jefferies Financial Group initiated coverage on shares of Brookfield Asset Management in a research report on Friday, August 2nd. They set a hold rating and a $43.00 target price on the stock. TD Securities upped their target price on Brookfield Asset Management from $49.00 to $50.00 and gave the company a buy rating in a report on Tuesday, August 6th. Scotiabank decreased their price target on Brookfield Asset Management from $46.00 to $45.50 and set a sector outperform rating for the company in a research report on Thursday, August 8th. Finally, BMO Capital Markets boosted their price objective on Brookfield Asset Management from $37.00 to $40.00 and gave the stock a market perform rating in a research report on Wednesday, September 11th. Three analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $43.81.

Brookfield Asset Management Stock Performance

BAM stock opened at $44.85 on Thursday. The business has a 50-day simple moving average of $41.11 and a two-hundred day simple moving average of $40.28. The company has a market capitalization of $19.91 billion, a P/E ratio of 41.53, a price-to-earnings-growth ratio of 2.26 and a beta of 1.56. Brookfield Asset Management has a 52-week low of $28.35 and a 52-week high of $45.24.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its earnings results on Friday, August 9th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.01). The company had revenue of $916.00 million for the quarter, compared to analysts’ expectations of $1.16 billion. Brookfield Asset Management had a net margin of 51.29% and a return on equity of 92.37%. During the same period in the previous year, the firm earned $0.28 EPS. As a group, sell-side analysts forecast that Brookfield Asset Management will post 1.42 earnings per share 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. Shareholders of record on Friday, August 30th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.39%. The ex-dividend date is Friday, August 30th. Brookfield Asset Management’s dividend payout ratio (DPR) is presently 140.74%.

Hedge Funds Weigh In On Brookfield Asset Management

Several large investors have recently modified their holdings of the business. Bank of Nova Scotia Trust Co. boosted its holdings in Brookfield Asset Management by 4.4% in the 1st quarter. Bank of Nova Scotia Trust Co. now owns 6,202 shares of the financial services provider’s stock worth $261,000 after buying an additional 263 shares during the period. CWM LLC boosted its holdings in shares of Brookfield Asset Management by 12.2% in the second quarter. CWM LLC now owns 2,448 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 267 shares during the period. NBC Securities Inc. grew its position in shares of Brookfield Asset Management by 4.7% in the fourth quarter. NBC Securities Inc. now owns 6,139 shares of the financial services provider’s stock valued at $246,000 after purchasing an additional 277 shares in the last quarter. Choate Investment Advisors raised its stake in shares of Brookfield Asset Management by 3.3% during the 1st quarter. Choate Investment Advisors now owns 8,900 shares of the financial services provider’s stock valued at $374,000 after purchasing an additional 285 shares during the period. Finally, Continuum Advisory LLC lifted its holdings in Brookfield Asset Management by 57.6% during the 2nd quarter. Continuum Advisory LLC now owns 780 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 285 shares in the last quarter. Hedge funds and other institutional investors own 68.41% of the company’s stock.

Brookfield Asset Management Company Profile

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.