Brookfield Asset Management (NYSE:BAM) Sets New 52-Week High Following Analyst Upgrade

Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A)’s share price hit a new 52-week high during mid-day trading on Thursday after CIBC raised their price target on the stock from $63.00 to $70.00. CIBC currently has an outperform rating on the stock. Brookfield Asset Management traded as high as $61.51 and last traded at $61.33, with a volume of 1268222 shares trading hands. The stock had previously closed at $61.09.

Other equities research analysts have also recently issued reports about the stock. The Goldman Sachs Group increased their target price on shares of Brookfield Asset Management from $57.00 to $63.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Royal Bank of Canada raised their price target on Brookfield Asset Management from $55.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Keefe, Bruyette & Woods dropped their price target on shares of Brookfield Asset Management from $57.00 to $56.00 and set an “underperform” rating for the company in a research note on Monday, January 13th. UBS Group initiated coverage on shares of Brookfield Asset Management in a research note on Monday, December 16th. They issued a “buy” rating for the company. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Brookfield Asset Management from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Brookfield Asset Management has an average rating of “Hold” and an average price target of $56.13.

Institutional Investors Weigh In On Brookfield Asset Management

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Tandem Capital Management Corp ADV raised its position in Brookfield Asset Management by 0.4% in the fourth quarter. Tandem Capital Management Corp ADV now owns 39,111 shares of the financial services provider’s stock worth $2,119,000 after acquiring an additional 175 shares in the last quarter. Public Sector Pension Investment Board grew its stake in Brookfield Asset Management by 0.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 46,513 shares of the financial services provider’s stock valued at $2,201,000 after acquiring an additional 188 shares in the last quarter. Procyon Advisors LLC lifted its holdings in shares of Brookfield Asset Management by 2.7% during the 4th quarter. Procyon Advisors LLC now owns 9,312 shares of the financial services provider’s stock valued at $505,000 after buying an additional 249 shares during the last quarter. Pathstone Holdings LLC lifted its holdings in shares of Brookfield Asset Management by 1.0% during the 3rd quarter. Pathstone Holdings LLC now owns 29,166 shares of the financial services provider’s stock valued at $1,379,000 after buying an additional 278 shares during the last quarter. Finally, Foundations Investment Advisors LLC lifted its holdings in shares of Brookfield Asset Management by 5.0% during the 3rd quarter. Foundations Investment Advisors LLC now owns 6,654 shares of the financial services provider’s stock valued at $315,000 after buying an additional 315 shares during the last quarter. 68.41% of the stock is currently owned by institutional investors.

Brookfield Asset Management Trading Down 1.4 %

The company has a fifty day moving average of $56.32 and a two-hundred day moving average of $49.84. The stock has a market capitalization of $26.56 billion, a price-to-earnings ratio of 53.04, a price-to-earnings-growth ratio of 2.32 and a beta of 1.45.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its earnings results on Monday, November 4th. The financial services provider reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. Brookfield Asset Management had a return on equity of 85.03% and a net margin of 49.69%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same period in the previous year, the company earned $0.35 EPS. As a group, sell-side analysts predict that Brookfield Asset Management Ltd. will post 1.45 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders 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 2.54%. Brookfield Asset Management’s dividend payout ratio (DPR) is presently 134.51%.

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.