Brookfield Asset Management Inc (BAM) Hits New 12-Month High After Analyst Upgrade

Shares of Brookfield Asset Management Inc (NYSE:BAM) (TSE:BAM.A) hit a new 52-week high during mid-day trading on Wednesday after Scotiabank raised their price target on the stock to $56.00. Scotiabank currently has an outperform rating on the stock. Brookfield Asset Management traded as high as $42.53 and last traded at $42.52, with a volume of 274,224 shares changing hands. The stock had previously closed at $42.28.

Other equities analysts have also issued reports about the stock. Citigroup Inc. boosted their price target on shares of Brookfield Asset Management from $45.00 to $48.00 and gave the stock a “buy” rating in a research report on Tuesday, August 15th. Canaccord Genuity restated a “buy” rating and set a $42.00 price target on shares of Brookfield Asset Management in a research report on Friday, August 11th. TD Securities boosted their price target on shares of Brookfield Asset Management from $47.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, August 11th. BidaskClub upgraded shares of Brookfield Asset Management from a “hold” rating to a “buy” rating in a research report on Thursday, June 29th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $42.00 price target on shares of Brookfield Asset Management in a research report on Tuesday, June 20th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $48.17.

Hedge funds have recently modified their holdings of the business. QS Investors LLC raised its stake in Brookfield Asset Management by 69.8% during the second quarter. QS Investors LLC now owns 2,798 shares of the financial services provider’s stock worth $110,000 after purchasing an additional 1,150 shares during the period. Atlantic Trust LLC purchased a new position in Brookfield Asset Management during the second quarter worth about $191,000. Visionary Asset Management Inc. purchased a new position in Brookfield Asset Management during the second quarter worth about $201,000. HM Payson & Co. purchased a new position in Brookfield Asset Management during the second quarter worth about $203,000. Finally, Bronfman E.L. Rothschild L.P. raised its stake in Brookfield Asset Management by 112.3% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 5,176 shares of the financial services provider’s stock worth $203,000 after purchasing an additional 2,738 shares during the period. 53.73% of the stock is currently owned by institutional investors.

The company has a 50-day moving average price of $40.18 and a 200 day moving average price of $38.62. The stock has a market cap of $39.41 billion, a P/E ratio of 33.39 and a beta of 1.04.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings results on Thursday, August 10th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.28). Brookfield Asset Management had a return on equity of 2.10% and a net margin of 4.87%. The firm had revenue of $9.44 billion for the quarter, compared to analyst estimates of $5.27 billion. During the same period in the prior year, the business earned $0.15 earnings per share. Brookfield Asset Management’s revenue for the quarter was up 58.1% on a year-over-year basis. On average, analysts predict that Brookfield Asset Management Inc will post $0.86 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Thursday, August 31st were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $0.56 annualized dividend and a dividend yield of 1.32%. Brookfield Asset Management’s payout ratio is currently 43.75%.

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Brookfield Asset Management Company Profile

Brookfield Asset Management Inc is an alternative asset manager. The Company operates in eight segments. The Asset Management segment manages its listed partnerships, private funds and public markets on behalf of its clients. The Property segment includes the ownership, operation and development of office, retail and other properties.

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