Brookfield Asset Management (NYSE:BAM) Reaches New 1-Year High on Analyst Upgrade

Brookfield Asset Management Inc (NYSE:BAM) (TSE:BAM.A) hit a new 52-week high on Tuesday after Credit Suisse Group raised their price target on the stock from $60.00 to $68.00. Credit Suisse Group currently has an average rating on the stock. Brookfield Asset Management traded as high as $59.92 and last traded at $59.90, with a volume of 89887 shares changing hands. The stock had previously closed at $59.68.

A number of other equities research analysts also recently weighed in on BAM. Royal Bank of Canada upped their price target on shares of Brookfield Asset Management from $57.00 to $63.00 and gave the company an “outperform” rating in a report on Monday, November 18th. TD Securities upped their price target on shares of Brookfield Asset Management from $69.00 to $73.00 and gave the company a “buy” rating in a report on Friday, November 15th. Citigroup downgraded shares of Brookfield Asset Management from a “buy” rating to a “neutral” rating in a report on Monday, November 18th. ValuEngine downgraded shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Finally, Canaccord Genuity set a $62.00 price target on shares of Brookfield Asset Management and gave the company a “buy” rating in a report on Friday, September 27th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $64.58.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Evoke Wealth LLC acquired a new stake in Brookfield Asset Management during the 3rd quarter worth about $423,000. Squarepoint Ops LLC acquired a new stake in Brookfield Asset Management during the 3rd quarter worth about $653,000. ETRADE Capital Management LLC raised its holdings in Brookfield Asset Management by 19.4% during the 2nd quarter. ETRADE Capital Management LLC now owns 11,912 shares of the financial services provider’s stock worth $569,000 after buying an additional 1,937 shares during the period. Envestnet Asset Management Inc. raised its holdings in Brookfield Asset Management by 15.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 189,496 shares of the financial services provider’s stock worth $10,060,000 after buying an additional 25,974 shares during the period. Finally, Parametric Portfolio Associates LLC raised its holdings in Brookfield Asset Management by 33.7% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 522,339 shares of the financial services provider’s stock worth $24,957,000 after buying an additional 131,587 shares during the period. Hedge funds and other institutional investors own 60.60% of the company’s stock.

The company has a fifty day simple moving average of $57.99 and a 200-day simple moving average of $53.53. The company has a current ratio of 1.11, a quick ratio of 0.89 and a debt-to-equity ratio of 1.19. The stock has a market cap of $61.15 billion, a price-to-earnings ratio of 15.69 and a beta of 1.05.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings data on Thursday, November 14th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.80. The firm had revenue of $17.88 billion for the quarter, compared to the consensus estimate of $13.92 billion. Brookfield Asset Management had a return on equity of 3.95% and a net margin of 5.82%. The business’s revenue for the quarter was up 20.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.07 EPS.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th were issued a dividend of $0.16 per share. The ex-dividend date was Wednesday, November 27th. This represents a $0.64 annualized dividend and a yield of 1.07%.

About Brookfield Asset Management (NYSE:BAM)

Brookfield Asset Management Inc is a publicly owned asset management holding company. The firm specializes in early stage, acquisition, distressed investments, short-term financing to mid-market companies, corporate carve-outs, recapitalizations, convertible, senior and mezzanine financings, operational and capital structure restructuring, strategic re-direction, turnaround, and under-performing midmarket companies.

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