Brookfield Asset Management (NYSE:BAM) Price Target Lowered to $65.00 at Bank of America

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price objective cut by Bank of America from $69.00 to $65.00 in a research note released on Friday morning,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Several other brokerages also recently issued reports on BAM. BMO Capital Markets upped their price target on shares of Brookfield Asset Management from $50.00 to $53.00 and gave the company a “market perform” rating in a report on Thursday, February 13th. StockNews.com raised Brookfield Asset Management from a “sell” rating to a “hold” rating in a research note on Thursday, March 20th. Scotiabank lowered their target price on Brookfield Asset Management from $63.00 to $62.50 and set an “outperform” rating on the stock in a report on Thursday, February 13th. HSBC raised Brookfield Asset Management from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Finally, UBS Group assumed coverage on Brookfield Asset Management in a research note on Monday, December 16th. They set a “buy” rating on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $58.04.

Brookfield Asset Management Price Performance

NYSE BAM opened at $44.21 on Friday. The business has a 50 day moving average price of $53.89 and a 200 day moving average price of $53.75. The company has a market capitalization of $72.39 billion, a P/E ratio of 33.49, a PEG ratio of 1.92 and a beta of 1.62. Brookfield Asset Management has a 1-year low of $37.29 and a 1-year high of $62.61.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.01. Brookfield Asset Management had a return on equity of 81.16% and a net margin of 54.47%. On average, research analysts expect that Brookfield Asset Management will post 1.7 earnings per share for the current fiscal year.

Brookfield Asset Management Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, February 28th were issued a dividend of $0.4375 per share. This is a positive change from Brookfield Asset Management’s previous quarterly dividend of $0.38. This represents a $1.75 annualized dividend and a dividend yield of 3.96%. The ex-dividend date of this dividend was Friday, February 28th. Brookfield Asset Management’s dividend payout ratio is presently 132.58%.

Institutional Investors Weigh In On Brookfield Asset Management

Institutional investors have recently bought and sold shares of the stock. Truvestments Capital LLC boosted its holdings in shares of Brookfield Asset Management by 487.2% in the 4th quarter. Truvestments Capital LLC now owns 505 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 419 shares during the last quarter. Mountain Hill Investment Partners Corp. acquired a new position in Brookfield Asset Management in the fourth quarter valued at $32,000. Versant Capital Management Inc boosted its holdings in Brookfield Asset Management by 1,606.3% in the fourth quarter. Versant Capital Management Inc now owns 819 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 771 shares during the last quarter. NewEdge Advisors LLC grew its position in Brookfield Asset Management by 61.0% during the fourth quarter. NewEdge Advisors LLC now owns 858 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 325 shares during the period. Finally, Kapitalo Investimentos Ltda acquired a new stake in Brookfield Asset Management during the fourth quarter worth about $54,000. 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.