Brookfield Asset Management (NYSE:BAM) Price Target Raised to $48.00 at Wells Fargo & Company

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its target price upped by Wells Fargo & Company from $42.00 to $48.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an underweight rating on the financial services provider’s stock.

BAM has been the subject of several other reports. Scotiabank dropped their price objective on Brookfield Asset Management from $46.00 to $45.50 and set a sector outperform rating on the stock in a report on Thursday, August 8th. StockNews.com cut Brookfield Asset Management from a hold rating to a sell rating in a research report on Wednesday, August 7th. CIBC lifted their price target on Brookfield Asset Management from $47.00 to $49.00 and gave the stock an outperformer rating in a research report on Friday, July 19th. BMO Capital Markets increased their price objective on Brookfield Asset Management from $37.00 to $40.00 and gave the company a market perform rating in a report on Wednesday, September 11th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Brookfield Asset Management from $43.00 to $44.00 and gave the company a buy rating in a report on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Brookfield Asset Management presently has a consensus rating of Hold and an average target price of $46.41.

Brookfield Asset Management Price Performance

BAM stock opened at $48.60 on Wednesday. The business’s 50-day moving average is $43.46 and its two-hundred day moving average is $41.06. Brookfield Asset Management has a 1 year low of $28.35 and a 1 year high of $48.97. The firm has a market capitalization of $21.57 billion, a P/E ratio of 45.00, a P/E/G ratio of 2.26 and a beta of 1.56.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its quarterly earnings data on Friday, August 9th. The financial services provider reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). The firm had revenue of $916.00 million during 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 prior year, the company posted $0.28 earnings per share. On average, analysts expect that Brookfield Asset Management will post 1.43 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, August 30th were paid a $0.38 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.13%. Brookfield Asset Management’s dividend payout ratio (DPR) is presently 140.74%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BAM. Creative Planning lifted its stake in shares of Brookfield Asset Management by 3.4% in the third quarter. Creative Planning now owns 70,670 shares of the financial services provider’s stock valued at $3,342,000 after purchasing an additional 2,313 shares during the period. Procyon Advisors LLC lifted its position in shares of Brookfield Asset Management by 4.2% during the 3rd quarter. Procyon Advisors LLC now owns 9,063 shares of the financial services provider’s stock valued at $429,000 after acquiring an additional 366 shares during the period. Cardinal Capital Management Inc. boosted its stake in shares of Brookfield Asset Management by 179.0% during the 3rd quarter. Cardinal Capital Management Inc. now owns 79,045 shares of the financial services provider’s stock worth $3,742,000 after acquiring an additional 50,715 shares in the last quarter. Ritholtz Wealth Management acquired a new stake in shares of Brookfield Asset Management in the 3rd quarter worth approximately $232,000. Finally, Castle Rock Wealth Management LLC grew its holdings in shares of Brookfield Asset Management by 1.6% in the 3rd quarter. Castle Rock Wealth Management LLC now owns 30,077 shares of the financial services provider’s stock worth $1,429,000 after acquiring an additional 471 shares during the period. Hedge funds and other institutional investors own 68.41% of the company’s stock.

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.