Scotiabank Forecasts Strong Price Appreciation for Brookfield Asset Management (NYSE:BAM) Stock

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price target increased by Scotiabank from $55.50 to $59.50 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a sector outperform rating on the financial services provider’s stock.

Several other research analysts have also recently commented on the stock. Keefe, Bruyette & Woods increased their target price on shares of Brookfield Asset Management from $44.00 to $49.00 and gave the stock an “underperform” rating in a report on Tuesday. StockNews.com cut shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a research note on Wednesday, August 7th. TD Securities increased their price target on shares of Brookfield Asset Management from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Tuesday. Bank of America increased their price target on shares of Brookfield Asset Management from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Finally, BMO Capital Markets raised their target price on shares of Brookfield Asset Management from $40.00 to $50.00 and gave the stock a “market perform” rating in a research note on Tuesday. Three research 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, the stock has a consensus rating of “Hold” and a consensus target price of $52.29.

Brookfield Asset Management Price Performance

Shares of NYSE:BAM opened at $55.90 on Tuesday. Brookfield Asset Management has a one year low of $30.60 and a one year high of $57.48. The company has a 50 day moving average of $47.78 and a 200-day moving average of $42.55. The stock has a market cap of $24.83 billion, a price-to-earnings ratio of 49.47, a P/E/G ratio of 2.63 and a beta of 1.42.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its quarterly earnings data on Monday, November 4th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 91.12%. During the same quarter in the previous year, the company earned $0.35 earnings per share. Equities research analysts anticipate that Brookfield Asset Management will post 1.43 earnings per share for the current year.

Brookfield Asset Management Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, November 29th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.72%. The ex-dividend date is Friday, November 29th. Brookfield Asset Management’s dividend payout ratio (DPR) is presently 134.51%.

Institutional Investors Weigh In On Brookfield Asset Management

Several hedge funds and other institutional investors have recently made changes to their positions in BAM. Hara Capital LLC bought a new stake in shares of Brookfield Asset Management during the 3rd quarter valued at approximately $27,000. Massmutual Trust Co. FSB ADV boosted its position in Brookfield Asset Management by 98.2% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 777 shares of the financial services provider’s stock worth $30,000 after buying an additional 385 shares during the period. Continuum Advisory LLC boosted its position in Brookfield Asset Management by 57.6% during the 2nd quarter. Continuum Advisory LLC now owns 780 shares of the financial services provider’s stock worth $30,000 after buying an additional 285 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its position in Brookfield Asset Management by 574.2% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 890 shares of the financial services provider’s stock worth $37,000 after buying an additional 758 shares during the period. Finally, Richardson Financial Services Inc. boosted its position in Brookfield Asset Management by 368.3% during the 2nd quarter. Richardson Financial Services Inc. now owns 960 shares of the financial services provider’s stock worth $37,000 after buying an additional 755 shares during the period. 68.41% of the stock is owned by institutional investors.

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.