Brookfield Asset Management (NYSE:BAM) Hits New 52-Week High Following Earnings Beat

Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A)’s share price reached a new 52-week high during trading on Monday after the company announced better than expected quarterly earnings. The stock traded as high as $55.97 and last traded at $55.80, with a volume of 220359 shares. The stock had previously closed at $53.19.

The financial services provider reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. Brookfield Asset Management had a net margin of 51.29% and a return on equity of 92.37%. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter last year, the firm posted $0.35 EPS.

Brookfield Asset Management Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend is Friday, November 29th. Brookfield Asset Management’s dividend payout ratio (DPR) is currently 134.51%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BAM. CIBC raised their target price on Brookfield Asset Management from $47.00 to $49.00 and gave the company an “outperformer” rating in a research note on Friday, July 19th. Deutsche Bank Aktiengesellschaft increased their price target on Brookfield Asset Management from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday. Jefferies Financial Group assumed coverage on Brookfield Asset Management in a report on Friday, August 2nd. They set a “hold” rating and a $43.00 price objective for the company. Keefe, Bruyette & Woods increased their target price on Brookfield Asset Management from $44.00 to $49.00 and gave the stock an “underperform” rating in a report on Tuesday. Finally, TD Securities boosted 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. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Brookfield Asset Management presently has an average rating of “Hold” and an average price target of $52.29.

Institutional Investors Weigh In On Brookfield Asset Management

A number of institutional investors have recently added to or reduced their stakes in BAM. Bank of Nova Scotia Trust Co. boosted its stake in shares of Brookfield Asset Management by 4.4% in the 1st quarter. Bank of Nova Scotia Trust Co. now owns 6,202 shares of the financial services provider’s stock worth $261,000 after buying an additional 263 shares during the last quarter. CWM LLC grew its stake in Brookfield Asset Management by 12.2% in the 2nd quarter. CWM LLC now owns 2,448 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 267 shares during the period. Choate Investment Advisors increased its position in shares of Brookfield Asset Management by 3.3% during the 1st quarter. Choate Investment Advisors now owns 8,900 shares of the financial services provider’s stock valued at $374,000 after purchasing an additional 285 shares during the last quarter. Continuum Advisory LLC increased its position in shares of Brookfield Asset Management by 57.6% during the 2nd quarter. Continuum Advisory LLC now owns 780 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 285 shares during the last quarter. Finally, Foundations Investment Advisors LLC raised its stake in shares of Brookfield Asset Management by 5.0% during the 3rd quarter. Foundations Investment Advisors LLC now owns 6,654 shares of the financial services provider’s stock worth $315,000 after purchasing an additional 315 shares during the period. 68.41% of the stock is owned by institutional investors.

Brookfield Asset Management Stock Up 1.4 %

The company’s 50-day moving average is $47.46 and its two-hundred day moving average is $42.45. The company has a market cap of $24.68 billion, a P/E ratio of 49.17, a price-to-earnings-growth ratio of 2.55 and a beta of 1.42.

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.