Brookfield Asset Management (NYSE:BAM) Reaches New 52-Week High After Analyst Upgrade

Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A)’s stock price hit a new 52-week high on Thursday after CIBC raised their price target on the stock from $63.00 to $70.00. CIBC currently has an outperform rating on the stock. Brookfield Asset Management traded as high as $61.51 and last traded at $61.33, with a volume of 1268222 shares trading hands. The stock had previously closed at $61.09.

Several other analysts have also recently commented on the company. StockNews.com cut Brookfield Asset Management from a “hold” rating to a “sell” rating in a report on Thursday, January 9th. The Goldman Sachs Group raised their target price on Brookfield Asset Management from $57.00 to $63.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. UBS Group began coverage on Brookfield Asset Management in a report on Monday, December 16th. They set a “buy” rating on the stock. Scotiabank lifted their price objective on Brookfield Asset Management from $55.50 to $59.50 and gave the company a “sector outperform” rating in a report on Tuesday, November 5th. Finally, Keefe, Bruyette & Woods cut their price objective on Brookfield Asset Management from $57.00 to $56.00 and set an “underperform” rating on the stock in a report on Monday, January 13th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $56.13.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BAM. Geode Capital Management LLC boosted its stake in Brookfield Asset Management by 11.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,611,859 shares of the financial services provider’s stock valued at $77,293,000 after purchasing an additional 168,170 shares during the period. Avior Wealth Management LLC raised its holdings in shares of Brookfield Asset Management by 2,857.1% during the 3rd quarter. Avior Wealth Management LLC now owns 10,350 shares of the financial services provider’s stock worth $489,000 after buying an additional 10,000 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Brookfield Asset Management by 5.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 834,929 shares of the financial services provider’s stock worth $39,516,000 after purchasing an additional 45,670 shares in the last quarter. LGT Capital Partners LTD. increased its holdings in Brookfield Asset Management by 11.5% in the 3rd quarter. LGT Capital Partners LTD. now owns 534,000 shares of the financial services provider’s stock worth $25,273,000 after purchasing an additional 55,000 shares in the last quarter. Finally, CIBC Asset Management Inc increased its holdings in Brookfield Asset Management by 10.3% in the 3rd quarter. CIBC Asset Management Inc now owns 3,953,496 shares of the financial services provider’s stock worth $188,057,000 after purchasing an additional 370,383 shares in the last quarter. 68.41% of the stock is owned by institutional investors and hedge funds.

Brookfield Asset Management Stock Down 1.4 %

The company has a market cap of $26.56 billion, a price-to-earnings ratio of 53.04, a PEG ratio of 2.32 and a beta of 1.45. The firm has a 50 day moving average price of $56.32 and a two-hundred day moving average price of $49.84.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its quarterly earnings results on Monday, November 4th. The financial services provider reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Brookfield Asset Management had a return on equity of 85.03% and a net margin of 49.69%. The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter in the prior year, the firm posted $0.35 earnings per share. On average, equities analysts expect that Brookfield Asset Management Ltd. will post 1.45 earnings per share for the current year.

Brookfield Asset Management Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, November 29th were given a dividend of $0.38 per share. The ex-dividend date was Friday, November 29th. This represents a $1.52 annualized dividend and a dividend yield of 2.54%. Brookfield Asset Management’s payout ratio is 134.51%.

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.