Wells Fargo & Company Boosts Brookfield Asset Management (NYSE:BAM) Price Target to $56.00

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its target price hoisted by Wells Fargo & Company from $51.00 to $56.00 in a report issued on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the financial services provider’s stock.

A number of other research analysts have also recently weighed in on BAM. StockNews.com raised shares of Brookfield Asset Management from a “sell” rating to a “hold” rating in a research note on Thursday, November 21st. BMO Capital Markets boosted their price objective on shares of Brookfield Asset Management from $40.00 to $50.00 and gave the company a “market perform” rating in a research report on Tuesday, November 5th. Royal Bank of Canada boosted their price target on Brookfield Asset Management from $55.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. 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 research report on Tuesday, November 5th. Finally, Bank of America lifted 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 report on Thursday, September 12th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $53.88.

Brookfield Asset Management Price Performance

Shares of NYSE BAM opened at $57.43 on Thursday. Brookfield Asset Management has a 1-year low of $37.19 and a 1-year high of $59.58. The company has a market cap of $24.10 billion, a PE ratio of 50.82, a P/E/G ratio of 2.43 and a beta of 1.41. The stock has a fifty day moving average price of $54.29 and a 200 day moving average price of $45.80.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings data on Monday, November 4th. The financial services provider reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 85.03%. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the previous year, the firm earned $0.35 earnings per share. Analysts anticipate that Brookfield Asset Management will post 1.47 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be given a $0.38 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.65%. Brookfield Asset Management’s payout ratio is currently 134.51%.

Institutional Trading of Brookfield Asset Management

Several hedge funds have recently made changes to their positions in the stock. Avior Wealth Management LLC raised its holdings in Brookfield Asset Management by 2,857.1% during the third quarter. Avior Wealth Management LLC now owns 10,350 shares of the financial services provider’s stock worth $489,000 after purchasing an additional 10,000 shares in the last quarter. Intact Investment Management Inc. bought a new stake in shares of Brookfield Asset Management in the 2nd quarter worth $4,825,000. LGT Capital Partners LTD. lifted its holdings in shares of Brookfield Asset Management by 11.5% in the third quarter. LGT Capital Partners LTD. now owns 534,000 shares of the financial services provider’s stock valued at $25,273,000 after buying an additional 55,000 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Brookfield Asset Management by 5.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 834,929 shares of the financial services provider’s stock valued at $39,516,000 after buying an additional 45,670 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its stake in Brookfield Asset Management by 10.3% during the third quarter. CIBC Asset Management Inc now owns 3,953,496 shares of the financial services provider’s stock valued at $188,057,000 after buying an additional 370,383 shares in the last quarter. Institutional investors own 68.41% of the company’s stock.

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.