Wells Fargo & Company Cuts Brookfield Asset Management (NYSE:BAM) Price Target to $50.00

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its target price reduced by Wells Fargo & Company from $54.00 to $50.00 in a research note issued to investors on Thursday,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the financial services provider’s stock.

BAM has been the subject of a number of other reports. Hsbc Global Res raised shares of Brookfield Asset Management from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 14th. TD Securities upped their target price on Brookfield Asset Management from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, February 10th. CIBC raised their target price on Brookfield Asset Management from $63.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Keefe, Bruyette & Woods decreased their price target on Brookfield Asset Management from $57.00 to $56.00 and set an “underperform” rating for the company in a report on Monday, January 13th. Finally, HSBC upgraded shares of Brookfield Asset Management from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Brookfield Asset Management presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.38.

Brookfield Asset Management Price Performance

Brookfield Asset Management stock opened at $49.52 on Thursday. The company has a market cap of $21.94 billion, a price-to-earnings ratio of 37.52, a price-to-earnings-growth ratio of 1.92 and a beta of 1.50. Brookfield Asset Management has a 12 month low of $37.29 and a 12 month high of $62.61. The stock’s 50-day moving average is $55.18 and its 200-day moving average is $53.27.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $0.40 EPS for the quarter, beating the consensus estimate of $0.39 by $0.01. Brookfield Asset Management had a net margin of 54.47% and a return on equity of 81.16%. Research analysts anticipate that Brookfield Asset Management will post 1.7 EPS for the current year.

Brookfield Asset Management Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, February 28th will be issued a dividend of $0.4375 per share. This is a positive change from Brookfield Asset Management’s previous quarterly dividend of $0.38. This represents a $1.75 annualized dividend and a yield of 3.53%. The ex-dividend date of this dividend is Friday, February 28th. Brookfield Asset Management’s dividend payout ratio (DPR) is currently 132.58%.

Hedge Funds Weigh In On Brookfield Asset Management

Several large investors have recently modified their holdings of BAM. Wealth Enhancement Advisory Services LLC boosted its holdings in Brookfield Asset Management by 7.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 42,148 shares of the financial services provider’s stock worth $2,284,000 after purchasing an additional 2,914 shares during the period. Castle Rock Wealth Management LLC boosted its holdings in shares of Brookfield Asset Management by 5.7% in the 4th quarter. Castle Rock Wealth Management LLC now owns 31,786 shares of the financial services provider’s stock valued at $1,902,000 after buying an additional 1,709 shares during the period. Capital A Wealth Management LLC bought a new stake in shares of Brookfield Asset Management during the 4th quarter valued at about $412,000. Ascent Group LLC raised its stake in Brookfield Asset Management by 6.5% during the fourth quarter. Ascent Group LLC now owns 10,818 shares of the financial services provider’s stock worth $586,000 after acquiring an additional 662 shares during the period. Finally, Blue Sky Capital Consultants Group Inc. acquired a new stake in Brookfield Asset Management during the fourth quarter worth about $2,363,000. 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.