Brookfield Asset Management (NYSE:BAM) Given New $62.50 Price Target at Scotiabank

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price target decreased by Scotiabank from $63.00 to $62.50 in a research report report published on Thursday, MarketBeat.com reports. Scotiabank currently has an outperform rating on the financial services provider’s stock.

BAM has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Brookfield Asset Management from $56.00 to $59.00 and gave the company a “buy” rating in a research report on Monday, November 11th. BMO Capital Markets upped their target price on Brookfield Asset Management from $40.00 to $50.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 5th. Keefe, Bruyette & Woods reduced their price target on Brookfield Asset Management from $57.00 to $56.00 and set an “underperform” rating for the company in a research report on Monday, January 13th. CIBC boosted their price target on Brookfield Asset Management from $63.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Finally, TD Securities raised their price objective on shares of Brookfield Asset Management from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $56.71.

Brookfield Asset Management Stock Performance

Shares of BAM stock opened at $57.60 on Thursday. Brookfield Asset Management has a fifty-two week low of $37.29 and a fifty-two week high of $62.61. The firm has a market capitalization of $25.52 billion, a PE ratio of 50.97, a P/E/G ratio of 2.18 and a beta of 1.46. The stock’s 50-day simple moving average is $56.41 and its 200-day simple moving average is $50.89.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.01. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 85.03%. Sell-side analysts forecast that Brookfield Asset Management will post 1.45 earnings per share for the current year.

Brookfield Asset Management Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, February 28th will be paid a dividend of $0.4375 per share. The ex-dividend date is Friday, February 28th. This represents a $1.75 dividend on an annualized basis and a dividend yield of 3.04%. This is a boost from Brookfield Asset Management’s previous quarterly dividend of $0.38. Brookfield Asset Management’s payout ratio is currently 134.51%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BAM. Truvestments Capital LLC raised its holdings in shares of Brookfield Asset Management by 487.2% during the fourth quarter. Truvestments Capital LLC now owns 505 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 419 shares during the last quarter. Hara Capital LLC purchased a new stake in shares of Brookfield Asset Management during the third quarter worth approximately $27,000. RPg Family Wealth Advisory LLC acquired a new position in Brookfield Asset Management in the 3rd quarter valued at $27,000. Mountain Hill Investment Partners Corp. purchased a new position in Brookfield Asset Management in the 4th quarter valued at $32,000. Finally, Versant Capital Management Inc boosted its stake in Brookfield Asset Management by 1,606.3% during the 4th quarter. Versant Capital Management Inc now owns 819 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 771 shares during the last quarter. 68.41% of the stock is owned by hedge funds and other institutional investors.

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.