Brookfield Asset Management (NYSE:BAM) Hits New 52-Week High – Here’s What Happened

Shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $61.51 and last traded at $61.33, with a volume of 1268222 shares. The stock had previously closed at $61.09.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on BAM shares. Wells Fargo & Company reduced their target price on Brookfield Asset Management from $56.00 to $55.00 and set an “underweight” rating for the company in a report on Tuesday, January 14th. BMO Capital Markets raised their price objective on Brookfield Asset Management from $40.00 to $50.00 and gave the company a “market perform” rating in a report on Tuesday, November 5th. TD Securities upped their target price on shares of Brookfield Asset Management from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. UBS Group initiated coverage on shares of Brookfield Asset Management in a research note on Monday, December 16th. They issued a “buy” rating on the stock. Finally, The Goldman Sachs Group upped their price objective on shares of Brookfield Asset Management from $57.00 to $63.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $54.38.

Brookfield Asset Management Trading Up 0.4 %

The firm has a market cap of $27.18 billion, a price-to-earnings ratio of 54.27, a P/E/G ratio of 2.15 and a beta of 1.45. The stock’s fifty day moving average price is $56.09 and its 200-day moving average price is $49.68.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its earnings results on Monday, November 4th. The financial services provider reported $0.38 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the previous year, the business earned $0.35 earnings per share. Analysts predict that Brookfield Asset Management Ltd. will post 1.45 earnings per share for the current year.

Brookfield Asset Management Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th were given a $0.38 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.52 dividend on an annualized basis and a yield of 2.48%. Brookfield Asset Management’s payout ratio is currently 134.51%.

Institutional Investors Weigh In On Brookfield Asset Management

Institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can boosted its position in shares of Brookfield Asset Management by 0.5% during the 3rd quarter. Bank of Montreal Can now owns 9,236,374 shares of the financial services provider’s stock worth $435,729,000 after purchasing an additional 43,134 shares during the period. Principal Financial Group Inc. lifted its stake in Brookfield Asset Management by 0.3% during the third quarter. Principal Financial Group Inc. now owns 8,867,458 shares of the financial services provider’s stock worth $419,400,000 after purchasing an additional 24,409 shares in the last quarter. CIBC Asset Management Inc boosted its position in shares of 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 worth $188,057,000 after buying an additional 370,383 shares during the period. Douglass Winthrop Advisors LLC boosted its position in shares of Brookfield Asset Management by 3.9% during the third quarter. Douglass Winthrop Advisors LLC now owns 2,670,488 shares of the financial services provider’s stock worth $126,287,000 after buying an additional 99,020 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Brookfield Asset Management by 66.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,965,162 shares of the financial services provider’s stock valued at $92,896,000 after buying an additional 784,250 shares in the last quarter. 68.41% of the stock is currently owned by institutional investors and hedge funds.

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.