Brookfield Asset Management (NYSE:BAM) Reaches New 12-Month High at $48.15

Shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) hit a new 52-week high during trading on Wednesday . The company traded as high as $48.15 and last traded at $48.08, with a volume of 54367 shares. The stock had previously closed at $47.57.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. The Goldman Sachs Group upped their price objective on shares of Brookfield Asset Management from $47.00 to $52.00 and gave the company a “buy” rating in a research report on Monday. Scotiabank reduced their price target on Brookfield Asset Management from $46.00 to $45.50 and set a “sector outperform” rating for the company in a report on Thursday, August 8th. Bank of America raised their price objective on Brookfield Asset Management from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Deutsche Bank Aktiengesellschaft upped their target price on Brookfield Asset Management from $43.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Finally, Wells Fargo & Company began coverage on shares of Brookfield Asset Management in a research report on Thursday, September 12th. They set an “underweight” rating and a $42.00 price target for the company. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $44.19.

Brookfield Asset Management Stock Performance

The firm has a market cap of $21.26 billion, a P/E ratio of 44.05, a P/E/G ratio of 2.36 and a beta of 1.56. The firm has a fifty day moving average of $42.57 and a 200-day moving average of $40.71.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its earnings results on Friday, August 9th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). Brookfield Asset Management had a net margin of 51.29% and a return on equity of 92.37%. The firm had revenue of $916.00 million for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the firm earned $0.28 earnings per share. Equities research analysts expect that Brookfield Asset Management Ltd. will post 1.42 earnings per share for the current year.

Brookfield Asset Management Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, August 30th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Friday, August 30th. Brookfield Asset Management’s payout ratio is currently 140.74%.

Hedge Funds Weigh In On Brookfield Asset Management

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. YHB Investment Advisors Inc. bought a new position in shares of Brookfield Asset Management in the first quarter valued at approximately $26,000. Massmutual Trust Co. FSB ADV raised its stake in shares of Brookfield Asset Management by 98.2% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 777 shares of the financial services provider’s stock worth $30,000 after buying an additional 385 shares in the last quarter. Continuum Advisory LLC lifted its holdings in shares of Brookfield Asset Management by 57.6% in the second quarter. Continuum Advisory LLC now owns 780 shares of the financial services provider’s stock valued at $30,000 after buying an additional 285 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its stake in Brookfield Asset Management by 574.2% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 890 shares of the financial services provider’s stock valued at $37,000 after buying an additional 758 shares in the last quarter. Finally, Richardson Financial Services Inc. grew its holdings in Brookfield Asset Management by 368.3% during the second quarter. Richardson Financial Services Inc. now owns 960 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 755 shares during the period. Institutional investors own 68.41% of the company’s stock.

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.