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

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

Several other research firms have also issued reports on BAM. Royal Bank of Canada lifted their price target on Brookfield Asset Management from $55.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Brookfield Asset Management from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Bank of America increased their price target on shares of Brookfield Asset Management from $41.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. BMO Capital Markets boosted their price objective on shares of Brookfield Asset Management from $40.00 to $50.00 and gave the stock a “market perform” rating in a report on Tuesday, November 5th. Finally, Scotiabank increased their target price on Brookfield Asset Management from $55.50 to $59.50 and gave the company a “sector outperform” rating in a research note on Tuesday, November 5th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $53.88.

Brookfield Asset Management Stock Performance

Shares of BAM opened at $57.78 on Thursday. Brookfield Asset Management has a fifty-two week low of $35.82 and a fifty-two week high of $59.58. The firm’s 50-day simple moving average is $54.10 and its two-hundred day simple moving average is $45.64. The stock has a market cap of $24.25 billion, a PE ratio of 51.13, a price-to-earnings-growth ratio of 2.43 and a beta of 1.41.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings results on Monday, November 4th. The financial services provider reported $0.38 earnings per share for the quarter, topping the consensus estimate 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 prior year, the business posted $0.35 EPS. Equities research analysts predict that Brookfield Asset Management will post 1.47 EPS for the current year.

Brookfield Asset Management Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders 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 annualized dividend and a yield of 2.63%. Brookfield Asset Management’s payout ratio is 134.51%.

Institutional Investors Weigh In On Brookfield Asset Management

Several hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company boosted its holdings in shares of Brookfield Asset Management by 68.5% in the second quarter. The Manufacturers Life Insurance Company now owns 6,859,094 shares of the financial services provider’s stock worth $260,770,000 after buying an additional 2,788,611 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of Brookfield Asset Management by 19.5% during the 2nd quarter. Mackenzie Financial Corp now owns 13,523,306 shares of the financial services provider’s stock worth $514,867,000 after acquiring an additional 2,205,040 shares during the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of Brookfield Asset Management during the 2nd quarter worth $42,160,000. TD Asset Management Inc grew its position in shares of Brookfield Asset Management by 8.5% during the 2nd quarter. TD Asset Management Inc now owns 13,552,736 shares of the financial services provider’s stock valued at $515,823,000 after acquiring an additional 1,066,015 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Brookfield Asset Management by 66.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,965,162 shares of the financial services provider’s stock worth $92,896,000 after purchasing an additional 784,250 shares in the last quarter. Hedge funds and other 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.