Brookfield Asset Management Inc. (BAM) Releases Quarterly Earnings Results, Beats Expectations By $0.65 EPS
Brookfield Asset Management Inc. (NYSE:BAM) announced its quarterly earnings data on Friday. The company reported $0.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.65. Brookfield Asset Management had a return on equity of 2.54% and a net margin of 6.47%. The business earned $6.29 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period last year, the company earned $0.27 earnings per share. Brookfield Asset Management’s quarterly revenue was up 24.3% compared to the same quarter last year.
Brookfield Asset Management (NYSE:BAM) opened at 32.68 on Monday. The stock has a 50 day moving average price of $35.19 and a 200-day moving average price of $34.31. Brookfield Asset Management has a 1-year low of $25.72 and a 1-year high of $36.25. The company has a market capitalization of $31.34 billion, a price-to-earnings ratio of 25.27 and a beta of 1.05.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, December 31st. Stockholders of record on Wednesday, November 30th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.59%. Brookfield Asset Management’s payout ratio is presently 24.88%.
A number of institutional investors have recently made changes to their positions in the company. HBK Investments L P bought a new position in shares of Brookfield Asset Management during the first quarter worth $316,000. Legal & General Group Plc raised its position in shares of Brookfield Asset Management by 2.0% in the first quarter. Legal & General Group Plc now owns 3,611,613 shares of the company’s stock worth $126,118,000 after buying an additional 72,252 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Brookfield Asset Management by 6.1% in the first quarter. Envestnet Asset Management Inc. now owns 114,124 shares of the company’s stock worth $3,970,000 after buying an additional 6,563 shares during the last quarter. Steinberg Global Asset Management raised its position in shares of Brookfield Asset Management by 2.1% in the first quarter. Steinberg Global Asset Management now owns 33,700 shares of the company’s stock worth $1,172,000 after buying an additional 700 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. raised its position in shares of Brookfield Asset Management by 1.3% in the second quarter. Beutel Goodman & Co Ltd. now owns 15,614,316 shares of the company’s stock worth $512,996,000 after buying an additional 204,743 shares during the last quarter. 53.37% of the stock is owned by hedge funds and other institutional investors.
Several analysts recently issued reports on BAM shares. Canaccord Genuity reiterated a “buy” rating and set a $38.00 price objective on shares of Brookfield Asset Management in a report on Friday, August 12th. TD Securities reiterated a “buy” rating and set a $46.00 price objective (up from $44.00) on shares of Brookfield Asset Management in a report on Tuesday, August 16th. Credit Suisse Group AG set a $36.00 price objective on Brookfield Asset Management and gave the stock a “hold” rating in a report on Monday, August 22nd. TheStreet lowered Brookfield Asset Management from a “buy” rating to a “hold” rating in a report on Monday, September 19th. Finally, RBC Capital Markets upgraded Brookfield Asset Management from an “outperform” rating to a “top pick” rating and set a $41.00 target price on the stock in a report on Wednesday, September 21st. They noted that the move was a valuation call. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and three have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $40.14.
Brookfield Asset Management Company Profile
Brookfield Asset Management Inc is an alternative asset manager. The Company operates in eight segments. The Asset Management segment manages its listed partnerships, private funds and public markets on behalf of its clients. The Property segment includes the ownership, operation and development of office, retail and other properties.
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