Bank of America Cuts Brookfield Asset Management (NYSE:BAM) Price Target to $60.00

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price objective reduced by Bank of America from $61.00 to $60.00 in a report issued on Monday,BayStreet reports. Bank of America currently has a neutral rating on the financial services provider’s stock.

Several other brokerages have also recently weighed in on BAM. Scotiabank reaffirmed an “outperform” rating and issued a $59.00 price target on shares of Brookfield Asset Management in a research report on Thursday, August 6th. UBS Group boosted their price objective on Brookfield Asset Management from $48.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, August 6th. Scotia increased their price objective on Brookfield Asset Management from $57.00 to $59.00 and gave the stock a “sector outperform” rating in a research note on Thursday, August 6th. Morgan Stanley set a $56.00 target price on Brookfield Asset Management and gave the company an “equal weight” rating in a report on Tuesday, July 21st. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $50.00 target price (down from $53.00) on shares of Brookfield Asset Management in a research report on Friday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Brookfield Asset Management presently has a consensus rating of “Hold” and a consensus price target of $57.57.

Brookfield Asset Management Stock Performance

Shares of BAM stock opened at $44.59 on Monday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06. The firm has a fifty day simple moving average of $49.19 and a two-hundred day simple moving average of $47.63. Brookfield Asset Management has a 12 month low of $42.20 and a 12 month high of $59.33. The firm has a market capitalization of $73.04 billion, a PE ratio of 25.92, a price-to-earnings-growth ratio of 1.86 and a beta of 1.31.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.47 billion. Brookfield Asset Management had a net margin of 48.89% and a return on equity of 31.50%. Analysts forecast that Brookfield Asset Management will post 1.78 EPS for the current fiscal year.

Brookfield Asset Management Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st were given a $0.5025 dividend. The ex-dividend date was Monday, August 31st. This represents a $2.01 annualized dividend and a dividend yield of 4.5%. Brookfield Asset Management’s payout ratio is 116.86%.

Institutional Trading of Brookfield Asset Management

A number of institutional investors have recently added to or reduced their stakes in BAM. Principal Financial Group Inc. grew its holdings in Brookfield Asset Management by 62.0% during the 1st quarter. Principal Financial Group Inc. now owns 12,735,547 shares of the financial services provider’s stock valued at $566,092,000 after buying an additional 4,872,090 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Brookfield Asset Management by 15.6% in the first quarter. The Manufacturers Life Insurance Company now owns 5,319,506 shares of the financial services provider’s stock worth $236,308,000 after buying an additional 716,892 shares in the last quarter. TD Waterhouse Canada Inc. boosted its position in shares of Brookfield Asset Management by 6.3% in the second quarter. TD Waterhouse Canada Inc. now owns 5,003,128 shares of the financial services provider’s stock valued at $227,422,000 after acquiring an additional 294,966 shares during the period. Bank of America Corp DE boosted its position in shares of Brookfield Asset Management by 11.0% in the first quarter. Bank of America Corp DE now owns 3,448,351 shares of the financial services provider’s stock valued at $153,279,000 after acquiring an additional 341,600 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in Brookfield Asset Management by 27.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,034,379 shares of the financial services provider’s stock valued at $106,581,000 after acquiring an additional 440,952 shares in the last quarter. Hedge funds and other institutional investors own 68.41% of the company’s stock.

Brookfield Asset Management Company Profile

Brookfield Asset Management Ltd. (NYSE: BAM) is a global alternative asset management company that provides investment management services and strategies for institutional investors, governments, financial institutions and private wealth clients. The company invests in and manages assets on behalf of its clients across a range of private-market sectors.

Its principal investment strategies include renewable power and energy transition, infrastructure, private equity, real estate and credit.