Brookfield Asset Management Inc. (BAM) Upgraded to Top Pick by RBC Capital Markets
RBC Capital Markets upgraded shares of Brookfield Asset Management Inc. (NYSE:BAM) from an outperform rating to a top pick rating in a research note issued to investors on Wednesday. RBC Capital Markets currently has $41.00 price objective on the stock. The analysts noted that the move was a valuation call.
A number of other research analysts have also weighed in on the stock. Vetr raised shares of Brookfield Asset Management from a hold rating to a buy rating and set a $38.94 price target on the stock in a research note on Monday, June 6th. TheStreet lowered shares of Brookfield Asset Management from a buy rating to a hold rating in a research note on Monday. TD Securities reaffirmed a buy rating and issued a $46.00 price target (up previously from $44.00) on shares of Brookfield Asset Management in a research note on Tuesday, August 16th. Zacks Investment Research lowered shares of Brookfield Asset Management from a buy rating to a hold rating in a research note on Tuesday, July 12th. Finally, Credit Suisse Group AG set a $36.00 price target on shares of Brookfield Asset Management and gave the company a hold rating in a research note on Monday, August 22nd. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and three have given a strong buy rating to the stock. Brookfield Asset Management has a consensus rating of Buy and an average price target of $39.53.
Brookfield Asset Management (NYSE:BAM) opened at 33.72 on Wednesday. The firm has a market capitalization of $32.34 billion, a price-to-earnings ratio of 26.08 and a beta of 0.97. The company has a 50-day moving average of $34.07 and a 200-day moving average of $33.75. Brookfield Asset Management has a 1-year low of $25.72 and a 1-year high of $35.63.
Brookfield Asset Management (NYSE:BAM) last issued its quarterly earnings data on Friday, August 12th. The company reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.39. The firm earned $5.97 billion during the quarter, compared to analysts’ expectations of $4.78 billion. Brookfield Asset Management had a net margin of 6.47% and a return on equity of 2.54%. The business’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.65 earnings per share. On average, equities analysts predict that Brookfield Asset Management will post $0.93 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Wednesday, August 31st will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.54%. The ex-dividend date is Monday, August 29th. Brookfield Asset Management’s dividend payout ratio (DPR) is currently 39.39%.
A number of hedge funds have recently bought and sold shares of the company. Bank of Montreal Can purchased a new stake in Brookfield Asset Management during the second quarter valued at about $1,134,262,000. FMR LLC raised its stake in Brookfield Asset Management by 2.4% in the second quarter. FMR LLC now owns 24,845,103 shares of the company’s stock valued at $821,919,000 after buying an additional 575,182 shares during the period. Principal Financial Group Inc. raised its stake in Brookfield Asset Management by 3.5% in the second quarter. Principal Financial Group Inc. now owns 22,670,314 shares of the company’s stock valued at $749,703,000 after buying an additional 764,884 shares during the period. TD Asset Management Inc. raised its stake in Brookfield Asset Management by 1.0% in the second quarter. TD Asset Management Inc. now owns 20,367,353 shares of the company’s stock valued at $670,286,000 after buying an additional 202,384 shares during the period. Finally, First Manhattan Co. raised its stake in Brookfield Asset Management by 0.7% in the second quarter. First Manhattan Co. now owns 17,662,333 shares of the company’s stock valued at $584,093,000 after buying an additional 124,326 shares during the period. 53.31% of the stock is currently owned by hedge funds and other institutional investors.
About Brookfield Asset Management
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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