Morgan Stanley Cuts Brookfield Asset Management (NYSE:BAM) Price Target to $62.00
by Danessa Lincoln · The Markets DailyBrookfield Asset Management (NYSE:BAM – Free Report) (TSE:BAM.A) had its price objective lowered by Morgan Stanley from $63.00 to $62.00 in a research note published on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.
Other equities analysts have also issued reports about the company. UBS Group set a $52.00 price objective on Brookfield Asset Management in a report on Friday, February 20th. Zacks Research lowered Brookfield Asset Management from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. The Goldman Sachs Group decreased their price objective on Brookfield Asset Management from $60.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, April 7th. JPMorgan Chase & Co. increased their price objective on Brookfield Asset Management from $68.00 to $72.00 and gave the stock a “neutral” rating in a report on Thursday, February 5th. Finally, Scotiabank cut their target price on Brookfield Asset Management from $64.00 to $56.00 and set an “outperform” rating for the company in a research report on Wednesday, March 25th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Brookfield Asset Management currently has an average rating of “Hold” and an average target price of $61.76.
Brookfield Asset Management Stock Performance
Shares of BAM stock opened at $47.84 on Tuesday. Brookfield Asset Management has a 12-month low of $42.20 and a 12-month high of $64.10. The firm has a market capitalization of $78.36 billion, a price-to-earnings ratio of 31.47, a price-to-earnings-growth ratio of 1.98 and a beta of 1.38. The business has a 50 day simple moving average of $46.42 and a 200 day simple moving average of $50.71. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.92 and a quick ratio of 0.92.
Brookfield Asset Management (NYSE:BAM – Get Free Report) (TSE:BAM.A) last issued its quarterly earnings data on Wednesday, February 4th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.06. Brookfield Asset Management had a return on equity of 29.81% and a net margin of 51.59%.The business had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.40 billion. On average, equities research analysts anticipate that Brookfield Asset Management will post 1.76 EPS for the current year.
Brookfield Asset Management Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, February 27th were given a dividend of $0.5025 per share. This is a boost from Brookfield Asset Management’s previous quarterly dividend of $0.44. The ex-dividend date was Friday, February 27th. This represents a $2.01 dividend on an annualized basis and a dividend yield of 4.2%. Brookfield Asset Management’s payout ratio is currently 132.24%.
Institutional Investors Weigh In On Brookfield Asset Management
A number of institutional investors and hedge funds have recently modified their holdings of BAM. Norges Bank acquired a new stake in shares of Brookfield Asset Management during the 4th quarter valued at $263,444,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Brookfield Asset Management by 88,805.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,725,314 shares of the financial services provider’s stock valued at $247,559,000 after acquiring an additional 4,719,999 shares during the last quarter. State Street Corp lifted its position in shares of Brookfield Asset Management by 11,172.2% during the 2nd quarter. State Street Corp now owns 3,524,700 shares of the financial services provider’s stock valued at $194,845,000 after acquiring an additional 3,493,431 shares during the last quarter. GFI Investment Counsel Ltd. acquired a new stake in shares of Brookfield Asset Management during the 4th quarter valued at $182,090,000. Finally, CIBC Asset Management Inc lifted its position in shares of Brookfield Asset Management by 99.1% during the 4th quarter. CIBC Asset Management Inc now owns 4,853,861 shares of the financial services provider’s stock valued at $255,449,000 after acquiring an additional 2,415,593 shares during the last quarter. Institutional investors and hedge funds own 68.41% of the company’s stock.
Brookfield Asset Management Company Profile
Brookfield Asset Management is a global alternative asset manager headquartered in Toronto, Canada, that specializes in investments in real assets and related private equity and credit strategies. The firm acquires, manages and develops assets in sectors such as real estate, renewable power, infrastructure and private equity, seeking long-term value through active asset management and operational improvements. Brookfield structures and manages commingled funds, listed partnerships and separate accounts for institutional and retail investors.
The company’s products and services include fund management across equity and debt strategies, direct asset ownership and operations, property and facilities management, and capital markets solutions.