Scotiabank Cuts Brookfield Asset Management (NYSE:BAM) Price Target to $56.00

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price objective decreased by Scotiabank from $64.00 to $56.00 in a research note issued to investors on Wednesday, Marketbeat Ratings reports. Scotiabank currently has an outperform rating on the financial services provider’s stock.

Several other research firms also recently weighed in on BAM. Loop Capital set a $60.00 price target on shares of Brookfield Asset Management in a research note on Tuesday, January 6th. UBS Group set a $52.00 price objective on shares of Brookfield Asset Management in a research report on Friday, February 20th. Weiss Ratings restated a “buy (b-)” rating on shares of Brookfield Asset Management in a research note on Monday, December 22nd. JPMorgan Chase & Co. boosted their target price on Brookfield Asset Management from $68.00 to $72.00 and gave the company a “neutral” rating in a research report on Thursday, February 5th. Finally, Wall Street Zen upgraded Brookfield Asset Management from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $63.18.

Brookfield Asset Management Price Performance

Brookfield Asset Management stock opened at $43.20 on Wednesday. The stock has a market capitalization of $70.76 billion, a price-to-earnings ratio of 28.42, a PEG ratio of 1.55 and a beta of 1.42. Brookfield Asset Management has a 52-week low of $41.78 and a 52-week high of $64.10. The stock’s 50 day moving average price is $48.19 and its two-hundred day moving average price is $52.28. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.92 and a current ratio of 0.92.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings data on Wednesday, February 4th. The financial services provider reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.06. Brookfield Asset Management had a net margin of 51.59% and a return on equity of 29.81%. The company had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.40 billion. On average, equities analysts predict that Brookfield Asset Management will post 1.7 earnings per share for the current year.

Brookfield Asset Management Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, February 27th will be given a dividend of $0.5025 per share. The ex-dividend date of this dividend is Friday, February 27th. This is a boost from Brookfield Asset Management’s previous quarterly dividend of $0.44. This represents a $2.01 annualized dividend and a dividend yield of 4.7%. Brookfield Asset Management’s payout ratio is presently 132.24%.

Hedge Funds Weigh In On Brookfield Asset Management

Several large investors have recently added to or reduced their stakes in the business. Zions Bancorporation National Association UT lifted its holdings in shares of Brookfield Asset Management by 241.3% in the fourth quarter. Zions Bancorporation National Association UT now owns 488 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 345 shares in the last quarter. Manchester Capital Management LLC grew its holdings in Brookfield Asset Management by 559.5% during the second quarter. Manchester Capital Management LLC now owns 521 shares of the financial services provider’s stock worth $29,000 after buying an additional 442 shares in the last quarter. LOM Asset Management Ltd bought a new stake in Brookfield Asset Management during the fourth quarter worth $31,000. Sagard Holdings Management Inc. purchased a new stake in Brookfield Asset Management in the 2nd quarter valued at $39,000. Finally, eCIO Inc. bought a new position in Brookfield Asset Management during the 4th quarter valued at $42,000. Institutional investors own 68.41% of the company’s stock.

About Brookfield Asset Management

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.