Brookfield Asset Management (NYSE:BAM) Shares Cross Above 50 Day Moving Average – Here’s Why

Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A)’s stock price crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $47.32 and traded as high as $47.48. Brookfield Asset Management shares last traded at $47.4080, with a volume of 2,624,466 shares.

Analyst Ratings Changes

Several equities analysts have weighed in on BAM shares. Scotia lifted their price objective on Brookfield Asset Management from $57.00 to $59.00 and gave the company a “sector outperform” rating in a report on Thursday, August 6th. Bank of America reduced their target price on Brookfield Asset Management from $61.00 to $60.00 and set a “neutral” rating on the stock in a report on Monday, October 5th. Royal Bank Of Canada set a $65.00 target price on Brookfield Asset Management and gave the stock an “outperform” rating in a report on Friday, September 18th. Weiss Ratings upgraded Brookfield Asset Management from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. Finally, Morgan Stanley set a $54.00 price target on Brookfield Asset Management in a research note on Friday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, seven 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 has a consensus rating of “Moderate Buy” and a consensus price target of $57.03.

Brookfield Asset Management Stock Performance

The stock’s fifty day moving average price is $47.32 and its two-hundred day moving average price is $47.90. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.75 and a current ratio of 0.75. The company has a market cap of $77.67 billion, a P/E ratio of 27.56, a P/E/G ratio of 1.99 and a beta of 1.31.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.01. The business 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%. As a group, equities analysts predict that Brookfield Asset Management Ltd. will post 1.77 earnings per share for the current year.

Brookfield Asset Management Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st were given a dividend of $0.5025 per share. This represents a $2.01 annualized dividend and a yield of 4.2%. The ex-dividend date was Monday, August 31st. Brookfield Asset Management’s payout ratio is currently 116.86%.

Institutional Investors Weigh In On Brookfield Asset Management

Large investors have recently modified their holdings of the business. Principal Financial Group Inc. raised its holdings in shares of 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 worth $566,092,000 after buying an additional 4,872,090 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Brookfield Asset Management by 15.6% during the 1st 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 during the last quarter. TD Waterhouse Canada Inc. boosted its stake in 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 buying an additional 294,966 shares in the last quarter. Bank of America Corp DE boosted its stake in 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 buying an additional 341,600 shares in the last quarter. Finally, Madison Asset Management LLC acquired a new stake in Brookfield Asset Management in the second quarter valued at about $70,433,000. Institutional investors and hedge funds own 68.41% of the company’s stock.

Brookfield Asset Management Company Profile

Brookfield Asset Management Ltd. (NYSE: BAM) is a global alternative asset manager that invests in and manages assets on behalf of institutional investors, insurance companies, sovereign wealth funds, financial institutions and private-wealth clients. The company focuses on long-term investments in real assets and businesses, with an emphasis on sectors supported by essential services, economic growth and the transition to a lower-carbon economy.

Its investment activities span renewable power and transition, infrastructure, private equity, real estate and credit.