Brookfield Asset Management (NYSE:BAM) Sets New 1-Year High - Here's What Happened

Brookfield Asset Management Ltd. (NYSE:BAM - Get Free Report) TSE: BAM.A shares hit a new 52-week high on Thursday . The company traded as high as $63.53 and last traded at $63.11, with a volume of 380030 shares traded. The stock had previously closed at $62.43.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Wells Fargo & Company increased their price target on shares of Brookfield Asset Management from $55.00 to $57.00 and gave the company an "underweight" rating in a research note on Friday, July 11th. JPMorgan Chase & Co. lifted their price target on Brookfield Asset Management from $51.00 to $55.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Wall Street Zen upgraded Brookfield Asset Management from a "sell" rating to a "hold" rating in a research note on Tuesday, April 15th. Bank of America upgraded Brookfield Asset Management from a "neutral" rating to a "buy" rating and set a $65.00 target price for the company in a research note on Thursday, April 10th. Finally, Morgan Stanley increased their price target on Brookfield Asset Management from $50.00 to $54.00 and gave the company an "equal weight" rating in a research note on Friday, May 16th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $59.64.

Brookfield Asset Management Stock Up 1.4%

The stock's fifty day simple moving average is $56.73 and its 200-day simple moving average is $54.45. The stock has a market cap of $103.69 billion, a P/E ratio of 44.88, a P/E/G ratio of 2.35 and a beta of 1.43. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.31 and a current ratio of 1.31.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last issued its quarterly earnings results on Tuesday, May 6th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.40. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.29 billion. Brookfield Asset Management had a return on equity of 52.70% and a net margin of 55.26%. As a group, research analysts forecast that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current fiscal year.

Brookfield Asset Management Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, May 30th were given a $0.4375 dividend. This represents a $1.75 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date was Friday, May 30th. Brookfield Asset Management's payout ratio is currently 124.11%.

Institutional Investors Weigh In On Brookfield Asset Management

Several institutional investors and hedge funds have recently bought and sold shares of the company. Blair William & Co. IL raised its position in shares of Brookfield Asset Management by 26.7% in the 2nd quarter. Blair William & Co. IL now owns 29,095 shares of the financial services provider's stock valued at $1,608,000 after buying an additional 6,140 shares in the last quarter. US Bancorp DE increased its stake in Brookfield Asset Management by 6.3% in the second quarter. US Bancorp DE now owns 18,493 shares of the financial services provider's stock valued at $1,022,000 after acquiring an additional 1,091 shares during the last quarter. Maryland State Retirement & Pension System acquired a new position in Brookfield Asset Management during the second quarter valued at approximately $1,027,000. Fenimore Asset Management Inc lifted its stake in Brookfield Asset Management by 1.8% during the second quarter. Fenimore Asset Management Inc now owns 930,467 shares of the financial services provider's stock worth $51,436,000 after purchasing an additional 16,220 shares during the last quarter. Finally, DAVENPORT & Co LLC boosted its holdings in shares of Brookfield Asset Management by 12.2% in the 2nd quarter. DAVENPORT & Co LLC now owns 3,556,812 shares of the financial services provider's stock valued at $196,348,000 after purchasing an additional 385,937 shares in the last quarter. Institutional investors own 68.41% of the company's stock.

Brookfield Asset Management Company Profile

Brookfield Asset Management Ltd. is a real estate investment firm specializing in alternative asset management services. Its renewable power and transition business includes the operates in the hydroelectric, wind, solar, distributed generation, and sustainable solution sector. The company's infrastructure business engages in the utilities, transport, midstream, and data infrastructure sectors.

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