Brookfield Asset Management (NYSE:BAM) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A released its earnings results on Monday. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.36 by $0.02, Zacks reports. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.19 billion. Brookfield Asset Management had a net margin of 51.29% and a return on equity of 92.37%. During the same period in the prior year, the business earned $0.35 EPS.

Brookfield Asset Management Stock Performance

Brookfield Asset Management stock traded up $0.79 during midday trading on Tuesday, hitting $55.56. 2,071,417 shares of the company's stock were exchanged, compared to its average volume of 1,278,967. Brookfield Asset Management has a 12-month low of $30.59 and a 12-month high of $57.36. The stock has a market cap of $24.68 billion, a price-to-earnings ratio of 49.17, a price-to-earnings-growth ratio of 2.55 and a beta of 1.42. The firm's 50 day simple moving average is $47.46 and its 200 day simple moving average is $42.45.

Brookfield Asset Management Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend is Friday, November 29th. Brookfield Asset Management's payout ratio is currently 134.51%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BAM. Bank of America raised their price objective on shares of Brookfield Asset Management from $41.00 to $45.00 and gave the company a "neutral" rating in a report on Thursday, September 12th. Jefferies Financial Group began coverage on shares of Brookfield Asset Management in a report on Friday, August 2nd. They issued a "hold" rating and a $43.00 price objective on the stock. Royal Bank of Canada raised their price objective on shares of Brookfield Asset Management from $55.00 to $68.00 and gave the company an "outperform" rating in a report on Tuesday. The Goldman Sachs Group raised their price objective on shares of Brookfield Asset Management from $47.00 to $52.00 and gave the company a "buy" rating in a report on Monday, September 30th. Finally, TD Securities raised their price objective on shares of Brookfield Asset Management from $61.00 to $64.00 and gave the company a "buy" rating in a report on Tuesday. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Brookfield Asset Management presently has a consensus rating of "Hold" and an average price target of $52.29.

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.