Scotiabank Lowers Brookfield Asset Management (NYSE:BAM) Price Target to $58.00

Brookfield Asset Management (NYSE:BAM - Free Report) TSE: BAM.A had its target price cut by Scotiabank from $62.50 to $58.00 in a research report sent to investors on Monday, Marketbeat Ratings reports. They currently have a sector outperform rating on the financial services provider's stock.

A number of other equities analysts also recently commented on BAM. CIBC boosted their target price on shares of Brookfield Asset Management from $63.00 to $70.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Wells Fargo & Company lowered their price objective on Brookfield Asset Management from $54.00 to $50.00 and set an "underweight" rating for the company in a research report on Thursday, March 20th. Hsbc Global Res raised Brookfield Asset Management from a "hold" rating to a "strong-buy" rating in a report on Friday, February 14th. Bank of America cut their price objective on shares of Brookfield Asset Management from $69.00 to $65.00 and set a "neutral" rating on the stock in a report on Friday, April 4th. Finally, StockNews.com upgraded shares of Brookfield Asset Management from a "sell" rating to a "hold" rating in a report on Thursday, March 20th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $57.75.

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Brookfield Asset Management Stock Performance

Shares of BAM traded up $1.27 during midday trading on Monday, hitting $47.35. The company had a trading volume of 1,751,265 shares, compared to its average volume of 1,446,255. Brookfield Asset Management has a 1 year low of $37.29 and a 1 year high of $62.61. The firm has a market capitalization of $77.52 billion, a P/E ratio of 35.87, a P/E/G ratio of 1.92 and a beta of 1.63. The company's 50-day simple moving average is $51.89 and its 200-day simple moving average is $53.58.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last issued its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.39 by $0.01. Brookfield Asset Management had a net margin of 54.47% and a return on equity of 81.16%. Equities analysts predict that Brookfield Asset Management will post 1.7 earnings per share for the current fiscal year.

Brookfield Asset Management Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, February 28th were given a $0.4375 dividend. This represents a $1.75 annualized dividend and a yield of 3.70%. The ex-dividend date of this dividend was Friday, February 28th. This is a boost from Brookfield Asset Management's previous quarterly dividend of $0.38. Brookfield Asset Management's payout ratio is 132.58%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC grew its position in Brookfield Asset Management by 11.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,611,859 shares of the financial services provider's stock valued at $77,293,000 after buying an additional 168,170 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of Brookfield Asset Management by 3.7% in the 4th quarter. Bank of Montreal Can now owns 9,575,446 shares of the financial services provider's stock worth $518,655,000 after acquiring an additional 339,072 shares during the period. TD Asset Management Inc. boosted its holdings in shares of Brookfield Asset Management by 8.9% in the fourth quarter. TD Asset Management Inc. now owns 16,664,426 shares of the financial services provider's stock valued at $903,323,000 after acquiring an additional 1,359,126 shares in the last quarter. Laffer Tengler Investments Inc. increased its stake in shares of Brookfield Asset Management by 24.2% during the fourth quarter. Laffer Tengler Investments Inc. now owns 147,773 shares of the financial services provider's stock worth $8,008,000 after acquiring an additional 28,768 shares during the period. Finally, American Century Companies Inc. raised its holdings in Brookfield Asset Management by 30.5% during the fourth quarter. American Century Companies Inc. now owns 74,389 shares of the financial services provider's stock worth $4,033,000 after purchasing an additional 17,369 shares in the last quarter. 68.41% of the stock is currently owned by hedge funds and other institutional investors.

About Brookfield Asset Management

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.