Brookfield Asset Management Sets New 52-Week High After Better-Than-Expected Earnings (BAM)
Shares of Brookfield Asset Management (NYSE:BAM) reached a new 52-week high on Monday following a stronger than expected earnings report, AR Network reports. The stock traded as high as $46.36 and last traded at $46.36, with a volume of 400,232 shares traded. The stock had previously closed at $44.93.
The company reported $0.84 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.31 by $0.53. The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.16 billion. During the same quarter in the prior year, the company posted $0.31 earnings per share. The company’s quarterly revenue was down 6.4% on a year-over-year basis.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, September 30th. Shareholders of record on Sunday, August 31st will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend is Wednesday, August 27th.
A number of analysts have recently weighed in on BAM shares. Analysts at TD Securities raised their price target on shares of Brookfield Asset Management from C$48.00 to C$50.00 in a research note on Monday. They now have a “buy” rating on the stock. Separately, analysts at RBC Capital raised their price target on shares of Brookfield Asset Management from $47.00 to $49.00 in a research note on Monday. They now have an “outperform” rating on the stock. Finally, analysts at Canaccord Genuity raised their price target on shares of Brookfield Asset Management from $45.80 to $48.50 in a research note on Monday. One research analyst has rated the stock with a hold rating and two have issued a buy rating to the company. Brookfield Asset Management presently has an average rating of “Buy” and a consensus target price of $48.30.
The stock has a 50-day moving average of $44.12 and a 200-day moving average of $41.81. The company has a market cap of $28.559 billion and a price-to-earnings ratio of 13.17.
Brookfield Asset Management Inc (NYSE:BAM) is a global alternative asset manager.
Receive News & Ratings for Brookfield Asset Management Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Brookfield Asset Management Inc and related companies with Analyst Ratings Network's FREE daily email newsletter.