Brookfield Asset Management (NYSE:BAM) Sets New 52-Week Low on Analyst Downgrade

Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A)’s stock price reached a new 52-week low during trading on Wednesday after TD Securities lowered their price target on the stock from $68.00 to $64.00. TD Securities currently has a buy rating on the stock. Brookfield Asset Management traded as low as $52.23 and last traded at $53.31, with a volume of 2435084 shares. The stock had previously closed at $53.82.

Several other analysts also recently commented on the company. Keefe, Bruyette & Woods reduced their target price on Brookfield Asset Management from $57.00 to $56.00 and set an “underperform” rating for the company in a research note on Monday, January 13th. CIBC raised their price objective on Brookfield Asset Management from $63.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Morgan Stanley lowered their target price on Brookfield Asset Management from $62.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday, April 14th. Hsbc Global Res raised shares of Brookfield Asset Management from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 14th. Finally, Scotiabank decreased their price target on shares of Brookfield Asset Management from $62.50 to $58.00 and set a “sector outperform” rating for the company in a research note on Monday, April 7th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Brookfield Asset Management currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.00.

Institutional Investors Weigh In On Brookfield Asset Management

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Diversify Wealth Management LLC boosted its stake in shares of Brookfield Asset Management by 15.5% in the 1st quarter. Diversify Wealth Management LLC now owns 19,862 shares of the financial services provider’s stock worth $1,069,000 after buying an additional 2,669 shares during the last quarter. Cerity Partners LLC lifted its holdings in Brookfield Asset Management by 36.6% during the first quarter. Cerity Partners LLC now owns 29,482 shares of the financial services provider’s stock worth $1,428,000 after acquiring an additional 7,901 shares during the period. Bridges Investment Management Inc. boosted its position in Brookfield Asset Management by 5.0% in the first quarter. Bridges Investment Management Inc. now owns 13,057 shares of the financial services provider’s stock worth $633,000 after purchasing an additional 618 shares during the last quarter. M&T Bank Corp grew its stake in Brookfield Asset Management by 53.1% in the 1st quarter. M&T Bank Corp now owns 37,473 shares of the financial services provider’s stock valued at $1,815,000 after purchasing an additional 12,996 shares during the period. Finally, Mutual Advisors LLC grew its stake in Brookfield Asset Management by 11.3% in the 1st quarter. Mutual Advisors LLC now owns 9,350 shares of the financial services provider’s stock valued at $495,000 after purchasing an additional 952 shares during the period. Hedge funds and other institutional investors own 68.41% of the company’s stock.

Brookfield Asset Management Trading Down 0.1 %

The stock has a market capitalization of $87.22 billion, a PE ratio of 40.36, a price-to-earnings-growth ratio of 1.92 and a beta of 1.63. The firm has a 50-day moving average price of $49.71 and a 200-day moving average price of $53.83.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings data 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%. Sell-side analysts expect that Brookfield Asset Management Ltd. 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 issued a $0.4375 dividend. This represents a $1.75 dividend on an annualized basis and a dividend yield of 3.29%. 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%.

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.