Brookfield Asset Management (NYSE:BAM) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) from a hold rating to a strong-buy rating in a research report sent to investors on Thursday morning,Zacks.com reports.

A number of other analysts have also recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of Brookfield Asset Management from $68.00 to $72.00 and gave the stock a “neutral” rating in a report on Thursday, February 5th. Loop Capital set a $60.00 price target on Brookfield Asset Management in a report on Tuesday, January 6th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Brookfield Asset Management in a research report on Monday, December 22nd. Scotiabank set a $64.00 target price on Brookfield Asset Management and gave the company an “outperform” rating in a research report on Thursday, February 5th. Finally, Morgan Stanley set a $63.00 target price on Brookfield Asset Management in a research note on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Brookfield Asset Management presently has an average rating of “Moderate Buy” and an average price target of $63.65.

Brookfield Asset Management Trading Up 1.1%

Shares of NYSE BAM opened at $50.60 on Thursday. Brookfield Asset Management has a 12-month low of $41.78 and a 12-month high of $64.10. The company has a market cap of $82.88 billion, a price-to-earnings ratio of 33.29, a price-to-earnings-growth ratio of 1.82 and a beta of 1.40. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.05. The stock’s 50 day simple moving average is $52.10 and its 200 day simple moving average is $54.91.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its earnings results on Wednesday, February 4th. The financial services provider reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.06. The firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.40 billion. Brookfield Asset Management had a return on equity of 29.67% and a net margin of 51.59%. Equities research analysts expect that Brookfield Asset Management will post 1.7 EPS for the current year.

Brookfield Asset Management Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, February 27th will be given a $0.5025 dividend. This represents a $2.01 dividend on an annualized basis and a yield of 4.0%. This is a positive change from Brookfield Asset Management’s previous quarterly dividend of $0.44. The ex-dividend date is Friday, February 27th. Brookfield Asset Management’s payout ratio is currently 132.24%.

Hedge Funds Weigh In On Brookfield Asset Management

Several hedge funds have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Brookfield Asset Management by 1,270.6% in the second quarter. Caitong International Asset Management Co. Ltd now owns 466 shares of the financial services provider’s stock valued at $26,000 after buying an additional 432 shares during the period. Zions Bancorporation National Association UT raised its position in Brookfield Asset Management by 241.3% in the fourth quarter. Zions Bancorporation National Association UT now owns 488 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 345 shares in the last quarter. Manchester Capital Management LLC raised its position in Brookfield Asset Management by 559.5% in the second quarter. Manchester Capital Management LLC now owns 521 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 442 shares in the last quarter. LOM Asset Management Ltd acquired a new stake in Brookfield Asset Management in the 4th quarter valued at about $31,000. Finally, Sagard Holdings Management Inc. bought a new position in shares of Brookfield Asset Management during the 2nd quarter valued at about $39,000. 68.41% of the stock is currently owned by institutional investors and hedge funds.

About Brookfield Asset Management

Brookfield Asset Management is a global alternative asset manager headquartered in Toronto, Canada, that specializes in investments in real assets and related private equity and credit strategies. The firm acquires, manages and develops assets in sectors such as real estate, renewable power, infrastructure and private equity, seeking long-term value through active asset management and operational improvements. Brookfield structures and manages commingled funds, listed partnerships and separate accounts for institutional and retail investors.

The company’s products and services include fund management across equity and debt strategies, direct asset ownership and operations, property and facilities management, and capital markets solutions.