The Goldman Sachs Group Cuts Brookfield Asset Management (NYSE:BAM) Price Target to $60.00

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its target price trimmed by The Goldman Sachs Group from $67.00 to $60.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

Other analysts also recently issued reports about the stock. National Bankshares lowered their price target on shares of Brookfield Asset Management from $71.00 to $69.00 and set an “outperform” rating for the company in a research note on Monday, October 27th. Wall Street Zen cut Brookfield Asset Management from a “hold” rating to a “sell” rating in a report on Sunday, December 21st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Brookfield Asset Management in a research note on Monday, December 22nd. Keefe, Bruyette & Woods dropped their price objective on Brookfield Asset Management from $62.00 to $59.00 and set an “underperform” rating for the company in a research note on Monday, November 10th. Finally, Scotiabank decreased their target price on shares of Brookfield Asset Management from $67.25 to $65.75 and set a “sector outperform” rating on the stock in a research note on Monday, November 10th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $63.43.

Brookfield Asset Management Price Performance

Shares of NYSE:BAM opened at $53.75 on Tuesday. The stock has a market cap of $88.03 billion, a P/E ratio of 33.59, a P/E/G ratio of 2.14 and a beta of 1.39. Brookfield Asset Management has a 12 month low of $41.78 and a 12 month high of $64.10. The company has a 50 day moving average of $52.85 and a 200 day moving average of $56.40. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.05.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its earnings results on Friday, November 7th. The financial services provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. Brookfield Asset Management had a net margin of 58.25% and a return on equity of 33.77%. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.34 billion. As a group, sell-side analysts forecast that Brookfield Asset Management will post 1.7 EPS for the current fiscal year.

Brookfield Asset Management Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Friday, November 28th were given a $0.4375 dividend. This represents a $1.75 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Friday, November 28th. Brookfield Asset Management’s payout ratio is currently 109.38%.

Institutional Trading of Brookfield Asset Management

Institutional investors have recently bought and sold shares of the company. PDS Planning Inc increased its holdings in Brookfield Asset Management by 4.8% during the third quarter. PDS Planning Inc now owns 4,054 shares of the financial services provider’s stock valued at $231,000 after buying an additional 184 shares during the last quarter. Truist Financial Corp grew its position in shares of Brookfield Asset Management by 1.4% during the 3rd quarter. Truist Financial Corp now owns 13,240 shares of the financial services provider’s stock valued at $754,000 after acquiring an additional 187 shares during the period. GoalVest Advisory LLC increased its stake in shares of Brookfield Asset Management by 9.5% in the 2nd quarter. GoalVest Advisory LLC now owns 2,180 shares of the financial services provider’s stock worth $121,000 after purchasing an additional 190 shares in the last quarter. Yousif Capital Management LLC raised its holdings in Brookfield Asset Management by 2.1% in the 3rd quarter. Yousif Capital Management LLC now owns 11,010 shares of the financial services provider’s stock worth $627,000 after purchasing an additional 226 shares during the period. Finally, Cullen Frost Bankers Inc. raised its holdings in Brookfield Asset Management by 38.0% in the 3rd quarter. Cullen Frost Bankers Inc. now owns 846 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 233 shares during the period. 68.41% of the stock is owned by hedge funds and other institutional investors.

Brookfield Asset Management Company Profile

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.