Brookfield Asset Management (NYSE:BAM) Given New $65.75 Price Target at Scotiabank

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its target price lowered by equities research analysts at Scotiabank from $67.25 to $65.75 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the financial services provider’s stock. Scotiabank’s price target suggests a potential upside of 25.14% from the company’s current price.

Several other research analysts have also commented on BAM. Royal Bank Of Canada raised their price target on Brookfield Asset Management from $74.00 to $76.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. CIBC lifted their target price on Brookfield Asset Management from $70.00 to $71.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $58.00 price target on shares of Brookfield Asset Management in a research note on Thursday, August 7th. Jefferies Financial Group raised their price objective on shares of Brookfield Asset Management from $55.00 to $62.00 and gave the company a “hold” rating in a research note on Wednesday, August 13th. Finally, Piper Sandler cut their target price on shares of Brookfield Asset Management from $65.00 to $60.00 and set a “neutral” rating on the stock in a research note on Thursday, September 11th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $64.05.

Brookfield Asset Management Trading Down 0.9%

NYSE BAM traded down $0.49 during trading hours on Monday, reaching $52.54. The company had a trading volume of 302,822 shares, compared to its average volume of 2,065,136. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $86.05 billion, a P/E ratio of 35.23, a price-to-earnings-growth ratio of 2.04 and a beta of 1.38. The stock has a 50-day moving average of $56.67 and a 200 day moving average of $57.42. Brookfield Asset Management has a 1-year low of $41.78 and a 1-year high of $64.10.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings results on Friday, November 7th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.34 billion. Brookfield Asset Management had a net margin of 55.92% and a return on equity of 41.12%. As a group, research analysts anticipate that Brookfield Asset Management will post 1.7 earnings per share for the current fiscal year.

Institutional Trading of Brookfield Asset Management

Several institutional investors and hedge funds have recently added to or reduced their stakes in BAM. Cerity Partners LLC increased its position in Brookfield Asset Management by 36.6% during the 1st quarter. Cerity Partners LLC now owns 29,482 shares of the financial services provider’s stock worth $1,428,000 after purchasing an additional 7,901 shares during the period. Vanguard Group Inc. increased its holdings in Brookfield Asset Management by 1.8% in the first quarter. Vanguard Group Inc. now owns 17,204,794 shares of the financial services provider’s stock valued at $832,833,000 after buying an additional 302,852 shares in the last quarter. Jump Financial LLC purchased a new position in Brookfield Asset Management in the 1st quarter valued at approximately $629,000. Envestnet Asset Management Inc. boosted its position in Brookfield Asset Management by 1.6% during the second quarter. Envestnet Asset Management Inc. now owns 430,081 shares of the financial services provider’s stock worth $23,774,000 after purchasing an additional 6,728 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Brookfield Asset Management by 9.8% in the first quarter. Canada Pension Plan Investment Board now owns 1,096,412 shares of the financial services provider’s stock valued at $53,083,000 after buying an additional 97,445 shares in the last quarter. 68.41% of the stock is 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.