Brookfield Asset Management (NYSE:BAM) Price Target Raised to $63.00 at Scotiabank

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price target upped by stock analysts at Scotiabank from $59.50 to $63.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “sector outperform” rating on the financial services provider’s stock. Scotiabank’s price objective suggests a potential upside of 9.55% from the stock’s previous close.

Several other analysts also recently issued reports on BAM. Keefe, Bruyette & Woods lowered their price objective on shares of Brookfield Asset Management from $57.00 to $56.00 and set an “underperform” rating for the company in a research report on Monday, January 13th. TD Securities increased their price objective on shares of Brookfield Asset Management from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. StockNews.com downgraded shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a research report on Thursday, January 9th. Wells Fargo & Company decreased their price target on shares of Brookfield Asset Management from $56.00 to $55.00 and set an “underweight” rating for the company in a research report on Tuesday, January 14th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Brookfield Asset Management from $56.00 to $59.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $56.42.

Brookfield Asset Management Stock Performance

BAM traded down $2.32 on Monday, reaching $57.51. 127,332 shares of the company’s stock were exchanged, compared to its average volume of 1,220,790. The company’s 50 day moving average is $56.41 and its 200-day moving average is $50.08. The company has a market cap of $25.48 billion, a price-to-earnings ratio of 50.92, a PEG ratio of 2.26 and a beta of 1.46. Brookfield Asset Management has a twelve month low of $37.29 and a twelve month high of $62.61.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its quarterly earnings data on Monday, November 4th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 85.03%. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter last year, the company earned $0.35 earnings per share. Sell-side analysts forecast that Brookfield Asset Management will post 1.45 EPS for the current year.

Institutional Investors Weigh In On Brookfield Asset Management

A number of hedge funds have recently added to or reduced their stakes in BAM. B. Riley Wealth Advisors Inc. bought a new stake in Brookfield Asset Management in the second quarter valued at $201,000. Teachers Retirement System of The State of Kentucky bought a new stake in Brookfield Asset Management in the second quarter valued at $201,000. Clearbridge Investments LLC lifted its stake in Brookfield Asset Management by 5.0% in the second quarter. Clearbridge Investments LLC now owns 18,217 shares of the financial services provider’s stock valued at $693,000 after buying an additional 875 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in Brookfield Asset Management in the second quarter valued at $830,000. Finally, SG Americas Securities LLC bought a new stake in Brookfield Asset Management in the third quarter valued at $4,359,000. 68.41% of the stock is currently owned by institutional investors.

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.