Brookfield Asset Management (NYSE:BAM) Price Target Cut to $58.00 by Analysts at Scotiabank

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price target cut by stock analysts at Scotiabank from $62.50 to $58.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “sector outperform” rating on the financial services provider’s stock. Scotiabank’s target price would suggest a potential upside of 32.49% from the company’s current price.

BAM has been the topic of a number of other research reports. HSBC upgraded Brookfield Asset Management from a “hold” rating to a “buy” rating in a report on Friday, February 14th. BMO Capital Markets boosted their price objective on shares of Brookfield Asset Management from $50.00 to $53.00 and gave the stock a “market perform” rating in a research note on Thursday, February 13th. UBS Group initiated coverage on Brookfield Asset Management in a report on Monday, December 16th. They issued a “buy” rating for the company. CIBC upped their target price on Brookfield Asset Management from $63.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Finally, Hsbc Global Res upgraded Brookfield Asset Management from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 14th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Brookfield Asset Management currently has an average rating of “Moderate Buy” and a consensus target price of $57.67.

Brookfield Asset Management Stock Down 1.0 %

Shares of NYSE:BAM traded down $0.45 during midday trading on Monday, reaching $43.78. The company’s stock had a trading volume of 2,444,864 shares, compared to its average volume of 1,767,588. The business has a 50 day moving average price of $53.89 and a 200 day moving average price of $53.75. Brookfield Asset Management has a 1 year low of $37.29 and a 1 year high of $62.61. The firm has a market cap of $71.68 billion, a price-to-earnings ratio of 33.24, a price-to-earnings-growth ratio of 1.92 and a beta of 1.62.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its quarterly earnings data on Wednesday, February 12th. The financial services provider reported $0.40 earnings per share for the quarter, topping the consensus estimate 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 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 have recently added to or reduced their stakes in BAM. Norges Bank bought a new stake in shares of Brookfield Asset Management in the 4th quarter worth about $287,361,000. William Blair Investment Management LLC acquired a new position in Brookfield Asset Management in the fourth quarter worth about $204,169,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Brookfield Asset Management by 103.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,997,157 shares of the financial services provider’s stock valued at $216,507,000 after buying an additional 2,031,995 shares during the last quarter. Madison Investment Advisors LLC acquired a new stake in Brookfield Asset Management during the fourth quarter valued at approximately $94,122,000. Finally, TD Asset Management Inc. lifted its holdings in Brookfield Asset Management by 8.9% during the 4th quarter. TD Asset Management Inc. now owns 16,664,426 shares of the financial services provider’s stock worth $903,323,000 after buying an additional 1,359,126 shares during the last quarter. 68.41% of the stock is owned by institutional investors and hedge funds.

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.