Brookfield Asset Management (NYSE:BAM) Given New $58.00 Price Target at JPMorgan Chase & Co.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price target raised by JPMorgan Chase & Co. from $55.00 to $58.00 in a research note published on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

A number of other equities research analysts have also issued reports on BAM. Morgan Stanley set a $54.00 price target on Brookfield Asset Management in a research report on Friday, October 16th. Bank of America reduced their price objective on Brookfield Asset Management from $61.00 to $60.00 and set a “neutral” rating on the stock in a research report on Monday, October 5th. Weiss Ratings raised Brookfield Asset Management from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Wells Fargo & Company assumed coverage on Brookfield Asset Management in a research note on Friday, October 2nd. They issued an “overweight” rating and a $41.00 target price for the company. Finally, Scotiabank reiterated an “outperform” rating and set a $59.00 price target on shares of Brookfield Asset Management in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Brookfield Asset Management has an average rating of “Moderate Buy” and an average target price of $56.91.

Brookfield Asset Management Price Performance

Brookfield Asset Management stock opened at $52.50 on Thursday. The firm has a market capitalization of $86.01 billion, a price-to-earnings ratio of 30.52, a PEG ratio of 2.29 and a beta of 1.27. Brookfield Asset Management has a 52-week low of $42.20 and a 52-week high of $55.97. The company has a fifty day simple moving average of $47.17 and a 200-day simple moving average of $47.84. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.06.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.01. The company had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.47 billion. Brookfield Asset Management had a net margin of 48.89% and a return on equity of 31.50%. On average, equities analysts anticipate that Brookfield Asset Management will post 1.77 EPS for the current fiscal year.

Hedge Funds Weigh In On Brookfield Asset Management

Several large investors have recently modified their holdings of BAM. Maryland State Retirement & Pension System increased its holdings in Brookfield Asset Management by 15.3% during the 3rd quarter. Maryland State Retirement & Pension System now owns 22,834 shares of the financial services provider’s stock worth $1,018,000 after purchasing an additional 3,033 shares during the period. AlphaCore Capital LLC acquired a new position in shares of Brookfield Asset Management in the 3rd quarter valued at $224,000. Brighton Jones LLC grew its holdings in shares of Brookfield Asset Management by 13.8% during the third quarter. Brighton Jones LLC now owns 7,742 shares of the financial services provider’s stock worth $345,000 after purchasing an additional 940 shares during the last quarter. Ethic Inc. grew its stake in Brookfield Asset Management by 24.5% during the 3rd quarter. Ethic Inc. now owns 15,913 shares of the financial services provider’s stock worth $709,000 after buying an additional 3,129 shares during the last quarter. Finally, Formidable Asset Management LLC increased its holdings in shares of Brookfield Asset Management by 65.1% in the 3rd quarter. Formidable Asset Management LLC now owns 15,183 shares of the financial services provider’s stock valued at $681,000 after acquiring an additional 5,985 shares during the period. Institutional investors and hedge funds own 68.41% of the company’s stock.

About Brookfield Asset Management

Brookfield Asset Management Ltd. (NYSE: BAM) is a global alternative asset manager that invests in and manages assets on behalf of institutional investors, insurance companies, sovereign wealth funds, financial institutions and private-wealth clients. The company focuses on long-term investments in real assets and businesses, with an emphasis on sectors supported by essential services, economic growth and the transition to a lower-carbon economy.

Its investment activities span renewable power and transition, infrastructure, private equity, real estate and credit.