Brookfield Asset Management (NYSE:BAM) Price Target Lowered to $56.00 at Scotiabank

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price target reduced by stock analysts at Scotiabank from $64.00 to $56.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “sector outperform” rating on the financial services provider’s stock. Scotiabank’s price target points to a potential upside of 29.25% from the stock’s previous close.

Several other brokerages also recently weighed in on BAM. Zacks Research downgraded Brookfield Asset Management from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. Morgan Stanley set a $63.00 price target on shares of Brookfield Asset Management in a report on Tuesday, February 17th. Royal Bank Of Canada set a $74.00 price objective on shares of Brookfield Asset Management and gave the stock an “outperform” rating in a research report on Monday, December 15th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Brookfield Asset Management in a report on Monday, December 22nd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Brookfield Asset Management from $68.00 to $72.00 and gave the stock a “neutral” rating in a research note on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $63.18.

Brookfield Asset Management Stock Performance

NYSE:BAM traded up $0.46 during trading hours on Wednesday, reaching $43.33. The company had a trading volume of 276,553 shares, compared to its average volume of 3,605,667. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market cap of $70.97 billion, a PE ratio of 28.49, a price-to-earnings-growth ratio of 1.54 and a beta of 1.42. The business’s 50 day moving average price is $48.71 and its 200-day moving average price is $52.50. 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 announced its quarterly earnings results on Wednesday, February 4th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.06. Brookfield Asset Management had a net margin of 51.59% and a return on equity of 29.81%. The firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.40 billion. Research analysts forecast that Brookfield Asset Management will post 1.7 EPS for the current year.

Institutional Investors Weigh In On Brookfield Asset Management

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Brookfield Asset Management by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 17,723,182 shares of the financial services provider’s stock valued at $928,414,000 after purchasing an additional 297,790 shares during the last quarter. TD Asset Management Inc increased its position in shares of Brookfield Asset Management by 2.0% during the 4th quarter. TD Asset Management Inc now owns 15,769,066 shares of the financial services provider’s stock worth $827,135,000 after purchasing an additional 315,036 shares during the last quarter. Mackenzie Financial Corp raised its holdings in Brookfield Asset Management by 2.5% in the 2nd quarter. Mackenzie Financial Corp now owns 11,400,930 shares of the financial services provider’s stock valued at $631,412,000 after buying an additional 282,853 shares during the period. Principal Financial Group Inc. lifted its position in Brookfield Asset Management by 7.3% in the fourth quarter. Principal Financial Group Inc. now owns 7,863,457 shares of the financial services provider’s stock valued at $411,972,000 after buying an additional 533,639 shares during the last quarter. Finally, Norges Bank acquired a new position in Brookfield Asset Management in the second quarter valued at about $294,730,000. Institutional investors and hedge funds own 68.41% of the company’s stock.

About Brookfield Asset Management

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.