Brookfield Asset Management (NYSE:BAM) Stock Moved Up to “Strong-Buy” by Wells Fargo & Company

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) was upgraded by analysts at Wells Fargo & Company to a “strong-buy” rating in a research note issued on Friday, Marketbeat.com reports. The firm currently has a $41.00 price objective on the financial services provider’s stock. Wells Fargo & Company‘s target price would indicate a potential downside of 8.50% from the stock’s previous close.

BAM has been the topic of several other research reports. Wall Street Zen lowered shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a research report on Saturday, September 26th. Scotiabank reissued an “outperform” rating and set a $59.00 price objective on shares of Brookfield Asset Management in a research note on Thursday, August 6th. UBS Group lifted their target price on Brookfield Asset Management from $48.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, August 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Brookfield Asset Management in a research report on Wednesday, August 12th. Finally, National Bank Financial upped their target price on Brookfield Asset Management from $69.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Brookfield Asset Management currently has an average rating of “Moderate Buy” and a consensus target price of $57.39.

Brookfield Asset Management Stock Performance

NYSE:BAM opened at $44.81 on Friday. Brookfield Asset Management has a twelve month low of $42.20 and a twelve month high of $59.33. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06. The company has a 50-day moving average of $49.36 and a 200-day moving average of $47.59. The firm has a market cap of $73.41 billion, a price-to-earnings ratio of 26.05, a price-to-earnings-growth ratio of 1.82 and a beta of 1.31.

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, topping the consensus estimate of $0.43 by $0.01. Brookfield Asset Management had a net margin of 48.89% and a return on equity of 31.50%. The company had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.47 billion. Analysts forecast that Brookfield Asset Management will post 1.78 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Brookfield Asset Management

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Trust Co. of Vermont acquired a new stake in shares of Brookfield Asset Management in the second quarter worth $25,000. Compass Financial Management LLC acquired a new position in Brookfield Asset Management during the second quarter valued at $27,000. Allied Private Wealth LLC acquired a new position in Brookfield Asset Management during the second quarter valued at $40,000. Root Financial Partners LLC lifted its stake in Brookfield Asset Management by 184.5% in the 1st quarter. Root Financial Partners LLC now owns 1,283 shares of the financial services provider’s stock worth $57,000 after acquiring an additional 832 shares in the last quarter. Finally, Global Retirement Partners LLC lifted its stake in Brookfield Asset Management by 143.0% in the 4th quarter. Global Retirement Partners LLC now owns 1,329 shares of the financial services provider’s stock worth $70,000 after acquiring an additional 782 shares in the last quarter. 68.41% of the stock is currently owned by hedge funds and other institutional investors.

About Brookfield Asset Management

Brookfield Asset Management Ltd. (NYSE: BAM) is a global alternative asset management company that provides investment management services and strategies for institutional investors, governments, financial institutions and private wealth clients. The company invests in and manages assets on behalf of its clients across a range of private-market sectors.

Its principal investment strategies include renewable power and energy transition, infrastructure, private equity, real estate and credit.