Brookfield Asset Management (NYSE:BAM) Rating Lowered to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Brookfield Asset Management from “Hold” to “Sell.” Despite the downgrade, analysts overall maintain a “Moderate Buy” consensus with an average price target of $57.09.
• Brookfield shares opened at $45.33, down 1.4%, and remain below their 50-day and 200-day moving averages. The stock’s 52-week range is $42.20 to $56.37.
• The company modestly exceeded quarterly earnings expectations, reporting $0.44 EPS versus a $0.43 consensus and revenue of $1.49 billion. Institutional investors own 68.41% of the company’s shares.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other equities research analysts also recently weighed in on the company. Bank of America cut their target price on Brookfield Asset Management from $61.00 to $60.00 and set a "neutral" rating for the company in a research report on Monday, October 5th. Scotia increased their price target on Brookfield Asset Management from $57.00 to $59.00 and gave the company a "sector outperform" rating in a research note on Thursday, August 6th. Piper Sandler reiterated a "neutral" rating and set a $50.00 price target (down from $53.00) on shares of Brookfield Asset Management in a research report on Friday, September 18th. Scotiabank reissued an "outperform" rating and issued a $59.00 price objective on shares of Brookfield Asset Management in a research note on Thursday, August 6th. Finally, UBS Group cut their price objective on Brookfield Asset Management from $55.00 to $49.00 and set a "neutral" rating for the company in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Brookfield Asset Management presently has an average rating of "Moderate Buy" and a consensus target price of $57.09.

Brookfield Asset Management Stock Down 1.4%

Brookfield Asset Management stock opened at $45.33 on Friday. Brookfield Asset Management has a 52 week low of $42.20 and a 52 week high of $56.37. The stock has a market cap of $74.26 billion, a price-to-earnings ratio of 26.42, a PEG ratio of 1.89 and a beta of 1.31. The company's 50-day moving average price is $48.41 and its two-hundred day moving average price is $47.71. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $1.47 billion. On average, analysts expect that Brookfield Asset Management will post 1.78 EPS for the current fiscal year.

Hedge Funds Weigh In On Brookfield Asset Management

Institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. lifted its stake in Brookfield Asset Management by 62.0% during the first quarter. Principal Financial Group Inc. now owns 12,735,547 shares of the financial services provider's stock valued at $566,092,000 after buying an additional 4,872,090 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Brookfield Asset Management by 15.6% during the first quarter. The Manufacturers Life Insurance Company now owns 5,319,506 shares of the financial services provider's stock valued at $236,308,000 after acquiring an additional 716,892 shares during the period. TD Waterhouse Canada Inc. lifted its position in shares of Brookfield Asset Management by 6.3% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 5,003,128 shares of the financial services provider's stock valued at $227,422,000 after acquiring an additional 294,966 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Brookfield Asset Management by 11.0% in the 1st quarter. Bank of America Corp DE now owns 3,448,351 shares of the financial services provider's stock valued at $153,279,000 after acquiring an additional 341,600 shares in the last quarter. Finally, Corient Private Wealth LLC boosted its stake in Brookfield Asset Management by 1.5% in the 4th quarter. Corient Private Wealth LLC now owns 1,387,375 shares of the financial services provider's stock worth $72,304,000 after purchasing an additional 20,586 shares during the period. Hedge funds and other institutional investors own 68.41% of the company's stock.

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.

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