Brookfield Asset Management (NYSE:BAM) Price Target Raised to $59.00

Key Points

• Scotia raised Brookfield Asset Management’s price target to $59 from $57 and maintained a “sector outperform” rating, implying 11.65% upside from the stock’s $52.85 price.
• Analyst sentiment remains mixed, with MarketBeat reporting an average rating of “Hold” and an average price target of $59.22 across coverage.
• Brookfield exceeded quarterly expectations, reporting adjusted EPS of $0.44 versus the $0.43 consensus estimate and revenue of $1.75 billion versus $1.47 billion expected.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A had its price target increased by research analysts at Scotia from $57.00 to $59.00 in a report issued on Thursday,BayStreet.CA reports. The brokerage presently has a "sector outperform" rating on the financial services provider's stock. Scotia's target price would suggest a potential upside of 11.65% from the stock's current price.

A number of other analysts have also weighed in on the company. Weiss Ratings lowered Brookfield Asset Management from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, May 15th. Wall Street Zen lowered Brookfield Asset Management from a "hold" rating to a "sell" rating in a research report on Saturday, July 4th. Piper Sandler reaffirmed a "neutral" rating and issued a $50.00 target price (up from $48.00) on shares of Brookfield Asset Management in a research report on Monday, May 18th. Morgan Stanley set a $56.00 price target on shares of Brookfield Asset Management and gave the stock an "equal weight" rating in a research note on Tuesday, July 21st. Finally, Canadian Imperial Bank of Commerce set a $62.50 target price on Brookfield Asset Management in a report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $59.22.

Brookfield Asset Management Price Performance

Shares of NYSE:BAM traded up $0.22 during trading on Thursday, reaching $52.85. The company had a trading volume of 1,408,626 shares, compared to its average volume of 3,296,864. The stock has a market capitalization of $86.57 billion, a P/E ratio of 34.30, a price-to-earnings-growth ratio of 2.11 and a beta of 1.26. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.34. Brookfield Asset Management has a 12 month low of $42.20 and a 12 month high of $63.54. The company has a fifty day moving average of $47.16 and a two-hundred day moving average of $47.60.

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 (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.01. Brookfield Asset Management had a return on equity of 30.66% and a net margin of 49.69%.The firm had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.47 billion. Equities research analysts forecast that Brookfield Asset Management will post 1.76 earnings per share for the current year.

Institutional Investors Weigh In On Brookfield Asset Management

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cardinal Capital Management Inc. purchased a new stake in Brookfield Asset Management during the 2nd quarter valued at $3,797,000. Allied Private Wealth LLC purchased a new stake in Brookfield Asset Management during the second quarter valued at $40,000. Castle Rock Wealth Management LLC increased its position in Brookfield Asset Management by 5.3% during the second quarter. Castle Rock Wealth Management LLC now owns 26,427 shares of the financial services provider's stock valued at $1,200,000 after acquiring an additional 1,334 shares during the last quarter. PensionDanmark Pensionsforsikringsaktieselskab lifted its holdings in Brookfield Asset Management by 12.9% in the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 48,110 shares of the financial services provider's stock valued at $2,157,000 after acquiring an additional 5,500 shares during the period. Finally, Thrive Wealth Management LLC bought a new position in Brookfield Asset Management in the second quarter valued at about $269,000. Hedge funds and other institutional investors 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.

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