Scotiabank Forecasts Strong Price Appreciation for Brookfield Asset Management (NYSE:BAM) Stock

Key Points

• Scotiabank raised its price target for Brookfield Asset Management from $66.00 to $67.25, indicating a potential upside of 10.97% from its previous close.
• Brookfield Asset Management's stock is currently rated as a "Moderate Buy" with a consensus price target of $62.33 based on reports from various analysts.
• The stock experienced a decline of 3.7% in midday trading, resulting in a trading price of $60.60 amid a significant trading volume.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A had its price objective upped by Scotiabank from $66.00 to $67.25 in a report issued on Thursday, August 7th, Marketbeat.com reports. The firm presently has a "sector outperform" rating on the financial services provider's stock. Scotiabank's price objective points to a potential upside of 9.65% from the company's current price.

A number of other analysts also recently commented on the company. Piper Sandler began coverage on Brookfield Asset Management in a research report on Monday, June 30th. They set a "neutral" rating and a $60.00 target price on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $58.00 price target on shares of Brookfield Asset Management in a report on Thursday, August 7th. TD Securities lifted their price objective on Brookfield Asset Management from $66.00 to $75.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Wells Fargo & Company upped their target price on Brookfield Asset Management from $55.00 to $57.00 and gave the company an "underweight" rating in a research note on Friday, July 11th. Finally, Wall Street Zen raised Brookfield Asset Management from a "sell" rating to a "hold" rating in a research report on Tuesday, April 15th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $63.33.

Brookfield Asset Management Trading Down 1.3%

BAM opened at $61.33 on Thursday. The business has a fifty day moving average price of $58.32 and a 200 day moving average price of $55.08. Brookfield Asset Management has a 12 month low of $39.19 and a 12 month high of $64.10. The stock has a market capitalization of $100.44 billion, a price-to-earnings ratio of 41.16, a PEG ratio of 2.24 and a beta of 1.44. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.25 and a quick ratio of 1.25.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.38 EPS for the quarter, missing analysts' consensus estimates of $0.39 by ($0.01). Brookfield Asset Management had a return on equity of 41.12% and a net margin of 55.92%. The company had revenue of $1,107,960 billion for the quarter, compared to analysts' expectations of $1.29 billion. Sell-side analysts expect that Brookfield Asset Management will post 1.7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cerity Partners LLC lifted its holdings in shares of Brookfield Asset Management by 36.6% during the 1st quarter. Cerity Partners LLC now owns 29,482 shares of the financial services provider's stock valued at $1,428,000 after acquiring an additional 7,901 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in Brookfield Asset Management by 9.9% in the 1st quarter. Teacher Retirement System of Texas now owns 68,700 shares of the financial services provider's stock valued at $3,329,000 after purchasing an additional 6,200 shares in the last quarter. Capital A Wealth Management LLC acquired a new position in shares of Brookfield Asset Management during the fourth quarter worth about $412,000. BNP Paribas Financial Markets acquired a new position in shares of Brookfield Asset Management during the fourth quarter worth about $183,000. Finally, Vanguard Group Inc. boosted its position in shares of Brookfield Asset Management by 1.8% in the first quarter. Vanguard Group Inc. now owns 17,204,794 shares of the financial services provider's stock worth $832,833,000 after buying an additional 302,852 shares during the period. 68.41% of the stock is owned by institutional investors and hedge funds.

About Brookfield Asset Management

Brookfield Asset Management Ltd. is a real estate investment firm specializing in alternative asset management services. Its renewable power and transition business includes the operates in the hydroelectric, wind, solar, distributed generation, and sustainable solution sector. The company's infrastructure business engages in the utilities, transport, midstream, and data infrastructure sectors.