Brookfield Asset Management (NYSE:BAM) Given New $67.25 Price Target at Scotiabank

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 raised by equities researchers at Scotiabank from $66.00 to $67.25 in a research note issued to investors on Thursday, MarketBeat Ratings reports. The firm presently has a "sector outperform" rating on the financial services provider's stock. Scotiabank's target price indicates a potential upside of 9.14% from the stock's current price.

A number of other equities research analysts also recently weighed in on BAM. JPMorgan Chase & Co. raised their price objective on Brookfield Asset Management from $51.00 to $55.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. National Bank Financial assumed coverage on shares of Brookfield Asset Management in a research report on Tuesday, July 29th. They set an "outperform" rating and a $71.00 price target for the company. Wall Street Zen raised shares of Brookfield Asset Management from a "sell" rating to a "hold" rating in a research report on Tuesday, April 15th. Piper Sandler began coverage on shares of Brookfield Asset Management in a research report on Monday, June 30th. They set a "neutral" rating and a $60.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $58.00 target price on shares of Brookfield Asset Management in a research note on Thursday. Two investment 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $62.33.

Brookfield Asset Management Stock Up 1.1%

Shares of NYSE BAM traded up $0.70 during midday trading on Thursday, reaching $61.62. 547,250 shares of the company's stock traded hands, compared to its average volume of 2,102,866. The company has a market cap of $100.91 billion, a price-to-earnings ratio of 41.34, a P/E/G ratio of 2.42 and a beta of 1.44. The stock's 50 day simple moving average is $57.68 and its 200-day simple moving average is $55.03. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.07. Brookfield Asset Management has a one year low of $38.95 and a one year high of $64.10.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last announced its earnings results on Tuesday, May 6th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.40. Brookfield Asset Management had a return on equity of 49.10% and a net margin of 55.92%. The business had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.29 billion. On average, analysts predict that Brookfield Asset Management will post 1.7 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BAM. Vanguard Group Inc. lifted its position in shares of Brookfield Asset Management by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 17,204,794 shares of the financial services provider's stock valued at $832,833,000 after buying an additional 302,852 shares in the last quarter. Capital International Investors boosted its holdings in shares of Brookfield Asset Management by 0.7% during the 4th quarter. Capital International Investors now owns 16,116,518 shares of the financial services provider's stock worth $873,354,000 after purchasing an additional 116,008 shares during the last quarter. TD Asset Management Inc increased its stake in shares of Brookfield Asset Management by 1.6% in the 2nd quarter. TD Asset Management Inc now owns 15,589,384 shares of the financial services provider's stock worth $861,101,000 after acquiring an additional 250,068 shares during the last quarter. Geode Capital Management LLC raised its stake in Brookfield Asset Management by 62.4% during the second quarter. Geode Capital Management LLC now owns 3,755,340 shares of the financial services provider's stock worth $208,571,000 after purchasing an additional 1,443,441 shares during the period. Finally, DAVENPORT & Co LLC raised its position in shares of Brookfield Asset Management by 12.2% during the 2nd quarter. DAVENPORT & Co LLC now owns 3,556,812 shares of the financial services provider's stock valued at $196,348,000 after buying an additional 385,937 shares during the period. Institutional investors and hedge funds own 68.41% of the company's stock.

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.