Brookfield Asset Management (NYSE:BAM) Price Target Raised to $76.00

Key Points

• Royal Bank of Canada has raised its price target for Brookfield Asset Management from $74.00 to $76.00, suggesting a potential upside of 35.81% from the current price.
• Despite the price target increase, Brookfield Asset Management reported earnings of $0.38 per share, which missed estimates, and its stock is currently trading around $55.96.
• The consensus rating for Brookfield Asset Management among analysts is a "Moderate Buy" with an average price target of $64.27, influenced by various ratings from multiple research firms.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A had its price target hoisted by equities research analysts at Royal Bank Of Canada from $74.00 to $76.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the financial services provider's stock. Royal Bank Of Canada's price target suggests a potential upside of 35.81% from the company's current price.

BAM has been the subject of a number of other research reports. National Bank Financial started coverage on shares of Brookfield Asset Management in a research note on Tuesday, July 29th. They set an "outperform" rating and a $71.00 target price for the company. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $58.00 target price on shares of Brookfield Asset Management in a report on Thursday, August 7th. Wells Fargo & Company lifted their price target on Brookfield Asset Management from $55.00 to $57.00 and gave the stock an "underweight" rating in a research note on Friday, July 11th. Piper Sandler dropped their price target on Brookfield Asset Management from $65.00 to $60.00 and set a "neutral" rating for the company in a research report on Thursday, September 11th. Finally, CIBC increased their price objective on Brookfield Asset Management from $70.00 to $71.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Brookfield Asset Management currently has a consensus rating of "Moderate Buy" and an average price target of $64.27.

Brookfield Asset Management Price Performance

Shares of BAM stock traded down $0.28 during mid-day trading on Thursday, hitting $55.96. 130,508 shares of the stock were exchanged, compared to its average volume of 2,043,147. Brookfield Asset Management has a 52-week low of $41.78 and a 52-week high of $64.10. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.14. The company has a market cap of $91.65 billion, a PE ratio of 37.57, a price-to-earnings-growth ratio of 2.11 and a beta of 1.39. The firm has a fifty day moving average of $58.97 and a 200 day moving average of $56.42.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last announced its earnings results on Wednesday, August 6th. The financial services provider reported $0.38 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.29 billion. Research analysts anticipate that Brookfield Asset Management will post 1.7 earnings per share for the current year.

Hedge Funds Weigh In On Brookfield Asset Management

A number of institutional investors have recently bought and sold shares of BAM. Assenagon Asset Management S.A. grew its stake in shares of Brookfield Asset Management by 157.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 10,183 shares of the financial services provider's stock valued at $493,000 after buying an additional 6,225 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in Brookfield Asset Management by 2.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 43,002 shares of the financial services provider's stock valued at $2,083,000 after acquiring an additional 854 shares during the last quarter. Janney Montgomery Scott LLC grew its position in Brookfield Asset Management by 4.0% in the first quarter. Janney Montgomery Scott LLC now owns 221,222 shares of the financial services provider's stock worth $10,718,000 after acquiring an additional 8,415 shares during the period. Woodmont Investment Counsel LLC acquired a new stake in Brookfield Asset Management during the first quarter worth $5,782,000. Finally, Intact Investment Management Inc. purchased a new stake in Brookfield Asset Management in the first quarter valued at $6,434,000. 68.41% of the stock is owned by hedge funds and other institutional investors.

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.

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