Brookfield Asset Management (NYSE:BAM) Rating Lowered to Neutral at Bank of America

Key Points

• Bank of America downgraded Brookfield Asset Management's rating from "buy" to "neutral," setting a price target of $68.00, which implies a potential upside of 17.43% from its current price.
• Despite the downgrade, other analysts have increased their price targets, with Scotiabank raising it to $67.25 and TD Securities to $75.00, highlighting a generally positive outlook.
• Brookfield Asset Management's recent quarterly earnings report showed an EPS of $0.38, missing analysts' expectations, with revenues reported at $1.11 billion, below the consensus estimate of $1.29 billion.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A was downgraded by Bank of America from a "buy" rating to a "neutral" rating in a research report issued on Thursday, MarketBeat reports. They currently have a $68.00 price target on the financial services provider's stock. Bank of America's target price indicates a potential upside of 17.43% from the company's current price.

A number of other analysts have also weighed in on the company. Scotiabank increased their price objective on Brookfield Asset Management from $66.00 to $67.25 and gave the company a "sector outperform" rating in a research note on Thursday, August 7th. TD Securities raised their price target on Brookfield Asset Management from $66.00 to $75.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Jefferies Financial Group raised their price target on Brookfield Asset Management from $55.00 to $62.00 and gave the stock a "hold" rating in a research note on Wednesday, August 13th. BMO Capital Markets raised their price target on Brookfield Asset Management from $53.00 to $56.00 and gave the stock a "market perform" rating in a research note on Thursday, August 7th. Finally, National Bank Financial initiated coverage on Brookfield Asset Management in a research note on Tuesday, July 29th. They issued an "outperform" rating and a $71.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Brookfield Asset Management presently has an average rating of "Moderate Buy" and an average target price of $63.52.

Brookfield Asset Management Price Performance

Shares of BAM stock traded down $0.60 during trading on Thursday, hitting $57.91. The company had a trading volume of 219,264 shares, compared to its average volume of 2,052,658. Brookfield Asset Management has a 52 week low of $40.44 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 stock's 50-day moving average is $59.65 and its two-hundred day moving average is $55.32. The stock has a market capitalization of $94.84 billion, a price-to-earnings ratio of 38.87, a price-to-earnings-growth ratio of 2.20 and a beta of 1.44.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last issued its quarterly earnings results 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 net margin of 55.92% and a return on equity of 41.12%. The business had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.29 billion. As a group, analysts predict that Brookfield Asset Management will post 1.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Brookfield Asset Management

A number of institutional investors and hedge funds have recently made changes to their positions in BAM. Norges Bank purchased a new position in shares of Brookfield Asset Management in the second quarter worth approximately $294,730,000. State Street Corp lifted its holdings in Brookfield Asset Management by 11,172.2% during the second quarter. State Street Corp now owns 3,524,700 shares of the financial services provider's stock valued at $194,845,000 after purchasing an additional 3,493,431 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Brookfield Asset Management by 975.9% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,765,220 shares of the financial services provider's stock valued at $85,463,000 after purchasing an additional 1,601,155 shares in the last quarter. Geode Capital Management LLC lifted its holdings 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 valued at $208,571,000 after purchasing an additional 1,443,441 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in Brookfield Asset Management by 461.5% during the first quarter. Millennium Management LLC now owns 1,722,683 shares of the financial services provider's stock valued at $83,464,000 after purchasing an additional 1,415,866 shares in the last quarter. Hedge funds and other institutional investors 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.

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