Brookfield Asset Management (NYSE:BAM) Reaches New 1-Year High - Time to Buy?

Key Points

• Brookfield Asset Management's (NYSE:BAM) shares reached a new 52-week high of $63.79, signaling strong market performance with a recent trading volume of 268,921 shares.
• Several analysts have upgraded Brookfield Asset Management, with a consensus target price of $62.06 and ratings indicating a "Moderate Buy."
• The company reported earnings of $0.40 per share, meeting expectations, although its revenue for the quarter fell short of analysts' estimates at $1.04 billion.

Brookfield Asset Management Ltd. (NYSE:BAM - Get Free Report) TSE: BAM.A shares reached a new 52-week high on Wednesday . The stock traded as high as $63.79 and last traded at $63.39, with a volume of 268921 shares changing hands. The stock had previously closed at $61.54.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on BAM shares. Bank of America upgraded shares of Brookfield Asset Management from a "neutral" rating to a "buy" rating and set a $65.00 price target on the stock in a report on Thursday, April 10th. Morgan Stanley raised their price objective on shares of Brookfield Asset Management from $50.00 to $54.00 and gave the company an "equal weight" rating in a research note on Friday, May 16th. TD Securities boosted their target price on shares of Brookfield Asset Management from $66.00 to $75.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Wells Fargo & Company lifted their price target on shares of Brookfield Asset Management from $55.00 to $57.00 and gave the company an "underweight" rating in a report on Friday, July 11th. Finally, Jefferies Financial Group lowered their target price on shares of Brookfield Asset Management from $52.00 to $46.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $62.06.

Brookfield Asset Management Trading Up 1.7%

The company has a fifty day simple moving average of $57.45 and a 200-day simple moving average of $54.94. The stock has a market cap of $102.46 billion, a price-to-earnings ratio of 44.37, a P/E/G ratio of 2.36 and a beta of 1.44. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.07.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last released its quarterly earnings data on Tuesday, May 6th. The financial services provider reported $0.40 earnings per share for the quarter, meeting the consensus estimate of $0.40. Brookfield Asset Management had a return on equity of 52.70% and a net margin of 55.26%. The business had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.29 billion. On average, research analysts forecast that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Brookfield Asset Management

A number of institutional investors and hedge funds have recently modified their holdings of the company. LPL Financial LLC boosted its stake in Brookfield Asset Management by 12.8% in the fourth quarter. LPL Financial LLC now owns 52,181 shares of the financial services provider's stock valued at $2,828,000 after acquiring an additional 5,934 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Brookfield Asset Management by 15.7% during the 4th quarter. Franklin Resources Inc. now owns 146,731 shares of the financial services provider's stock worth $7,948,000 after buying an additional 19,860 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Brookfield Asset Management by 31.3% in the fourth quarter. Geode Capital Management LLC now owns 2,116,337 shares of the financial services provider's stock worth $117,171,000 after acquiring an additional 504,478 shares in the last quarter. Wells Fargo & Company MN lifted its stake in shares of Brookfield Asset Management by 7.2% in the fourth quarter. Wells Fargo & Company MN now owns 650,628 shares of the financial services provider's stock worth $35,268,000 after buying an additional 43,484 shares during the last quarter. Finally, FMR LLC raised its stake in shares of Brookfield Asset Management by 2.3% in the 4th quarter. FMR LLC now owns 19,646,285 shares of the financial services provider's stock valued at $1,064,983,000 after buying an additional 447,642 shares in the last quarter. 68.41% of the stock is currently 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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