Brookfield Asset Management (NYSE:BAM) Price Target Lowered to $60.00 at Piper Sandler

Key Points

• Piper Sandler has lowered its target price for Brookfield Asset Management from $65.00 to $60.00, maintaining a "neutral" rating, indicating potential upside of only 5.14% from the current stock price.
• Other analysts have mixed views, with Jefferies raising its target to $62.00 and Scotiabank increasing it to $67.25, while the consensus rating for Brookfield's stock is classified as a "Moderate Buy."
• Brookfield reported earnings of $0.38 per share in its latest quarterly results, missing expectations, with revenue of $1.11 billion compared to forecasts of $1.29 billion.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A had its price target reduced by equities researchers at Piper Sandler from $65.00 to $60.00 in a report released on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the financial services provider's stock. Piper Sandler's price objective suggests a potential upside of 2.42% from the stock's previous close.

Several other brokerages have also issued reports on BAM. Royal Bank Of Canada began coverage on shares of Brookfield Asset Management in a research note on Wednesday, June 18th. They issued an "outperform" rating and a $72.00 target price on the stock. National Bankshares set a $71.00 price objective on shares of Brookfield Asset Management and gave the company an "outperform" rating in a research note on Tuesday, July 29th. Wells Fargo & Company upped their target price on shares of Brookfield Asset Management from $55.00 to $57.00 and gave the company an "underweight" rating in a research report on Friday, July 11th. TD Securities increased their price target on Brookfield Asset Management from $66.00 to $75.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Finally, Bank of America lowered Brookfield Asset Management from a "buy" rating to a "neutral" rating and set a $68.00 target price on the stock. in a research note on Thursday, September 4th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $63.52.

Brookfield Asset Management Trading Up 1.3%

Shares of NYSE BAM traded up $0.75 during midday trading on Thursday, hitting $58.59. The stock had a trading volume of 681,249 shares, compared to its average volume of 2,081,465. The firm has a market cap of $95.95 billion, a P/E ratio of 39.31, a price-to-earnings-growth ratio of 2.07 and a beta of 1.44. Brookfield Asset Management has a fifty-two week low of $41.78 and a fifty-two week high of $64.10. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.25 and a quick ratio of 1.25. The company's 50-day simple moving average is $59.88 and its 200 day simple moving average is $55.21.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.01). The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.29 billion. Brookfield Asset Management had a net margin of 55.92% and a return on equity of 41.12%. Research analysts anticipate that Brookfield Asset Management will post 1.7 EPS for the current year.

Institutional Trading of Brookfield Asset Management

A number of institutional investors have recently modified their holdings of BAM. Vanguard Group Inc. raised its position in Brookfield Asset Management by 1.8% during the first quarter. Vanguard Group Inc. now owns 17,204,794 shares of the financial services provider's stock worth $832,833,000 after acquiring an additional 302,852 shares in the last quarter. TD Asset Management Inc raised its holdings in 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 valued at $861,101,000 after acquiring an additional 250,068 shares in the last quarter. Mackenzie Financial Corp lifted its position in Brookfield Asset Management by 2.5% during the second quarter. Mackenzie Financial Corp now owns 11,400,930 shares of the financial services provider's stock worth $631,412,000 after purchasing an additional 282,853 shares during the period. Norges Bank acquired a new stake in shares of Brookfield Asset Management during the 2nd quarter worth approximately $294,730,000. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Brookfield Asset Management by 25.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,218,119 shares of the financial services provider's stock valued at $232,402,000 after purchasing an additional 857,994 shares during the last quarter. 68.41% of the stock is currently owned by 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.