Wells Fargo & Company Forecasts Strong Price Appreciation for Brookfield Asset Management (NYSE:BAM) Stock

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price target raised by research analysts at Wells Fargo & Company from $48.00 to $51.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target points to a potential downside of 10.46% from the stock’s current price.

Other analysts have also issued reports about the stock. JPMorgan Chase & Co. decreased their target price on shares of Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Jefferies Financial Group initiated coverage on Brookfield Asset Management in a report on Friday, August 2nd. They set a “hold” rating and a $43.00 price objective on the stock. Scotiabank increased their target price on Brookfield Asset Management from $45.50 to $55.50 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Bank of America raised their target price on Brookfield Asset Management from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Finally, BMO Capital Markets upped their price target on Brookfield Asset Management from $37.00 to $40.00 and gave the company a “market perform” rating in a research report on Wednesday, September 11th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Brookfield Asset Management currently has an average rating of “Hold” and an average target price of $52.29.

Brookfield Asset Management Trading Up 2.5 %

Shares of NYSE:BAM opened at $56.96 on Tuesday. The firm has a market capitalization of $25.30 billion, a PE ratio of 50.41, a PEG ratio of 2.55 and a beta of 1.42. Brookfield Asset Management has a 1-year low of $30.59 and a 1-year high of $57.36. The business’s 50 day moving average is $47.78 and its 200-day moving average is $42.55.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings results on Monday, November 4th. The financial services provider reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.19 billion. Brookfield Asset Management had a net margin of 51.29% and a return on equity of 92.37%. During the same quarter in the previous year, the company earned $0.35 earnings per share. On average, sell-side analysts predict that Brookfield Asset Management will post 1.43 EPS for the current year.

Hedge Funds Weigh In On Brookfield Asset Management

Large investors have recently modified their holdings of the stock. National Bank of Canada FI increased its holdings in shares of Brookfield Asset Management by 15.5% in the first quarter. National Bank of Canada FI now owns 801,163 shares of the financial services provider’s stock valued at $31,742,000 after purchasing an additional 107,245 shares in the last quarter. Confluence Investment Management LLC boosted its position in Brookfield Asset Management by 382.6% in the 2nd quarter. Confluence Investment Management LLC now owns 89,891 shares of the financial services provider’s stock valued at $3,420,000 after buying an additional 71,263 shares during the last quarter. O Shaughnessy Asset Management LLC bought a new position in Brookfield Asset Management in the 1st quarter valued at $3,014,000. Intact Investment Management Inc. acquired a new stake in shares of Brookfield Asset Management in the 2nd quarter valued at $4,825,000. Finally, Pitcairn Co. bought a new stake in shares of Brookfield Asset Management during the first quarter worth $525,000. 68.41% of the stock is currently owned by institutional investors and hedge funds.

Brookfield Asset Management Company Profile

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.