Scotiabank Reaffirms “Outperform” Rating for Brookfield Asset Management (NYSE:BAM)

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A)‘s stock had its “outperform” rating reaffirmed by investment analysts at Scotiabank in a research note issued to investors on Wednesday, MarketBeat Ratings reports. They presently have a $66.00 price target on the financial services provider’s stock, down from their prior price target of $69.00. Scotiabank’s target price would indicate a potential upside of 7.07% from the company’s previous close.

BAM has been the subject of several other reports. National Bankshares set a $71.00 price target on Brookfield Asset Management and gave the stock an “outperform” rating in a research report on Tuesday. Wall Street Zen upgraded Brookfield Asset Management from a “sell” rating to a “hold” rating in a research report on Tuesday, April 15th. JPMorgan Chase & Co. raised their price target on Brookfield Asset Management from $51.00 to $55.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 7th. Wells Fargo & Company raised their price target on Brookfield Asset Management from $55.00 to $57.00 and gave the stock an “underweight” rating in a research report on Friday, July 11th. Finally, Jefferies Financial Group lowered their price target on Brookfield Asset Management from $52.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $62.06.

Brookfield Asset Management Price Performance

BAM stock opened at $61.64 on Wednesday. The business has a fifty day moving average of $57.20 and a two-hundred day moving average of $54.80. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.07. The stock has a market cap of $100.94 billion, a price-to-earnings ratio of 43.72, a price-to-earnings-growth ratio of 2.39 and a beta of 1.43. Brookfield Asset Management has a 52-week low of $38.18 and a 52-week high of $63.53.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its earnings results on Tuesday, May 6th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, hitting 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 company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.29 billion. As a group, research analysts anticipate that Brookfield Asset Management will post 1.7 earnings per share for the current year.

Institutional Trading of Brookfield Asset Management

A number of institutional investors have recently bought and sold shares of BAM. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Brookfield Asset Management by 975.9% during the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,765,220 shares of the financial services provider’s stock worth $85,463,000 after buying an additional 1,601,155 shares during the last quarter. Millennium Management LLC lifted its holdings in Brookfield Asset Management by 461.5% during the 1st quarter. Millennium Management LLC now owns 1,722,683 shares of the financial services provider’s stock worth $83,464,000 after buying an additional 1,415,866 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Brookfield Asset Management by 58.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 3,360,125 shares of the financial services provider’s stock worth $163,354,000 after buying an additional 1,246,011 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Brookfield Asset Management by 107.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,363,192 shares of the financial services provider’s stock worth $114,497,000 after buying an additional 1,224,012 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in Brookfield Asset Management during the 4th quarter worth about $43,321,000. 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.