Scotiabank Lowers Brookfield Asset Management (NYSE:BAM) Price Target to $65.75

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price objective lowered by Scotiabank from $67.25 to $65.75 in a report released on Monday, Marketbeat Ratings reports. The brokerage currently has a “sector outperform” rating on the financial services provider’s stock. Scotiabank’s price objective would indicate a potential upside of 21.75% from the company’s current price.

A number of other research analysts have also recently weighed in on the company. CIBC raised their price target on Brookfield Asset Management from $70.00 to $71.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $58.00 price objective on shares of Brookfield Asset Management in a research note on Thursday, August 7th. National Bankshares cut their target price on shares of Brookfield Asset Management from $71.00 to $69.00 and set an “outperform” rating for the company in a research report on Monday, October 27th. National Bank Financial initiated coverage on shares of Brookfield Asset Management in a research report on Tuesday, July 29th. They issued an “outperform” rating and a $71.00 price target on the stock. Finally, Piper Sandler dropped their price objective on shares of Brookfield Asset Management from $65.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday, September 11th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Brookfield Asset Management presently has a consensus rating of “Moderate Buy” and an average price target of $64.23.

Brookfield Asset Management Price Performance

BAM stock opened at $54.01 on Monday. The firm has a 50 day moving average of $56.43 and a 200-day moving average of $57.43. The company has a market cap of $88.45 billion, a price-to-earnings ratio of 36.24, a PEG ratio of 2.04 and a beta of 1.38. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.14. Brookfield Asset Management has a 12-month low of $41.78 and a 12-month high of $64.10.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings results on Friday, November 7th. The financial services provider reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Brookfield Asset Management had a return on equity of 41.12% and a net margin of 55.92%. As a group, equities analysts expect that Brookfield Asset Management will post 1.7 EPS for the current fiscal year.

Institutional Trading of Brookfield Asset Management

Several hedge funds and other institutional investors have recently bought and sold shares of BAM. MAI Capital Management lifted its stake in shares of Brookfield Asset Management by 7.3% during the 3rd quarter. MAI Capital Management now owns 130,150 shares of the financial services provider’s stock worth $7,411,000 after purchasing an additional 8,808 shares during the period. Cary Street Partners Financial LLC increased its stake in Brookfield Asset Management by 227.5% in the third quarter. Cary Street Partners Financial LLC now owns 809 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 562 shares during the last quarter. AXQ Capital LP purchased a new position in Brookfield Asset Management during the third quarter worth about $417,000. Compound Planning Inc. boosted its stake in Brookfield Asset Management by 17.0% in the 3rd quarter. Compound Planning Inc. now owns 16,269 shares of the financial services provider’s stock worth $926,000 after buying an additional 2,368 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Brookfield Asset Management by 114.3% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,974 shares of the financial services provider’s stock worth $112,000 after buying an additional 1,053 shares during the last quarter. 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.