Brookfield Asset Management (NYSE:BAM) Price Target Cut to $55.00 by Analysts at Wells Fargo & Company

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price target decreased by research analysts at Wells Fargo & Company from $56.00 to $55.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 5.32% from the company’s previous close.

A number of other research analysts have also commented on BAM. Royal Bank of Canada increased their price objective on Brookfield Asset Management from $55.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. TD Securities raised their price target on Brookfield Asset Management from $61.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. StockNews.com downgraded shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a research report on Thursday, January 9th. BMO Capital Markets increased their price objective on shares of Brookfield Asset Management from $40.00 to $50.00 and gave the company a “market perform” rating in a report on Tuesday, November 5th. Finally, Scotiabank increased their price target on Brookfield Asset Management from $55.50 to $59.50 and gave the company a “sector outperform” rating in a research note on Tuesday, November 5th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Brookfield Asset Management presently has a consensus rating of “Hold” and an average price target of $54.38.

Brookfield Asset Management Price Performance

Shares of BAM stock opened at $52.22 on Tuesday. The stock’s fifty day simple moving average is $55.96 and its 200 day simple moving average is $48.28. Brookfield Asset Management has a one year low of $37.19 and a one year high of $59.58. The firm has a market cap of $23.14 billion, a price-to-earnings ratio of 46.21, a P/E/G ratio of 2.43 and a beta of 1.45.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its quarterly earnings data on Monday, November 4th. The financial services provider reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 85.03%. During the same period in the prior year, the firm earned $0.35 earnings per share. On average, research analysts anticipate that Brookfield Asset Management will post 1.47 earnings per share for the current year.

Institutional Investors Weigh In On Brookfield Asset Management

Hedge funds and other institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its holdings in shares of Brookfield Asset Management by 68.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,859,094 shares of the financial services provider’s stock valued at $260,770,000 after buying an additional 2,788,611 shares during the last quarter. Mackenzie Financial Corp increased its stake in shares of Brookfield Asset Management by 19.5% during the 2nd quarter. Mackenzie Financial Corp now owns 13,523,306 shares of the financial services provider’s stock worth $514,867,000 after purchasing an additional 2,205,040 shares during the last quarter. Dimensional Fund Advisors LP bought a new stake in shares of Brookfield Asset Management in the 2nd quarter valued at about $42,160,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Brookfield Asset Management by 66.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,965,162 shares of the financial services provider’s stock valued at $92,896,000 after purchasing an additional 784,250 shares during the last quarter. Finally, Segall Bryant & Hamill LLC bought a new position in Brookfield Asset Management during the third quarter worth about $19,075,000. Institutional investors and hedge funds own 68.41% of the company’s stock.

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.