Brookfield Asset Management (NYSE:BAM) Price Target Raised to $50.00 at BMO Capital Markets

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price target boosted by equities research analysts at BMO Capital Markets from $40.00 to $50.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “market perform” rating on the financial services provider’s stock. BMO Capital Markets’ price target would suggest a potential downside of 10.68% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of Brookfield Asset Management from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday. Royal Bank of Canada raised their price target on shares of Brookfield Asset Management from $55.00 to $68.00 and gave the stock an “outperform” rating in a research note on Tuesday. Keefe, Bruyette & Woods raised their price target on shares of Brookfield Asset Management from $44.00 to $49.00 and gave the stock an “underperform” rating in a research note on Tuesday. JPMorgan Chase & Co. reduced their price target on shares of Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Finally, StockNews.com downgraded shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a research note on Wednesday, August 7th. Three 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. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $51.71.

Brookfield Asset Management Price Performance

Shares of Brookfield Asset Management stock traded up $1.21 during trading on Tuesday, hitting $55.98. The stock had a trading volume of 898,639 shares, compared to its average volume of 1,273,379. The firm’s fifty day simple moving average is $47.19 and its 200-day simple moving average is $42.32. The stock has a market cap of $24.87 billion, a PE ratio of 49.54, a PEG ratio of 2.55 and a beta of 1.42. Brookfield Asset Management has a 12 month low of $30.59 and a 12 month high of $57.36.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its earnings results on Monday, November 4th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates 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 last year, the business earned $0.35 EPS. Analysts expect that Brookfield Asset Management will post 1.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BAM. TD Asset Management Inc boosted its stake in Brookfield Asset Management by 8.5% in the 2nd quarter. TD Asset Management Inc now owns 13,552,736 shares of the financial services provider’s stock worth $515,823,000 after purchasing an additional 1,066,015 shares in the last quarter. Mackenzie Financial Corp increased its holdings 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 valued at $514,867,000 after purchasing an additional 2,205,040 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Brookfield Asset Management by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 10,760,414 shares of the financial services provider’s stock valued at $452,153,000 after purchasing an additional 186,765 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Brookfield Asset Management by 0.3% in the 3rd quarter. Principal Financial Group Inc. now owns 8,867,458 shares of the financial services provider’s stock worth $419,400,000 after acquiring an additional 24,409 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in 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 worth $260,770,000 after acquiring an additional 2,788,611 shares in the last quarter. Hedge funds and other institutional investors 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.