Brookfield Asset Management (NYSE:BAM) Stock Price Expected to Rise, Scotiabank Analyst Says

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its target price raised by stock analysts at Scotiabank from $55.50 to $59.50 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “sector outperform” rating on the financial services provider’s stock. Scotiabank’s price objective would suggest a potential upside of 7.09% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Wells Fargo & Company increased their price target on Brookfield Asset Management from $48.00 to $51.00 and gave the company an “underweight” rating in a research report on Tuesday. The Goldman Sachs Group increased their price target on Brookfield Asset Management from $47.00 to $52.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Jefferies Financial Group initiated coverage on Brookfield Asset Management in a research report on Friday, August 2nd. They issued a “hold” rating and a $43.00 price target for the company. JPMorgan Chase & Co. reduced their price objective on Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Finally, CIBC upped their price objective on Brookfield Asset Management from $47.00 to $49.00 and gave the company an “outperformer” rating in a research note on Friday, July 19th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $52.29.

Brookfield Asset Management Price Performance

Shares of NYSE:BAM traded up $0.79 during trading on Tuesday, reaching $55.56. 2,071,417 shares of the stock were exchanged, compared to its average volume of 1,278,967. Brookfield Asset Management has a 1-year low of $30.59 and a 1-year high of $57.36. The stock has a fifty day moving average of $47.46 and a two-hundred day moving average of $42.45. The firm has a market cap of $24.68 billion, a price-to-earnings ratio of 49.17, a price-to-earnings-growth ratio of 2.55 and a beta of 1.42.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its 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. Brookfield Asset Management had a return on equity of 92.37% and a net margin of 51.29%. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the firm earned $0.35 earnings per share. Sell-side analysts forecast that Brookfield Asset Management will post 1.43 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. National Bank of Canada FI boosted its stake in Brookfield Asset Management by 15.5% in the 1st quarter. National Bank of Canada FI now owns 801,163 shares of the financial services provider’s stock worth $31,742,000 after purchasing an additional 107,245 shares during the period. Confluence Investment Management LLC boosted its stake 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 worth $3,420,000 after purchasing an additional 71,263 shares during the period. O Shaughnessy Asset Management LLC bought a new position in Brookfield Asset Management in the 1st quarter worth about $3,014,000. Intact Investment Management Inc. purchased a new stake in shares of Brookfield Asset Management in the 2nd quarter valued at about $4,825,000. Finally, Pitcairn Co. purchased a new stake in shares of Brookfield Asset Management in the 1st quarter valued at about $525,000. 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.