Scotiabank Issues Positive Forecast for Brookfield Asset Management (NYSE:BAM) Stock Price

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its target price upped by Scotiabank from $59.50 to $63.00 in a report issued on Monday morning,Benzinga reports. They currently have a sector outperform rating on the financial services provider’s stock.

A number of other research firms also recently issued reports on BAM. CIBC boosted their target price on shares of Brookfield Asset Management from $63.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Wells Fargo & Company decreased their target price on Brookfield Asset Management from $56.00 to $55.00 and set an “underweight” rating on the stock in a research report on Tuesday, January 14th. Royal Bank of Canada raised their target price 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, November 5th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Brookfield Asset Management from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Finally, TD Securities raised their price target on Brookfield Asset Management from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $56.42.

Brookfield Asset Management Stock Performance

Shares of BAM opened at $58.24 on Monday. Brookfield Asset Management has a fifty-two week low of $37.29 and a fifty-two week high of $62.61. The company has a 50 day moving average price of $56.41 and a 200-day moving average price of $50.08. The stock has a market capitalization of $25.81 billion, a PE ratio of 51.54, a PEG ratio of 2.26 and a beta of 1.46.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings data on Monday, November 4th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 85.03%. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the prior year, the company posted $0.35 earnings per share. Equities research analysts forecast that Brookfield Asset Management will post 1.45 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in BAM. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Brookfield Asset Management by 66.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,965,162 shares of the financial services provider’s stock worth $92,896,000 after acquiring an additional 784,250 shares during the period. Segall Bryant & Hamill LLC purchased a new position in shares of Brookfield Asset Management in the 3rd quarter valued at about $19,075,000. CIBC Asset Management Inc lifted its stake in shares of Brookfield Asset Management by 10.3% in the third quarter. CIBC Asset Management Inc now owns 3,953,496 shares of the financial services provider’s stock valued at $188,057,000 after purchasing an additional 370,383 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in Brookfield Asset Management during the third quarter worth about $14,216,000. Finally, Bamco Inc. NY grew its position in Brookfield Asset Management by 31.5% during the third quarter. Bamco Inc. NY now owns 1,100,435 shares of the financial services provider’s stock worth $52,040,000 after buying an additional 263,532 shares during the period. 68.41% of the stock is owned by hedge funds and other institutional investors.

Brookfield Asset Management Company Profile

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.