Brookfield Asset Management (NYSE:BAM) Price Target Cut to $65.00 by Analysts at Bank of America

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A had its price target cut by investment analysts at Bank of America from $69.00 to $65.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. Bank of America's price objective points to a potential upside of 41.94% from the stock's current price.

BAM has been the topic of several other reports. Hsbc Global Res upgraded Brookfield Asset Management from a "hold" rating to a "strong-buy" rating in a research note on Friday, February 14th. Wells Fargo & Company cut their price target on shares of Brookfield Asset Management from $54.00 to $50.00 and set an "underweight" rating on the stock in a research note on Thursday, March 20th. StockNews.com upgraded shares of Brookfield Asset Management from a "sell" rating to a "hold" rating in a research note on Thursday, March 20th. Keefe, Bruyette & Woods cut their target price on Brookfield Asset Management from $57.00 to $56.00 and set an "underperform" rating on the stock in a research report on Monday, January 13th. Finally, Scotiabank dropped their price target on Brookfield Asset Management from $63.00 to $62.50 and set an "outperform" rating on the stock in a research note on Thursday, February 13th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $57.75.

Remove Ads

Brookfield Asset Management Stock Performance

Brookfield Asset Management stock traded up $2.90 during mid-day trading on Friday, reaching $45.80. 2,100,767 shares of the company were exchanged, compared to its average volume of 1,416,150. Brookfield Asset Management has a 12-month low of $37.29 and a 12-month high of $62.61. The business has a fifty day moving average of $52.84 and a 200 day moving average of $53.62. The firm has a market cap of $74.98 billion, a P/E ratio of 34.69, a PEG ratio of 1.92 and a beta of 1.63.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last issued its quarterly earnings data on Wednesday, February 12th. The financial services provider reported $0.40 earnings per share for the quarter, beating analysts' consensus estimates of $0.39 by $0.01. Brookfield Asset Management had a return on equity of 81.16% and a net margin of 54.47%. Sell-side analysts predict that Brookfield Asset Management will post 1.7 EPS for the current year.

Institutional Trading of Brookfield Asset Management

A number of institutional investors and hedge funds have recently modified their holdings of BAM. Principal Financial Group Inc. increased its stake in Brookfield Asset Management by 0.3% during 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 buying an additional 24,409 shares in the last quarter. Verition Fund Management LLC purchased a new stake in shares of Brookfield Asset Management during the third quarter worth approximately $391,000. Benjamin Edwards Inc. acquired a new position in Brookfield Asset Management in the 3rd quarter valued at $602,000. Hilltop Holdings Inc. purchased a new position in Brookfield Asset Management in the 3rd quarter valued at $212,000. Finally, HighTower Advisors LLC boosted its stake in Brookfield Asset Management by 3.7% during the 3rd quarter. HighTower Advisors LLC now owns 134,752 shares of the financial services provider's stock worth $6,370,000 after purchasing an additional 4,862 shares during 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.