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Wells Fargo & Company Cuts Brookfield Asset Management (NYSE:BAM) Price Target to $55.00

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Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A had its price objective lowered by research analysts at Wells Fargo & Company from $56.00 to $55.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "underweight" rating on the financial services provider's stock. Wells Fargo & Company's price target would indicate a potential upside of 3.81% from the stock's previous close.

A number of other equities research analysts have also recently commented on BAM. Royal Bank of Canada raised their price objective 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. UBS Group started coverage on shares of Brookfield Asset Management in a research report on Monday, December 16th. They set a "buy" rating on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of Brookfield Asset Management from $57.00 to $56.00 and set an "underperform" rating for the company in a research report on Monday. Scotiabank raised their target price on Brookfield Asset Management from $55.50 to $59.50 and gave the company a "sector outperform" rating in a research report on Tuesday, November 5th. Finally, StockNews.com lowered Brookfield Asset Management from a "hold" rating to a "sell" rating in a research note on Thursday, January 9th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $54.38.

Check Out Our Latest Research Report on BAM

Brookfield Asset Management Stock Performance

NYSE BAM traded up $1.02 on Tuesday, reaching $52.98. 1,207,926 shares of the company's stock traded hands, compared to its average volume of 1,361,734. Brookfield Asset Management has a fifty-two week low of $37.19 and a fifty-two week high of $59.58. The firm has a market cap of $23.47 billion, a price-to-earnings ratio of 46.89, a P/E/G ratio of 2.43 and a beta of 1.45. The stock has a 50 day moving average price of $55.91 and a 200-day moving average price of $48.38.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last issued 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. The business had revenue of $1.12 billion during the quarter, compared to analysts' expectations of $1.19 billion. Brookfield Asset Management had a return on equity of 85.03% and a net margin of 49.69%. During the same quarter in the previous year, the firm posted $0.35 EPS. As a group, equities research analysts anticipate that Brookfield Asset Management will post 1.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mackenzie Financial Corp boosted 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 worth $514,867,000 after purchasing an additional 2,205,040 shares during the last quarter. Bank of Montreal Can boosted its stake in Brookfield Asset Management by 0.5% during the third quarter. Bank of Montreal Can now owns 9,236,374 shares of the financial services provider's stock worth $435,729,000 after buying an additional 43,134 shares during the last quarter. Principal Financial Group Inc. grew 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 valued at $419,400,000 after buying an additional 24,409 shares in the last quarter. The Manufacturers Life Insurance Company grew 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 valued at $260,770,000 after buying an additional 2,788,611 shares in the last quarter. Finally, CIBC Asset Management Inc increased its stake in shares of Brookfield Asset Management by 10.3% in the 3rd quarter. CIBC Asset Management Inc now owns 3,953,496 shares of the financial services provider's stock worth $188,057,000 after acquiring an additional 370,383 shares during the last quarter. Hedge funds and other institutional investors own 68.41% of the company's stock.

About Brookfield Asset Management

(Get Free Report)

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.

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