Scotiabank Forecasts Strong Price Appreciation for Brookfield Asset Management (NYSE:BAM) Stock

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A had its price objective hoisted by stock analysts at Scotiabank from $59.50 to $63.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a "sector outperform" rating on the financial services provider's stock. Scotiabank's price objective would indicate a potential upside of 8.90% from the stock's previous close.

A number of other analysts have also weighed in on BAM. The Goldman Sachs Group increased their price objective on Brookfield Asset Management from $57.00 to $63.00 and gave the company a "buy" rating in a research note on Tuesday, November 19th. StockNews.com downgraded Brookfield Asset Management from a "hold" rating to a "sell" rating in a report on Thursday, January 9th. Wells Fargo & Company lowered their price objective on shares of Brookfield Asset Management from $56.00 to $55.00 and set an "underweight" rating on the stock in a research note on Tuesday, January 14th. TD Securities increased their price target on Brookfield Asset Management from $61.00 to $64.00 and gave the stock a "buy" rating in a research note on Tuesday, November 5th. Finally, UBS Group began coverage on Brookfield Asset Management in a research note on Monday, December 16th. They issued a "buy" rating on the stock. Three analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, Brookfield Asset Management currently has a consensus rating of "Hold" and a consensus target price of $56.42.

Brookfield Asset Management Price Performance

Shares of BAM traded up $0.14 during trading hours on Monday, hitting $57.85. 1,418,084 shares of the stock were exchanged, compared to its average volume of 1,290,878. The business has a 50-day moving average of $56.45 and a 200-day moving average of $50.37. Brookfield Asset Management has a fifty-two week low of $37.29 and a fifty-two week high of $62.61. The firm has a market capitalization of $25.64 billion, a P/E ratio of 51.20, a price-to-earnings-growth ratio of 2.26 and a beta of 1.46.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last posted its quarterly earnings results on Monday, November 4th. The financial services provider reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate 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 prior year, the company earned $0.35 EPS. As a group, analysts forecast that Brookfield Asset Management will post 1.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in shares of Brookfield Asset Management by 11.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,611,859 shares of the financial services provider's stock valued at $77,293,000 after purchasing an additional 168,170 shares during the period. Avior Wealth Management LLC raised its position in Brookfield Asset Management by 2,857.1% in the third quarter. Avior Wealth Management LLC now owns 10,350 shares of the financial services provider's stock valued at $489,000 after purchasing an additional 10,000 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Brookfield Asset Management by 5.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 834,929 shares of the financial services provider's stock worth $39,516,000 after buying an additional 45,670 shares during the period. LGT Capital Partners LTD. boosted its stake in shares of Brookfield Asset Management by 11.5% in the 3rd quarter. LGT Capital Partners LTD. now owns 534,000 shares of the financial services provider's stock valued at $25,273,000 after buying an additional 55,000 shares during the period. Finally, CIBC Asset Management Inc raised its stake in 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 buying an additional 370,383 shares in the last quarter. 68.41% of the stock is currently 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.