Scotiabank Cuts Brookfield Asset Management (NYSE:BAM) Price Target to $62.50

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A had its target price dropped by analysts at Scotiabank from $63.00 to $62.50 in a research report issued on Thursday, Marketbeat reports. The brokerage presently has an "outperform" rating on the financial services provider's stock. Scotiabank's price objective suggests a potential upside of 4.41% from the company's previous close.

Several other brokerages have also recently commented on BAM. Keefe, Bruyette & Woods lowered their target price on shares of Brookfield Asset Management from $57.00 to $56.00 and set an "underperform" rating on the stock in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft raised their target price 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. 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 report on Tuesday, November 5th. Wells Fargo & Company lowered their target price on shares of Brookfield Asset Management from $55.00 to $54.00 and set an "underweight" rating on the stock in a report on Thursday. Finally, BMO Capital Markets raised their target price on shares of Brookfield Asset Management from $40.00 to $50.00 and gave the stock a "market perform" rating in a report on Tuesday, November 5th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $56.71.

Brookfield Asset Management Trading Up 4.0 %

BAM stock traded up $2.29 during mid-day trading on Thursday, hitting $59.86. 1,928,737 shares of the company were exchanged, compared to its average volume of 1,329,742. The business has a 50 day simple moving average of $56.45 and a 200-day simple moving average of $51.17. The stock has a market capitalization of $26.53 billion, a PE ratio of 52.98, a price-to-earnings-growth ratio of 2.18 and a beta of 1.46. Brookfield Asset Management has a 1-year low of $37.29 and a 1-year high of $62.61.

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 (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.01. Brookfield Asset Management had a net margin of 49.69% and a return on equity of 85.03%. Equities research analysts expect that Brookfield Asset Management will post 1.45 earnings per share for the current year.

Hedge Funds Weigh In On Brookfield Asset Management

A number of hedge funds have recently modified their holdings of BAM. FMR LLC lifted its holdings in Brookfield Asset Management by 2.3% in the fourth quarter. FMR LLC now owns 19,646,285 shares of the financial services provider's stock valued at $1,064,983,000 after buying an additional 447,642 shares during the period. Vanguard Group Inc. lifted its holdings in Brookfield Asset Management by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 16,901,942 shares of the financial services provider's stock valued at $916,676,000 after buying an additional 263,660 shares during the period. TD Asset Management Inc. lifted its holdings in Brookfield Asset Management by 8.9% in the fourth quarter. TD Asset Management Inc. now owns 16,664,426 shares of the financial services provider's stock valued at $903,323,000 after buying an additional 1,359,126 shares during the period. Capital International Investors lifted its holdings in Brookfield Asset Management by 0.7% in the fourth quarter. Capital International Investors now owns 16,116,518 shares of the financial services provider's stock valued at $873,354,000 after buying an additional 116,008 shares during the period. Finally, FIL Ltd lifted its holdings in Brookfield Asset Management by 3.9% in the fourth quarter. FIL Ltd now owns 15,369,816 shares of the financial services provider's stock valued at $833,581,000 after buying an additional 574,978 shares during the period. Institutional investors and hedge funds 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.