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

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price objective decreased by equities research analysts at Scotiabank from $63.00 to $62.50 in a research note issued on Thursday, MarketBeat Ratings reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Scotiabank’s target price points to a potential upside of 8.94% from the stock’s previous close.

A number of other analysts have also commented on the company. Wells Fargo & Company decreased their target price on Brookfield Asset Management from $55.00 to $54.00 and set an “underweight” rating for the company in a research report on Thursday. Deutsche Bank Aktiengesellschaft boosted their price objective on Brookfield Asset Management from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Monday, November 11th. The Goldman Sachs Group boosted their price objective on Brookfield Asset Management from $57.00 to $63.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. BMO Capital Markets boosted their price objective on Brookfield Asset Management from $40.00 to $50.00 and gave the stock a “market perform” rating in a report on Tuesday, November 5th. Finally, CIBC boosted their price objective on Brookfield Asset Management from $63.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Brookfield Asset Management presently has a consensus rating of “Hold” and an average target price of $56.71.

Brookfield Asset Management Trading Up 4.1 %

Brookfield Asset Management stock traded up $2.25 during midday trading on Thursday, reaching $57.37. The stock had a trading volume of 783,357 shares, compared to its average volume of 1,365,314. Brookfield Asset Management has a 12 month low of $37.29 and a 12 month high of $62.61. The company has a market capitalization of $25.42 billion, a P/E ratio of 50.68, a PEG ratio of 2.18 and a beta of 1.46. The company has a fifty day moving average price of $56.41 and a two-hundred day moving average price of $50.89.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its earnings results on Wednesday, February 12th. The financial services provider reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.01. Brookfield Asset Management had a return on equity of 85.03% and a net margin of 49.69%. On average, equities research analysts predict that Brookfield Asset Management will post 1.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Brookfield Asset Management

Several institutional investors and hedge funds have recently bought and sold shares of BAM. Ritholtz Wealth Management bought a new position in Brookfield Asset Management during the third quarter valued at $232,000. Creative Planning grew its holdings in Brookfield Asset Management by 3.4% during the third quarter. Creative Planning now owns 70,670 shares of the financial services provider’s stock valued at $3,342,000 after purchasing an additional 2,313 shares during the period. Schubert & Co bought a new position in shares of Brookfield Asset Management in the third quarter worth $216,000. Compass Ion Advisors LLC bought a new position in shares of Brookfield Asset Management in the third quarter worth $251,000. Finally, Whittier Trust Co. boosted its holdings in shares of Brookfield Asset Management by 5.4% in the third quarter. Whittier Trust Co. now owns 25,072 shares of the financial services provider’s stock worth $1,186,000 after acquiring an additional 1,277 shares during the period. 68.41% of the stock is owned by institutional investors.

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.