Scotiabank Lowers Brookfield Asset Management (NYSE:BAM) Price Target to $45.50

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its target price dropped by Scotiabank from $46.00 to $45.50 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the financial services provider’s stock. Scotiabank’s price target would indicate a potential upside of 14.81% from the stock’s previous close.

Several other brokerages have also recently commented on BAM. JPMorgan Chase & Co. lowered their price target on Brookfield Asset Management from $42.00 to $41.00 and set a “neutral” rating for the company in a research note on Thursday. Deutsche Bank Aktiengesellschaft increased their price target on shares of Brookfield Asset Management from $43.00 to $44.00 and gave the stock a “buy” rating in a research note on Thursday. StockNews.com lowered shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a research note on Wednesday. TD Securities increased their target price on shares of Brookfield Asset Management from $49.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Royal Bank of Canada boosted their price target on Brookfield Asset Management from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Monday, April 29th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $42.46.

Brookfield Asset Management Stock Performance

Shares of NYSE:BAM remained flat at $39.63 during trading on Thursday. 977,648 shares of the company’s stock were exchanged, compared to its average volume of 1,338,058. The company has a fifty day simple moving average of $39.59 and a two-hundred day simple moving average of $40.13. Brookfield Asset Management has a 52 week low of $28.35 and a 52 week high of $44.38. The firm has a market cap of $17.59 billion, a price-to-earnings ratio of 36.69, a P/E/G ratio of 1.95 and a beta of 1.57.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings data on Wednesday, May 8th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. Brookfield Asset Management had a return on equity of 98.98% and a net margin of 49.36%. The firm had revenue of $884.00 million during the quarter. As a group, research analysts anticipate that Brookfield Asset Management will post 1.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Brookfield Asset Management

Hedge funds and other institutional investors have recently made changes to their positions in the company. Mutual of America Capital Management LLC bought a new position in Brookfield Asset Management in the second quarter valued at about $1,737,000. Renaissance Technologies LLC lifted its position in Brookfield Asset Management by 114.9% during the 2nd quarter. Renaissance Technologies LLC now owns 308,400 shares of the financial services provider’s stock valued at $11,735,000 after purchasing an additional 164,900 shares during the period. Dimensional Fund Advisors LP bought a new position in shares of Brookfield Asset Management in the 2nd quarter valued at about $42,160,000. Oppenheimer Asset Management Inc. boosted its position in shares of Brookfield Asset Management by 48.9% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 27,921 shares of the financial services provider’s stock worth $1,062,000 after purchasing an additional 9,175 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale grew its position in shares of Brookfield Asset Management by 34.7% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 89,808 shares of the financial services provider’s stock worth $3,315,000 after buying an additional 23,143 shares during the period. 68.41% of the stock is owned by institutional investors and hedge funds.

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.