Bank of America Cuts Brookfield Asset Management (NYSE:BAM) Price Target to $60.00

by · The Markets Daily

Brookfield Asset Management (NYSE:BAM – Get Free Report) (TSE:BAM.A) had its price objective decreased by analysts at Bank of America from $61.00 to $60.00 in a report issued on Monday, BayStreet reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Bank of America‘s price objective indicates a potential upside of 33.91% from the stock’s current price.

A number of other research analysts also recently issued reports on the stock. Royal Bank Of Canada set a $65.00 price objective on shares of Brookfield Asset Management and gave the company an “outperform” rating in a research report on Friday, September 18th. UBS Group raised their target price on shares of Brookfield Asset Management from $48.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, August 6th. Wall Street Zen raised shares of Brookfield Asset Management from a “sell” rating to a “hold” rating in a research note on Sunday. Scotiabank reiterated an “outperform” rating and set a $59.00 price target on shares of Brookfield Asset Management in a research report on Thursday, August 6th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Brookfield Asset Management in a research note on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $57.57.

Check Out Our Latest Stock Report on Brookfield Asset Management

Brookfield Asset Management Trading Down 0.1%

NYSE BAM traded down $0.04 on Monday, hitting $44.80. The company’s stock had a trading volume of 1,611,463 shares, compared to its average volume of 3,173,221. The firm has a market cap of $73.40 billion, a P/E ratio of 26.08, a PEG ratio of 1.84 and a beta of 1.31. Brookfield Asset Management has a 52-week low of $42.20 and a 52-week high of $59.33. The company’s 50-day simple moving average is $49.36 and its 200 day simple moving average is $47.61. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06.

Brookfield Asset Management (NYSE:BAM – Get Free Report) (TSE:BAM.A) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.01. The firm had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.47 billion. Brookfield Asset Management had a return on equity of 31.50% and a net margin of 48.89%. Research analysts predict that Brookfield Asset Management will post 1.78 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Trust Co. of Vermont purchased a new position in Brookfield Asset Management during the 2nd quarter valued at about $25,000. Compass Financial Management LLC purchased a new stake in Brookfield Asset Management in the second quarter worth about $27,000. Allied Private Wealth LLC purchased a new stake in Brookfield Asset Management in the second quarter worth about $40,000. Root Financial Partners LLC increased its stake in shares of Brookfield Asset Management by 184.5% during the first quarter. Root Financial Partners LLC now owns 1,283 shares of the financial services provider’s stock valued at $57,000 after purchasing an additional 832 shares in the last quarter. Finally, Hanson & Doremus Investment Management increased its stake in shares of Brookfield Asset Management by 19.3% during the first quarter. Hanson & Doremus Investment Management now owns 1,548 shares of the financial services provider’s stock valued at $69,000 after purchasing an additional 250 shares in the last quarter. 68.41% of the stock is currently owned by institutional investors.

About Brookfield Asset Management

(Get Free Report)

Brookfield Asset Management Ltd. (NYSE: BAM) is a global alternative asset management company that provides investment management services and strategies for institutional investors, governments, financial institutions and private wealth clients. The company invests in and manages assets on behalf of its clients across a range of private-market sectors.

Its principal investment strategies include renewable power and energy transition, infrastructure, private equity, real estate and credit.

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