Wall Street Zen Upgrades Brookfield Asset Management (NYSE:BAM) to Hold

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Sunday, Wall Street Zen reports.

Other research analysts also recently issued reports about the stock. National Bank Financial raised their price objective on shares of Brookfield Asset Management from $69.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. Scotia increased their target price on Brookfield Asset Management from $57.00 to $59.00 and gave the stock a “sector outperform” rating in a research report on Thursday, August 6th. Scotiabank reaffirmed an “outperform” rating and issued a $59.00 price target on shares of Brookfield Asset Management in a report on Thursday, August 6th. Piper Sandler reiterated a “neutral” rating and issued a $50.00 price target (down from $53.00) on shares of Brookfield Asset Management in a research report on Friday, September 18th. Finally, UBS Group boosted their price objective on Brookfield Asset Management from $48.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $57.57.

Brookfield Asset Management Trading Down 0.1%

Shares of BAM opened at $44.82 on Friday. Brookfield Asset Management has a fifty-two week low of $42.20 and a fifty-two week high of $59.33. The business has a 50-day moving average of $49.30 and a 200 day moving average of $47.62. The firm has a market cap of $73.42 billion, a P/E ratio of 26.06, a price-to-earnings-growth ratio of 1.84 and a beta of 1.31. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.75 and a current ratio of 0.75.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. The firm had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.47 billion. Brookfield Asset Management had a net margin of 48.89% and a return on equity of 31.50%. As a group, research analysts forecast that Brookfield Asset Management will post 1.78 EPS for the current year.

Institutional Investors Weigh In On Brookfield Asset Management

Several large investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its stake in shares of Brookfield Asset Management by 62.0% during the first quarter. Principal Financial Group Inc. now owns 12,735,547 shares of the financial services provider’s stock worth $566,092,000 after acquiring an additional 4,872,090 shares in the last quarter. Madison Asset Management LLC purchased a new stake in shares of Brookfield Asset Management in the 2nd quarter valued at $70,433,000. Renaissance Technologies LLC grew its holdings in shares of Brookfield Asset Management by 283.7% during the 1st quarter. Renaissance Technologies LLC now owns 1,103,325 shares of the financial services provider’s stock valued at $49,043,000 after purchasing an additional 815,800 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Brookfield Asset Management by 15.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 5,319,506 shares of the financial services provider’s stock worth $236,308,000 after purchasing an additional 716,892 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in Brookfield Asset Management by 300.0% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 800,000 shares of the financial services provider’s stock worth $41,912,000 after purchasing an additional 600,000 shares during the period. Institutional investors own 68.41% of the company’s stock.

About Brookfield Asset Management

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.