Brookfield Asset Management (NYSE:BAM) Given New $70.00 Price Target at CIBC

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its target price raised by equities researchers at CIBC from $63.00 to $70.00 in a report issued on Thursday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. CIBC’s target price would indicate a potential upside of 12.85% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. StockNews.com downgraded shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a report on Thursday, January 9th. BMO Capital Markets increased 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. Keefe, Bruyette & Woods reduced 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. UBS Group initiated coverage on shares of Brookfield Asset Management in a research report on Monday, December 16th. They set a “buy” rating for the company. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Brookfield Asset Management from $56.00 to $59.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $56.13.

Brookfield Asset Management Stock Performance

NYSE BAM traded up $0.67 on Thursday, reaching $62.03. The company’s stock had a trading volume of 220,938 shares, compared to its average volume of 1,210,452. The stock has a market cap of $27.49 billion, a PE ratio of 54.87, a PEG ratio of 2.15 and a beta of 1.45. Brookfield Asset Management has a twelve month low of $37.29 and a twelve month high of $62.61. The firm’s 50 day moving average is $56.22 and its two-hundred day moving average is $49.76.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its quarterly earnings results on Monday, November 4th. The financial services provider reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Brookfield Asset Management had a return on equity of 85.03% and a net margin of 49.69%. During the same quarter in the previous year, the firm earned $0.35 earnings per share. Equities research analysts anticipate that Brookfield Asset Management will post 1.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Brookfield Asset Management

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Compagnie Lombard Odier SCmA grew its stake in shares of Brookfield Asset Management by 3.1% during the fourth quarter. Compagnie Lombard Odier SCmA now owns 479,850 shares of the financial services provider’s stock worth $26,003,000 after purchasing an additional 14,500 shares in the last quarter. Louisbourg Investments Inc. raised its stake in Brookfield Asset Management by 3,312.7% during the 4th quarter. Louisbourg Investments Inc. now owns 49,552 shares of the financial services provider’s stock worth $2,686,000 after acquiring an additional 48,100 shares in the last quarter. Focus Financial Network Inc. purchased a new stake in Brookfield Asset Management in the fourth quarter valued at $229,000. Wilmington Savings Fund Society FSB grew its holdings in shares of Brookfield Asset Management by 38.1% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 6,094 shares of the financial services provider’s stock worth $330,000 after purchasing an additional 1,680 shares during the last quarter. Finally, Choreo LLC boosted its position in shares of Brookfield Asset Management by 96.9% in the 4th quarter. Choreo LLC now owns 10,087 shares of the financial services provider’s stock valued at $551,000 after purchasing an additional 4,964 shares during the period. Hedge funds and other institutional investors 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.