Brookfield Asset Management Inc (NYSE:BAM) (TSE:BAM.A) had its price objective increased by equities research analysts at Scotiabank from $41.75 to $42.50 in a report released on Wednesday. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Scotiabank’s target price would indicate a potential upside of 10.68% from the stock’s current price.
A number of other equities research analysts have also recently commented on the company. BidaskClub cut Brookfield Asset Management from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Royal Bank Of Canada reiterated a “buy” rating and issued a $42.00 price target on shares of Brookfield Asset Management in a research note on Thursday, July 27th. ValuEngine cut Brookfield Asset Management from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. TD Securities reiterated a “buy” rating on shares of Brookfield Asset Management in a research note on Saturday, May 13th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $45.00 price target on shares of Brookfield Asset Management in a research note on Friday, May 12th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $41.81.
Brookfield Asset Management (NYSE BAM) opened at 38.40 on Wednesday. Brookfield Asset Management has a 12 month low of $32.04 and a 12 month high of $40.09. The stock has a market cap of $36.81 billion, a price-to-earnings ratio of 30.79 and a beta of 1.03. The firm has a 50-day moving average price of $39.07 and a 200-day moving average price of $37.38.
Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last issued its quarterly earnings data on Thursday, August 10th. The financial services provider reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by $0.28. Brookfield Asset Management had a net margin of 5.39% and a return on equity of 2.12%. The company had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $5.27 billion. During the same period in the previous year, the business earned $0.15 EPS. Brookfield Asset Management’s revenue for the quarter was up 58.1% compared to the same quarter last year. Equities research analysts expect that Brookfield Asset Management will post $0.99 earnings per share for the current fiscal year.
Brookfield Asset Management declared that its Board of Directors has initiated a stock repurchase program on Friday, May 19th that permits the company to repurchase 82,960,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
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Several hedge funds and other institutional investors have recently made changes to their positions in BAM. Group One Trading L.P. purchased a new position in shares of Brookfield Asset Management during the first quarter valued at about $186,000. Visionary Asset Management Inc. purchased a new position in shares of Brookfield Asset Management during the second quarter valued at about $201,000. HM Payson & Co. purchased a new position in shares of Brookfield Asset Management during the second quarter valued at about $203,000. Bronfman E.L. Rothschild L.P. boosted its position in shares of Brookfield Asset Management by 112.3% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 5,176 shares of the financial services provider’s stock valued at $203,000 after buying an additional 2,738 shares during the last quarter. Finally, Checchi Capital Advisers LLC purchased a new position in shares of Brookfield Asset Management during the second quarter valued at about $208,000. Hedge funds and other institutional investors own 53.95% of the company’s stock.
About Brookfield Asset Management
Brookfield Asset Management Inc is an alternative asset manager. The Company operates in eight segments. The Asset Management segment manages its listed partnerships, private funds and public markets on behalf of its clients. The Property segment includes the ownership, operation and development of office, retail and other properties.
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