Wells Fargo & Company Cuts Brookfield Asset Management (NYSE:BAM) Price Target to $50.00

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its target price cut by Wells Fargo & Company from $54.00 to $50.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 0.97% from the stock’s current price.

A number of other brokerages also recently commented on BAM. Keefe, Bruyette & Woods decreased their target price on Brookfield Asset Management from $57.00 to $56.00 and set an “underperform” rating for the company in a report on Monday, January 13th. TD Securities increased their price objective on Brookfield Asset Management from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, February 10th. Hsbc Global Res upgraded Brookfield Asset Management from a “hold” rating to a “strong-buy” rating in a report on Friday, February 14th. HSBC upgraded Brookfield Asset Management from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Finally, CIBC increased their price objective on Brookfield Asset Management from $63.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.38.

Brookfield Asset Management Stock Performance

NYSE:BAM opened at $49.52 on Thursday. The firm has a market cap of $21.94 billion, a PE ratio of 37.52, a price-to-earnings-growth ratio of 1.92 and a beta of 1.50. Brookfield Asset Management has a fifty-two week low of $37.29 and a fifty-two week high of $62.61. The business has a 50 day moving average price of $55.18 and a 200-day moving average price of $53.19.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its earnings results on Wednesday, February 12th. The financial services provider reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.01. Brookfield Asset Management had a return on equity of 81.16% and a net margin of 54.47%. Research analysts predict that Brookfield Asset Management will post 1.7 EPS for the current year.

Institutional Investors Weigh In On Brookfield Asset Management

Several institutional investors have recently modified their holdings of BAM. Principal Financial Group Inc. boosted its position in shares of Brookfield Asset Management by 0.3% during the third quarter. Principal Financial Group Inc. now owns 8,867,458 shares of the financial services provider’s stock valued at $419,400,000 after buying an additional 24,409 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new stake in shares of Brookfield Asset Management during the third quarter valued at $219,000. Pathstone Holdings LLC boosted its position in shares of Brookfield Asset Management by 1.0% during the third quarter. Pathstone Holdings LLC now owns 29,166 shares of the financial services provider’s stock valued at $1,379,000 after buying an additional 278 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Brookfield Asset Management by 1.7% during the third quarter. PNC Financial Services Group Inc. now owns 60,805 shares of the financial services provider’s stock valued at $2,875,000 after buying an additional 1,007 shares during the last quarter. Finally, Avior Wealth Management LLC boosted its position in Brookfield Asset Management by 2,857.1% in the third quarter. Avior Wealth Management LLC now owns 10,350 shares of the financial services provider’s stock worth $489,000 after purchasing an additional 10,000 shares during the last quarter. 68.41% of the stock is owned by hedge funds and other institutional investors.

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.