Brookfield Asset Management (NYSE:BAM – Get Rating) (TSE:BAM.A) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday, Zacks.com reports.
According to Zacks, “Brookfield Asset Management Inc. is an asset manager. Focused on property, power and infrastructure assets, the company has assets under management and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM. At Brookfield they continually strive to ensure that they have sound corporate governance practices to maintain investor confidence in the way in which they do business. To ensure it communicates with there practices and commitment to strong corporate governance, they are proud to share with its Statement of Corporate Governance, Corporate Disclosure Policy, Code of Business Conduct and Ethics and other related information on its corporate governance initiatives and practices. “
Several other brokerages also recently weighed in on BAM. Credit Suisse Group upgraded Brookfield Asset Management from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $68.00 to $71.50 in a research report on Wednesday, April 27th. StockNews.com raised Brookfield Asset Management from a “sell” rating to a “hold” rating in a report on Saturday, April 30th. TD Securities upped their target price on Brookfield Asset Management from $75.00 to $77.00 and gave the stock an “action list buy” rating in a report on Monday, February 7th. Royal Bank of Canada lowered their target price on Brookfield Asset Management from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Friday, May 20th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Brookfield Asset Management from $60.00 to $57.00 in a report on Thursday, May 19th. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Brookfield Asset Management currently has an average rating of “Buy” and a consensus price target of $65.80.
Shares of NYSE:BAM traded up $0.46 during trading on Monday, reaching $50.70. 1,067,109 shares of the company traded hands, compared to its average volume of 1,850,236. The company’s 50 day moving average is $51.62 and its two-hundred day moving average is $54.72. The firm has a market capitalization of $83.22 billion, a PE ratio of 20.86 and a beta of 1.31. The company has a quick ratio of 0.99, a current ratio of 1.17 and a debt-to-equity ratio of 1.31. Brookfield Asset Management has a 52 week low of $44.13 and a 52 week high of $62.47.
Brookfield Asset Management (NYSE:BAM – Get Rating) (TSE:BAM.A) last announced its quarterly earnings data on Thursday, May 12th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.11. Brookfield Asset Management had a return on equity of 3.25% and a net margin of 5.04%. The business had revenue of $21.88 billion during the quarter, compared to the consensus estimate of $18.35 billion. During the same period in the prior year, the company earned $1.80 EPS. As a group, research analysts anticipate that Brookfield Asset Management will post 3.24 EPS for the current year.
In related news, major shareholder Oaktree Capital Management Gp, sold 585,735 shares of the stock in a transaction that occurred on Tuesday, April 19th. The stock was sold at an average price of $31.00, for a total transaction of $18,157,785.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Brookfield Asset Management In sold 5,925 shares of the firm’s stock in a transaction on Tuesday, April 12th. The stock was sold at an average price of $32.13, for a total value of $190,370.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,586,644 shares of company stock worth $112,704,831.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Brookfield Asset Management by 5.9% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,416,151 shares of the financial services provider’s stock valued at $206,309,000 after buying an additional 191,545 shares during the period. Eaton Vance Management lifted its stake in Brookfield Asset Management by 1.6% during the third quarter. Eaton Vance Management now owns 1,574,899 shares of the financial services provider’s stock worth $84,100,000 after purchasing an additional 24,773 shares during the last quarter. Morgan Stanley increased its holdings in shares of Brookfield Asset Management by 14.1% in the third quarter. Morgan Stanley now owns 8,625,026 shares of the financial services provider’s stock worth $461,527,000 after buying an additional 1,066,488 shares during the period. Millennium Management LLC increased its holdings in shares of Brookfield Asset Management by 381.4% in the third quarter. Millennium Management LLC now owns 304,251 shares of the financial services provider’s stock worth $16,304,000 after buying an additional 241,044 shares during the period. Finally, Viking Global Investors LP increased its holdings in shares of Brookfield Asset Management by 311.2% in the third quarter. Viking Global Investors LP now owns 16,987,106 shares of the financial services provider’s stock worth $908,980,000 after buying an additional 12,856,497 shares during the period. Institutional investors own 60.24% of the company’s stock.
Brookfield Asset Management Company Profile (Get Rating)
Brookfield Asset Management is an alternative asset manager and REIT/Real Estate Investment Manager firm focuses on real estate, renewable power, infrastructure and venture capital and private equity assets. It manages a range of public and private investment products and services for institutional and retail clients.
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