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 increased by CIBC from $63.00 to $70.00 in a report issued on Thursday,BayStreet.CA reports. The firm currently has an “outperform” rating on the financial services provider’s stock. CIBC’s price objective points to a potential upside of 12.85% from the stock’s current price.

BAM has been the subject of a number of other reports. TD Securities lifted their price target on shares of Brookfield Asset Management from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Wells Fargo & Company decreased their price objective on Brookfield Asset Management from $56.00 to $55.00 and set an “underweight” rating on the stock in a report on Tuesday, January 14th. BMO Capital Markets increased their target price on Brookfield Asset Management from $40.00 to $50.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 5th. Scotiabank lifted their price target on Brookfield Asset Management from $55.50 to $59.50 and gave the company a “sector outperform” rating in a report on Tuesday, November 5th. Finally, Keefe, Bruyette & Woods cut their price objective 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. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $56.13.

Brookfield Asset Management Stock Performance

BAM stock traded up $0.67 during trading on Thursday, reaching $62.03. 220,938 shares of the company were exchanged, compared to its average volume of 1,210,452. The stock’s 50 day moving average price is $56.22 and its 200 day moving average price is $49.76. Brookfield Asset Management has a 52-week low of $37.29 and a 52-week high of $62.61. The company has a market cap of $27.49 billion, a P/E ratio of 54.87, a PEG ratio of 2.15 and a beta of 1.45.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last released its quarterly earnings results on Monday, November 4th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate 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 company posted $0.35 EPS. As a group, equities research analysts forecast that Brookfield Asset Management will post 1.45 EPS for the current year.

Institutional Investors Weigh In On Brookfield Asset Management

Institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC grew its stake in Brookfield Asset Management by 11.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,611,859 shares of the financial services provider’s stock worth $77,293,000 after buying an additional 168,170 shares during the last quarter. Avior Wealth Management LLC boosted its stake in Brookfield Asset Management by 2,857.1% during the 3rd quarter. Avior Wealth Management LLC now owns 10,350 shares of the financial services provider’s stock valued at $489,000 after purchasing an additional 10,000 shares during the period. Charles Schwab Investment Management Inc. grew its position in Brookfield Asset Management by 5.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 834,929 shares of the financial services provider’s stock worth $39,516,000 after purchasing an additional 45,670 shares during the last quarter. LGT Capital Partners LTD. raised its holdings in shares of Brookfield Asset Management by 11.5% during the third quarter. LGT Capital Partners LTD. now owns 534,000 shares of the financial services provider’s stock valued at $25,273,000 after buying an additional 55,000 shares during the last quarter. Finally, CIBC Asset Management Inc grew its holdings in Brookfield Asset Management by 10.3% in the 3rd quarter. CIBC Asset Management Inc now owns 3,953,496 shares of the financial services provider’s stock worth $188,057,000 after buying an additional 370,383 shares in the last quarter. 68.41% of the stock is owned by institutional investors and hedge funds.

Brookfield Asset Management Company Profile

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.