Wells Fargo & Company Cuts Brookfield Asset Management (NYSE:BAM) Price Target to $48.00

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) had its price objective lowered by Wells Fargo & Company from $50.00 to $48.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target points to a potential upside of 0.80% from the stock’s current price.

Several other equities analysts have also recently weighed in on BAM. StockNews.com cut shares of Brookfield Asset Management from a “hold” rating to a “sell” rating in a research note on Monday. UBS Group assumed coverage on Brookfield Asset Management in a report on Monday, December 16th. They issued a “buy” rating on the stock. BMO Capital Markets lifted their price target on shares of Brookfield Asset Management from $50.00 to $53.00 and gave the company a “market perform” rating in a research report on Thursday, February 13th. CIBC upped their price objective on shares of Brookfield Asset Management from $63.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Finally, Jefferies Financial Group reduced their target price on Brookfield Asset Management from $52.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday. Three analysts have rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Brookfield Asset Management currently has a consensus rating of “Hold” and a consensus price target of $57.75.

Brookfield Asset Management Stock Performance

Shares of NYSE:BAM opened at $47.62 on Tuesday. Brookfield Asset Management has a 52 week low of $37.29 and a 52 week high of $62.61. The company has a 50 day moving average price of $52.33 and a two-hundred day moving average price of $53.58. The company has a market capitalization of $77.97 billion, a PE ratio of 36.08, a PEG ratio of 1.92 and a beta of 1.63.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings data on Wednesday, February 12th. The financial services provider reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.01. Brookfield Asset Management had a return on equity of 81.16% and a net margin of 54.47%. On average, sell-side analysts forecast that Brookfield Asset Management will post 1.7 earnings per share for the current year.

Institutional Trading of Brookfield Asset Management

Several large investors have recently modified their holdings of BAM. Norges Bank bought a new stake in Brookfield Asset Management in the fourth quarter valued at $287,361,000. William Blair Investment Management LLC acquired a new position in shares of Brookfield Asset Management during the fourth quarter worth approximately $204,169,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Brookfield Asset Management by 103.4% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,997,157 shares of the financial services provider’s stock worth $216,507,000 after purchasing an additional 2,031,995 shares in the last quarter. Madison Investment Advisors LLC acquired a new stake in Brookfield Asset Management in the 4th quarter valued at $94,122,000. Finally, TD Asset Management Inc. grew its position in Brookfield Asset Management by 8.9% in the 4th quarter. TD Asset Management Inc. now owns 16,664,426 shares of the financial services provider’s stock valued at $903,323,000 after purchasing an additional 1,359,126 shares during the period. Institutional investors and hedge funds 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.