Royal Bank of Canada cuts Brookfield Asset Management (NYSE:BAM) price target to $68.00

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Brookfield Asset Management (NYSE: BAM – Get a rating) (TSE: BAM.A) saw its target price reduced by Royal Bank of Canada investment analysts from $72.00 to $68.00 in a research report released Friday to clients and investors, Fly reports. Royal Bank of Canada’s target price indicates a potential upside of 46.87% from the current share price.

BAM has been the subject of a number of other reports. StockNews.com moved shares of Brookfield Asset Management from a “sell” rating to a “hold” rating in a research note on Saturday, April 30. Deutsche Bank Aktiengesellschaft cut its price target on Brookfield Asset Management shares from $60.00 to $57.00 in a research note on Thursday. Citigroup raised its price target on shares of Brookfield Asset Management from $61.00 to $65.50 in a Friday, Feb. 11 research note. TD Securities raised its price target on shares of Brookfield Asset Management from $75.00 to $77.00 and gave the stock a “buy on stock list” rating in a Monday research note February 7. To finish, Zacks Investment Research upgraded Brookfield Asset Management shares from a “sell” rating to a “hold” rating in a research note on Tuesday. Four investment analysts gave the stock a hold rating, seven gave the company a buy rating and one gave the company a high buy rating. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $65.80.

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NYSE:BAM shares opened at $46.30 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.17 and a debt ratio of 1.31. Brookfield Asset Management has a fifty-two week low of $44.13 and a fifty-two week high of $62.47. The company has a 50-day simple moving average of $53.00 and a 200-day simple moving average of $55.65. The company has a market capitalization of $76.00 billion, a PE ratio of 19.05 and a beta of 1.31.

Brookfield Asset Management (NYSE: BAM – Get a rating) (TSE: BAM.A) last released its results on Thursday, May 12. The financial services provider reported earnings per share (EPS) of $0.81 for the quarter, beating consensus analyst estimates of $0.70 by $0.11. The company posted revenue of $21.88 billion in the quarter, versus analyst estimates of $18.35 billion. Brookfield Asset Management posted a net margin of 5.04% and a return on equity of 3.25%. During the same period a year earlier, the company posted EPS of $1.80. As a group, research analysts expect Brookfield Asset Management to post EPS of 3.25 for the current fiscal year.

In other Brookfield Asset Management news, insider Brookfield Asset Management In sold 750,000 shares of the company in a trade that took place on Wednesday, May 4. The shares were sold at an average price of $25.77, for a total value of $19,327,500.00. Following the completion of the sale, the insider now directly owns 18,538,903 shares of the company, valued at $477,747,530.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, major shareholder Oaktree Capital Management Gp sold 585,735 shares of the company in a transaction that took place on Tuesday, April 19. The stock was sold at an average price of $31.00, for a total transaction of $18,157,785.00. Disclosure of this sale can be found here. During the last quarter, insiders sold 3,976,384 shares of the company worth $105,795,602.

Hedge funds have recently been buying and selling shares of the company. Brookfield Asset Management Inc. acquired a new stake in shares of Brookfield Asset Management during Q3 for a value of $6,974,274,000. Norges Bank purchased a new stake in shares of Brookfield Asset Management during Q4 for a value of $810,807,000. Viking Global Investors LP increased its holdings of Brookfield Asset Management shares by 311.2% during the third quarter. Viking Global Investors LP now owns 16,987,106 shares of the financial services provider worth $908,980,000 after purchasing an additional 12,856,497 shares during the period. FIL Ltd increased its holdings of Brookfield Asset Management shares by 30.0% during the third quarter. FIL Ltd now owns 29,604,720 shares of the financial services provider worth $1,586,351,000 after purchasing an additional 6,829,447 shares during the period. Finally, Principal Financial Group Inc. increased its equity stake in Brookfield Asset Management by 12.8% during the first quarter. Principal Financial Group Inc. now owns 43,430,538 shares of the financial services provider worth $2,456,964,000 after purchasing an additional 4,943,494 shares during the period. 60.24% of the shares are held by institutional investors.

About Brookfield Asset Management (Get a rating)

Brookfield Asset Management is an alternative asset manager and REIT/real estate investment manager firm focused on real estate, renewable energy, infrastructure, 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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Analyst Recommendations for Brookfield Asset Management (NYSE: BAM)

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