Brookfield Asset Management (NYSE:BAM) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) posted its quarterly earnings data on Friday. The financial services provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.39 by $0.02, Zacks reports. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.34 billion. Brookfield Asset Management had a net margin of 55.92% and a return on equity of 41.12%.

Brookfield Asset Management Stock Down 0.6%

NYSE BAM traded down $0.30 during trading on Friday, reaching $52.97. 5,247,671 shares of the company’s stock traded hands, compared to its average volume of 2,073,918. Brookfield Asset Management has a 12-month low of $41.78 and a 12-month high of $64.10. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.25 and a quick ratio of 1.25. The firm has a market cap of $86.75 billion, a price-to-earnings ratio of 35.55, a price-to-earnings-growth ratio of 2.04 and a beta of 1.38. The company’s 50 day simple moving average is $56.82 and its two-hundred day simple moving average is $57.27.

Institutional Trading of Brookfield Asset Management

A number of hedge funds have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Brookfield Asset Management by 24.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,512 shares of the financial services provider’s stock worth $139,000 after purchasing an additional 497 shares during the last quarter. Diversify Advisory Services LLC bought a new position in Brookfield Asset Management in the second quarter worth about $183,000. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Brookfield Asset Management during the second quarter valued at about $212,000. AQR Capital Management LLC bought a new stake in shares of Brookfield Asset Management in the 1st quarter valued at about $235,000. Finally, Evergreen Capital Management LLC purchased a new position in shares of Brookfield Asset Management in the 2nd quarter worth approximately $250,000. Hedge funds and other institutional investors own 68.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Scotiabank increased their price objective on shares of Brookfield Asset Management from $66.00 to $67.25 and gave the stock a “sector outperform” rating in a research report on Thursday, August 7th. Bank of America downgraded Brookfield Asset Management from a “buy” rating to a “neutral” rating and set a $68.00 price target on the stock. in a report on Thursday, September 4th. Piper Sandler decreased their price target on Brookfield Asset Management from $65.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday, September 11th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Brookfield Asset Management in a research report on Wednesday. Finally, TD Securities lifted their target price on Brookfield Asset Management from $66.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, July 28th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Brookfield Asset Management presently has an average rating of “Moderate Buy” and an average target price of $64.14.

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.