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

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

Brookfield Asset Management Stock Performance

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

Analyst Ratings Changes

Several equities analysts recently commented on BAM shares. TD Securities increased their price objective on shares of Brookfield Asset Management from $66.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, July 28th. CIBC upped their price target on shares of Brookfield Asset Management from $70.00 to $71.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. National Bankshares lowered their price objective on shares of Brookfield Asset Management from $71.00 to $69.00 and set an “outperform” rating for the company in a research note on Monday, October 27th. BMO Capital Markets upped their target price on Brookfield Asset Management from $53.00 to $56.00 and gave the company a “market perform” rating in a research report on Thursday, August 7th. Finally, Scotiabank raised their target price on Brookfield Asset Management from $66.00 to $67.25 and gave the stock a “sector outperform” rating in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $64.14.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BAM. Northwestern Mutual Wealth Management Co. lifted its stake in Brookfield Asset Management by 24.7% in 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 in the last quarter. Diversify Advisory Services LLC acquired a new stake in Brookfield Asset Management during the second quarter worth $183,000. B. Riley Wealth Advisors Inc. acquired a new position in shares of Brookfield Asset Management in the 2nd quarter valued at $212,000. AQR Capital Management LLC purchased a new position in shares of Brookfield Asset Management during the 1st quarter worth $235,000. Finally, Evergreen Capital Management LLC purchased a new position in Brookfield Asset Management during the second quarter worth about $250,000. Hedge funds and other institutional investors 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.