Brookfield Asset Management rating upgraded and institutional stakes realigned

Wall Street Zen upgraded Brookfield Asset Management (NYSE:BAM) from a “sell” to a “hold” rating. Analysts at CIBC, JPMorgan, Morgan Stanley, Goldman Sachs and Piper Sandler also adjusted price targets and ratings, leaving the stock with a consensus “hold” and a target near $60. The firm reported Q2 earnings of $0.43 EPS, beating estimates but missing revenue forecasts, and announced a quarterly dividend of $0.5025 per share.

Institutional investors reshuffled positions: First Manhattan Co. LLC trimmed its holding by 2.8% to about 0.07% of the company, while UBS Asset Management, Northwestern Mutual Wealth Management, Cerity Partners and State Street increased their stakes. Overall, institutional owners now control roughly 68% of Brookfield’s shares.