Troubles in the market, in general, didn’t slow down Brookfield Asset Management (TSE:BAM) (NYSE:BAM), as it turned in an impressive quarter with several key metrics on the rise. But that wasn’t enough to calm investors, who fled Brookfield and took just over 2% of its market cap with them in Monday afternoon’s trading session.
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Brookfield reported that it pulled in $122 million from the stake it holds in Brookfield Corp’s asset management business, which is 75% owned by Brookfield Corp (TSE:BN) (NYSE:BN). That worked out to about US$0.31 for the quarter. Brookfield Asset Management was spun off from Brookfield a little under a year ago and has been delivering some decent earnings since. Earnings came in at $568 million in the latest quarter, representing a decent gain against the $524 million seen in the previous quarter.
That alone was quite an accomplishment, especially given the current shape of markets and the macroeconomic pressures under which they’re reeling. But that’s not all; Brookfield Asset Management also brought in a healthy $26 billion in new capital in the third quarter, a feat in its own right. Reports suggest that many asset management operations have had trouble drawing new funds in this economy, which is a clear mark in Brookfield’s favor.
Is Brookfield Asset Management a Buy or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on BAM stock based on five Buys, three Holds, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average BAM price target of $37.28 per share implies 20.33% upside potential.
