DAVENPORT & Co LLC Has $196.35 Million Stock Position in Brookfield Asset Management Ltd. $BAM

Key Points

• DAVENPORT & Co LLC increased its stake in Brookfield Asset Management by 12.2% during Q2, now holding 3,556,812 shares valued at approximately $196.35 million.
• Brookfield Asset Management reported $0.38 earnings per share for the latest quarter, which missed expectations by $0.01 with revenues of $1.11 billion compared to estimates of $1.29 billion.
• The company announced a quarterly dividend of $0.4375 per share, translating to an annualized dividend yield of 3.0%, despite a high payout ratio of 117.45%.

DAVENPORT & Co LLC raised its stake in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 12.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,556,812 shares of the financial services provider's stock after buying an additional 385,937 shares during the quarter. Brookfield Asset Management comprises approximately 1.1% of DAVENPORT & Co LLC's investment portfolio, making the stock its 11th biggest holding. DAVENPORT & Co LLC owned 0.22% of Brookfield Asset Management worth $196,348,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Rossby Financial LCC acquired a new stake in shares of Brookfield Asset Management during the first quarter worth $28,000. Truvestments Capital LLC increased its holdings in Brookfield Asset Management by 85.5% during the 1st quarter. Truvestments Capital LLC now owns 937 shares of the financial services provider's stock worth $45,000 after purchasing an additional 432 shares in the last quarter. Larson Financial Group LLC raised its stake in shares of Brookfield Asset Management by 1,079.6% in the 1st quarter. Larson Financial Group LLC now owns 1,097 shares of the financial services provider's stock valued at $53,000 after purchasing an additional 1,004 shares during the period. DHJJ Financial Advisors Ltd. lifted its holdings in shares of Brookfield Asset Management by 100,000.0% in the second quarter. DHJJ Financial Advisors Ltd. now owns 1,001 shares of the financial services provider's stock valued at $55,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Trust Co. of Vermont boosted its position in shares of Brookfield Asset Management by 90.4% during the second quarter. Trust Co. of Vermont now owns 1,070 shares of the financial services provider's stock worth $59,000 after buying an additional 508 shares during the period. Institutional investors own 68.41% of the company's stock.

Brookfield Asset Management Stock Performance

Shares of BAM stock opened at $57.83 on Monday. The stock has a market cap of $94.70 billion, a P/E ratio of 38.81, a P/E/G ratio of 2.11 and a beta of 1.39. 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 company has a fifty day moving average price of $59.72 and a two-hundred day moving average price of $56.12. Brookfield Asset Management Ltd. has a one year low of $41.78 and a one year high of $64.10.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.01). The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.29 billion. Brookfield Asset Management had a return on equity of 41.12% and a net margin of 55.92%. As a group, equities analysts predict that Brookfield Asset Management Ltd. will post 1.7 EPS for the current year.

Brookfield Asset Management Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Friday, August 29th were given a $0.4375 dividend. This represents a $1.75 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, August 29th. Brookfield Asset Management's dividend payout ratio (DPR) is presently 117.45%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. National Bank Financial began coverage on Brookfield Asset Management in a research report on Tuesday, July 29th. They issued an "outperform" rating and a $71.00 target price on the stock. Jefferies Financial Group boosted their price objective on shares of Brookfield Asset Management from $55.00 to $62.00 and gave the stock a "hold" rating in a research report on Wednesday, August 13th. Piper Sandler decreased their target price on shares of Brookfield Asset Management from $65.00 to $60.00 and set a "neutral" rating for the company in a research report on Thursday, September 11th. National Bankshares set a $71.00 price target on shares of Brookfield Asset Management and gave the company an "outperform" rating in a research note on Tuesday, July 29th. Finally, TD Securities increased their price objective on shares of Brookfield Asset Management from $66.00 to $75.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $63.52.

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.

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