DAVENPORT & Co LLC Sells 80,299 Shares of Brookfield Asset Management Ltd. (NYSE:BAM)

DAVENPORT & Co LLC decreased its stake in shares of Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 2.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,170,875 shares of the financial services provider's stock after selling 80,299 shares during the period. Brookfield Asset Management makes up about 0.9% of DAVENPORT & Co LLC's investment portfolio, making the stock its 21st largest holding. DAVENPORT & Co LLC owned about 0.19% of Brookfield Asset Management worth $153,573,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Truvestments Capital LLC boosted its stake in shares of Brookfield Asset Management by 487.2% during the 4th quarter. Truvestments Capital LLC now owns 505 shares of the financial services provider's stock worth $27,000 after buying an additional 419 shares during the last quarter. ST Germain D J Co. Inc. bought a new stake in Brookfield Asset Management during the first quarter worth about $26,000. Mountain Hill Investment Partners Corp. acquired a new position in Brookfield Asset Management during the fourth quarter valued at approximately $32,000. NewEdge Advisors LLC grew its stake in Brookfield Asset Management by 61.0% in the fourth quarter. NewEdge Advisors LLC now owns 858 shares of the financial services provider's stock valued at $47,000 after purchasing an additional 325 shares in the last quarter. Finally, Kapitalo Investimentos Ltda acquired a new position in shares of Brookfield Asset Management during the 4th quarter worth approximately $54,000. 68.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BAM has been the subject of several recent analyst reports. TD Securities increased their price objective on Brookfield Asset Management from $64.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Piper Sandler began coverage on shares of Brookfield Asset Management in a research note on Monday. They issued a "neutral" rating and a $60.00 price target for the company. Wall Street Zen upgraded shares of Brookfield Asset Management from a "sell" rating to a "hold" rating in a research note on Tuesday, April 15th. Bank of America raised shares of Brookfield Asset Management from a "neutral" rating to a "buy" rating and set a $65.00 target price on the stock in a report on Thursday, April 10th. Finally, Scotiabank lifted their price target on Brookfield Asset Management from $58.00 to $59.00 and gave the stock an "outperform" rating in a report on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Brookfield Asset Management has a consensus rating of "Moderate Buy" and an average price target of $59.50.

Brookfield Asset Management Stock Performance

NYSE:BAM traded down $0.28 during mid-day trading on Tuesday, hitting $55.00. 1,430,180 shares of the stock were exchanged, compared to its average volume of 1,570,802. The firm's 50-day simple moving average is $55.61 and its 200 day simple moving average is $54.12. The stock has a market capitalization of $90.06 billion, a price-to-earnings ratio of 39.01, a price-to-earnings-growth ratio of 2.00 and a beta of 1.51. Brookfield Asset Management Ltd. has a fifty-two week low of $37.40 and a fifty-two week high of $62.61. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.31 and a current ratio of 1.31.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last posted its earnings results on Tuesday, May 6th. The financial services provider reported $0.40 earnings per share for the quarter, hitting analysts' consensus estimates of $0.40. Brookfield Asset Management had a return on equity of 52.70% and a net margin of 55.26%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.29 billion. As a group, equities analysts anticipate that Brookfield Asset Management Ltd. will post 1.7 EPS for the current fiscal year.

Brookfield Asset Management Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, May 30th were issued a $0.4375 dividend. This represents a $1.75 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend was Friday, May 30th. Brookfield Asset Management's dividend payout ratio is currently 124.11%.

Brookfield Asset Management Company Profile

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.