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

DAVENPORT & Co LLC trimmed its holdings in shares of Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 2.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,170,875 shares of the financial services provider's stock after selling 80,299 shares during the quarter. Brookfield Asset Management comprises about 0.9% of DAVENPORT & Co LLC's investment portfolio, making the stock its 21st largest holding. DAVENPORT & Co LLC owned approximately 0.19% of Brookfield Asset Management worth $153,573,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank of New York Mellon Corp lifted its position in shares of Brookfield Asset Management by 6.1% during the 4th quarter. Bank of New York Mellon Corp now owns 663,389 shares of the financial services provider's stock worth $35,949,000 after buying an additional 38,331 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in Brookfield Asset Management in the fourth quarter valued at about $209,000. US Bancorp DE raised its stake in Brookfield Asset Management by 6.5% during the fourth quarter. US Bancorp DE now owns 15,977 shares of the financial services provider's stock worth $866,000 after acquiring an additional 973 shares in the last quarter. Metis Global Partners LLC lifted its holdings in shares of Brookfield Asset Management by 9.5% in the fourth quarter. Metis Global Partners LLC now owns 11,931 shares of the financial services provider's stock worth $647,000 after acquiring an additional 1,034 shares during the last quarter. Finally, Bridges Investment Management Inc. boosted its stake in shares of Brookfield Asset Management by 57.9% in the 4th quarter. Bridges Investment Management Inc. now owns 12,439 shares of the financial services provider's stock valued at $674,000 after purchasing an additional 4,560 shares in the last quarter. Institutional investors and hedge funds own 68.41% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on BAM. TD Securities increased their price target on Brookfield Asset Management from $64.00 to $66.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Bank of America raised Brookfield Asset Management from a "neutral" rating to a "buy" rating and set a $65.00 target price for the company in a report on Thursday, April 10th. Morgan Stanley lifted their price target on Brookfield Asset Management from $50.00 to $54.00 and gave the company an "equal weight" rating in a research note on Friday, May 16th. JPMorgan Chase & Co. boosted their price target on Brookfield Asset Management from $51.00 to $55.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Finally, Piper Sandler started coverage on shares of Brookfield Asset Management in a report on Monday. They issued a "neutral" rating and a $60.00 price objective for the company. Two analysts have rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Brookfield Asset Management presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.50.

Brookfield Asset Management Stock Performance

Shares of NYSE BAM traded up $1.58 during midday trading on Friday, hitting $57.12. The company's stock had a trading volume of 1,432,599 shares, compared to its average volume of 1,583,354. The firm has a market capitalization of $93.52 billion, a price-to-earnings ratio of 40.51, a P/E/G ratio of 2.13 and a beta of 1.43. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.07. The stock has a fifty day moving average price of $56.00 and a 200 day moving average price of $54.12. Brookfield Asset Management Ltd. has a one year low of $37.80 and a one year high of $62.61.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last announced its quarterly earnings results on Tuesday, May 6th. The financial services provider reported $0.40 earnings per share for the quarter, meeting the consensus estimate of $0.40. Brookfield Asset Management had a return on equity of 52.70% and a net margin of 55.26%. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.29 billion. On average, research analysts forecast 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. Stockholders of record on Friday, May 30th were issued a dividend of $0.4375 per share. This represents a $1.75 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend was Friday, May 30th. Brookfield Asset Management's payout ratio is 124.11%.

Brookfield Asset Management 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.