DAVENPORT & Co LLC Has $182.10 Million Stock Holdings in Brookfield Asset Management Ltd. $BAM

DAVENPORT & Co LLC cut its holdings in shares of Brookfield Asset Management Ltd. (NYSE:BAM) (TSE:BAM.A) by 1.7% in the fourth quarter, HoldingsChannel reports. The fund owned 3,466,570 shares of the financial services provider’s stock after selling 60,098 shares during the quarter. Brookfield Asset Management accounts for 1.0% of DAVENPORT & Co LLC’s portfolio, making the stock its 21st biggest holding. DAVENPORT & Co LLC’s holdings in Brookfield Asset Management were worth $182,099,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in Brookfield Asset Management by 1.5% in the third quarter. Vanguard Group Inc. now owns 17,425,392 shares of the financial services provider’s stock valued at $991,677,000 after purchasing an additional 253,789 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Brookfield Asset Management by 2.5% in the second quarter. Mackenzie Financial Corp now owns 11,400,930 shares of the financial services provider’s stock worth $631,412,000 after buying an additional 282,853 shares during the last quarter. Norges Bank acquired a new position in Brookfield Asset Management in the second quarter worth approximately $294,730,000. The Manufacturers Life Insurance Company raised its position in Brookfield Asset Management by 25.5% during the second quarter. The Manufacturers Life Insurance Company now owns 4,218,119 shares of the financial services provider’s stock valued at $232,402,000 after acquiring an additional 857,994 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Brookfield Asset Management by 72.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,904,677 shares of the financial services provider’s stock valued at $222,161,000 after acquiring an additional 1,642,375 shares during the last quarter. Institutional investors and hedge funds own 68.41% of the company’s stock.

Brookfield Asset Management Price Performance

Shares of BAM stock opened at $42.87 on Wednesday. Brookfield Asset Management Ltd. has a 12 month low of $41.78 and a 12 month high of $64.10. The company has a market capitalization of $70.22 billion, a P/E ratio of 28.20, a P/E/G ratio of 1.54 and a beta of 1.42. The stock has a 50 day moving average of $48.71 and a two-hundred day moving average of $52.50. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.05.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last announced its quarterly earnings data on Wednesday, February 4th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.06. Brookfield Asset Management had a net margin of 51.59% and a return on equity of 29.81%. The company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.40 billion. As a group, equities analysts expect that Brookfield Asset Management Ltd. will post 1.7 EPS for the current year.

Brookfield Asset Management Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, February 27th will be given a dividend of $0.5025 per share. This is a boost from Brookfield Asset Management’s previous quarterly dividend of $0.44. The ex-dividend date is Friday, February 27th. This represents a $2.01 dividend on an annualized basis and a yield of 4.7%. Brookfield Asset Management’s dividend payout ratio is currently 132.24%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on BAM. Morgan Stanley set a $63.00 price objective on shares of Brookfield Asset Management in a research note on Tuesday, February 17th. Weiss Ratings reissued a “buy (b-)” rating on shares of Brookfield Asset Management in a research report on Monday, December 22nd. JPMorgan Chase & Co. boosted their price target on Brookfield Asset Management from $68.00 to $72.00 and gave the stock a “neutral” rating in a research report on Thursday, February 5th. Royal Bank Of Canada set a $74.00 price target on Brookfield Asset Management and gave the stock an “outperform” rating in a research note on Monday, December 15th. Finally, BMO Capital Markets raised Brookfield Asset Management from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Brookfield Asset Management currently has an average rating of “Hold” and a consensus price target of $63.65.

Brookfield Asset Management Company Profile

Brookfield Asset Management is a global alternative asset manager headquartered in Toronto, Canada, that specializes in investments in real assets and related private equity and credit strategies. The firm acquires, manages and develops assets in sectors such as real estate, renewable power, infrastructure and private equity, seeking long-term value through active asset management and operational improvements. Brookfield structures and manages commingled funds, listed partnerships and separate accounts for institutional and retail investors.

The company’s products and services include fund management across equity and debt strategies, direct asset ownership and operations, property and facilities management, and capital markets solutions.