DAVENPORT & Co LLC Reduces Stake in Brookfield Asset Management Ltd.

DAVENPORT & Co LLC has made a slight adjustment to its holdings in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report, TSE:BAM.A) by lowering its position by 0.4% during the fourth quarter. This change was reported through the firm’s latest Form 13F filed with the Securities and Exchange Commission. Following the sale of 12,601 shares, the fund now possesses a total of 3,251,174 shares in this financial services provider. Notably, Brookfield Asset Management now represents approximately 1.0% of DAVENPORT & Co LLC's investment portfolio, ranking as the 16th largest position in their holdings. At the time of the most recent filing, DAVENPORT & Co LLC's stake in Brookfield Asset Management was valued at approximately $176,625,000.

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Other institutional investors and hedge funds have also made recent changes to their stakes in Brookfield Asset Management. For instance, the Public Sector Pension Investment Board raised its holdings by 0.4% in the third quarter, acquiring an additional 188 shares and now owning 46,513 shares valued at $2,201,000. Procyon Advisors LLC increased its position in Brookfield Asset Management by 2.7% during the fourth quarter, adding 249 shares to bring its total to 9,312 shares worth $505,000. Additionally, Pathstone Holdings LLC upped its stake by 1.0% during the third quarter, now holding 29,166 shares valued at $1,379,000 after the purchase of 278 shares. Foundations Investment Advisors LLC also saw a 5.0% boost in its holdings during the third quarter, owning 6,654 shares worth $315,000 after acquiring an additional 315 shares. Lastly, Thurston Springer Miller Herd & Titak Inc. significantly increased its position by 35.1% in the fourth quarter, owning 1,227 shares valued at $66,000 after an additional purchase of 319 shares. Presently, institutional investors and hedge funds collectively own 68.41% of Brookfield Asset Management's stock.

Brookfield Asset Management Trading Activity

On Friday, Brookfield Asset Management's stock opened at $59.94, exhibiting a decline of 1.4%. Over the last year, shares have seen a low of $37.29 and a peak of $62.61. The stock's 50-day moving average stands at $56.41, while the 200-day moving average is recorded at $49.97. Brookfield Asset Management Ltd. boasts a market capitalization of $26.56 billion, alongside a price-to-earnings ratio of 53.04 and a beta of 1.45.

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Brookfield Asset Management (NYSE:BAM - Get Free Report, TSE:BAM.A) recently announced its quarterly earnings results on November 4. The firm recorded earnings per share (EPS) of $0.38, surpassing analysts' expectations of $0.36. The company also achieved a return on equity of 85.03% and a net margin of 49.69%. Its revenue for the quarter amounted to $1.12 billion, slightly below the expected $1.19 billion. In comparison to the previous year, where the company posted an EPS of $0.35, Brookfield Asset Management shows a positive growth trajectory. Analysts forecast that the company will report an EPS of 1.45 for the current fiscal year.

Dividend Announcement from Brookfield Asset Management

Recently, Brookfield Asset Management declared a quarterly dividend, which was paid out on December 31. Shareholders registered on November 29 received a dividend of $0.38 per share, totaling an annualized dividend of $1.52, yielding 2.54%. The ex-dividend date for this distribution was also November 29. The company's payout ratio is currently at 134.51%.

Recent Analyst Ratings

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A number of analysts have recently provided updates regarding Brookfield Asset Management. For instance, Wells Fargo & Company downgraded its price target from $56.00 to $55.00, placing an "underweight" rating on the stock as of January 14. Similarly, Keefe, Bruyette & Woods adjusted their price target from $57.00 to $56.00, rating the stock as "underperform" in a report dated January 13. Conversely, Deutsche Bank Aktiengesellschaft raised its target price for Brookfield shares from $56.00 to $59.00, assigning a "buy" recommendation on November 11. The Goldman Sachs Group also increased its price target from $57.00 to $63.00, rating the stock as a "buy" as of November 19. Lastly, UBS Group initiated coverage on the shares on December 16, giving a "buy" rating. Overall, the consensus among analysts indicates that three analysts have rated the stock as a sell, four as a hold, while seven have issued a buy rating, resulting in an average rating of "Hold" and a target price of $56.13 according to MarketBeat data.

Learn More About Brookfield Asset Management

About Brookfield Asset Management

Brookfield Asset Management Ltd. specializes in real estate investment and alternative asset management services. The firm operates various divisions including renewable power and transition, which focuses on hydroelectric, wind, solar, and sustainable energy solutions. Its infrastructure sector attends to utilities, transportation, midstream, and data infrastructure projects.

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This article provides a brief update on the recent activities of DAVENPORT & Co LLC with regard to its investments in Brookfield Asset Management. For more detailed insights or inquiries, readers may explore further financial reports or consult with investment professionals.

Should You Invest in Brookfield Asset Management Now?

Before making an investment decision regarding Brookfield Asset Management, it's important to stay informed about the stock's current status and analyst recommendations. MarketBeat tracks analysts to identify top-rated stocks, many of which might be more favorable investments than Brookfield Asset Management at this time.

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