Franklin Resources Inc. Reduces Stock Position in Brookfield Corporation $BN

Franklin Resources Inc. lessened its holdings in shares of Brookfield Corporation (NYSE:BN) by 6.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 692,256 shares of the company’s stock after selling 50,220 shares during the period. Franklin Resources Inc.’s holdings in Brookfield were worth $42,864,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of BN. Allianz Asset Management GmbH raised its position in shares of Brookfield by 8.8% in the 1st quarter. Allianz Asset Management GmbH now owns 78,562 shares of the company’s stock worth $4,111,000 after acquiring an additional 6,358 shares in the last quarter. Cetera Investment Advisers grew its stake in Brookfield by 8.9% in the first quarter. Cetera Investment Advisers now owns 363,041 shares of the company’s stock worth $18,999,000 after purchasing an additional 29,644 shares during the period. Pacer Advisors Inc. grew its stake in Brookfield by 3.0% in the first quarter. Pacer Advisors Inc. now owns 12,714 shares of the company’s stock worth $666,000 after purchasing an additional 366 shares during the period. LPL Financial LLC raised its holdings in Brookfield by 8.4% in the first quarter. LPL Financial LLC now owns 244,171 shares of the company’s stock worth $12,797,000 after purchasing an additional 18,935 shares in the last quarter. Finally, Norden Group LLC lifted its position in Brookfield by 1.2% during the first quarter. Norden Group LLC now owns 23,063 shares of the company’s stock valued at $1,209,000 after buying an additional 268 shares during the period. Hedge funds and other institutional investors own 61.60% of the company’s stock.

Brookfield Stock Up 2.1%

Shares of Brookfield stock opened at $46.08 on Wednesday. The company has a 50-day simple moving average of $45.51 and a two-hundred day simple moving average of $43.27. The stock has a market capitalization of $114.04 billion, a PE ratio of 160.74 and a beta of 1.73. Brookfield Corporation has a 52-week low of $29.07 and a 52-week high of $49.47. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.18 and a current ratio of 1.29.

Brookfield (NYSE:BN) last posted its quarterly earnings results on Thursday, November 13th. The company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.02. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Brookfield had a net margin of 1.11% and a return on equity of 3.77%. On average, analysts anticipate that Brookfield Corporation will post 3.85 EPS for the current fiscal year.

Brookfield Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Tuesday, December 16th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.5%. The ex-dividend date is Tuesday, December 16th. Brookfield’s dividend payout ratio (DPR) is presently 66.67%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Royal Bank Of Canada upped their target price on shares of Brookfield from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. BMO Capital Markets upped their price objective on shares of Brookfield from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, August 8th. Scotiabank raised their target price on shares of Brookfield from $46.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, July 30th. Wall Street Zen cut Brookfield from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, The Goldman Sachs Group initiated coverage on Brookfield in a research report on Tuesday, September 2nd. They set a “buy” rating and a $52.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Brookfield currently has a consensus rating of “Buy” and a consensus target price of $53.47.

Brookfield Profile

Brookfield Corporation is an alternative asset manager and REIT/Real Estate Investment Manager firm focuses on real estate, renewable power, infrastructure and venture capital and private equity assets. It manages a range of public and private investment products and services for institutional and retail clients.