Norges Bank Makes New Investment in Brookfield Corporation $BN

Norges Bank purchased a new position in shares of Brookfield Corporation (NYSE:BN) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 16,802,529 shares of the company’s stock, valued at approximately $1,040,160,000. Norges Bank owned approximately 1.02% of Brookfield as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in BN. Pershing Square Capital Management L.P. boosted its position in Brookfield by 17.5% during the first quarter. Pershing Square Capital Management L.P. now owns 41,004,657 shares of the company’s stock worth $2,149,054,000 after purchasing an additional 6,111,593 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Brookfield by 83.3% in the first quarter. Goldman Sachs Group Inc. now owns 7,699,178 shares of the company’s stock valued at $403,514,000 after purchasing an additional 3,500,003 shares during the period. Regents of The University of California lifted its stake in shares of Brookfield by 123.1% in the first quarter. Regents of The University of California now owns 5,986,137 shares of the company’s stock worth $313,733,000 after buying an additional 3,303,102 shares during the last quarter. Picton Mahoney Asset Management bought a new stake in shares of Brookfield during the 2nd quarter worth $140,555,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Brookfield by 19.4% during the 2nd quarter. Geode Capital Management LLC now owns 10,882,122 shares of the company’s stock worth $679,852,000 after buying an additional 1,770,378 shares during the period. 61.60% of the stock is owned by institutional investors.

Brookfield Stock Up 1.6%

Shares of BN opened at $47.35 on Friday. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.18 and a current ratio of 1.29. The company has a 50-day simple moving average of $45.50 and a 200-day simple moving average of $43.37. Brookfield Corporation has a 52 week low of $29.07 and a 52 week high of $49.47. The firm has a market capitalization of $117.18 billion, a P/E ratio of 165.16 and a beta of 1.73.

Brookfield (NYSE:BN) last released its earnings results on Thursday, November 13th. The company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.02. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. Brookfield had a return on equity of 3.77% and a net margin of 1.11%. On average, equities research analysts expect that Brookfield Corporation will post 3.85 earnings per share for the current year.

Brookfield Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Tuesday, December 16th will be given a dividend of $0.06 per share. The ex-dividend date is Tuesday, December 16th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.5%. Brookfield’s payout ratio is currently 66.67%.

Wall Street Analyst Weigh In

Several research analysts recently commented on BN shares. Royal Bank Of Canada lifted their target price on shares of Brookfield from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Wall Street Zen downgraded Brookfield from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. BMO Capital Markets lifted their price objective on Brookfield from $44.00 to $46.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. The Goldman Sachs Group began coverage on Brookfield in a research note on Tuesday, September 2nd. They set a “buy” rating and a $52.00 target price for the company. Finally, TD Securities raised their target price on Brookfield from $57.00 to $59.00 and gave the company a “buy” rating in a report on Friday, November 14th. 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $53.47.

Brookfield Company 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.