Brookfield Corporation $BN Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its stake in shares of Brookfield Corporation (NYSE:BN) by 30.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 17,304,740 shares of the company’s stock after purchasing an additional 4,069,204 shares during the period. Brookfield accounts for about 1.9% of CIBC Asset Management Inc’s holdings, making the stock its 11th biggest holding. CIBC Asset Management Inc’s holdings in Brookfield were worth $796,295,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Bank of New York Mellon Corp grew its holdings in Brookfield by 50.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,952,645 shares of the company’s stock worth $89,607,000 after acquiring an additional 658,802 shares during the period. Goldman Sachs Group Inc. grew its holdings in Brookfield by 17.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 7,950,712 shares of the company’s stock worth $364,858,000 after acquiring an additional 1,207,305 shares during the period. Bridges Investment Management Inc. grew its holdings in Brookfield by 50.0% during the fourth quarter. Bridges Investment Management Inc. now owns 36,082 shares of the company’s stock worth $1,656,000 after acquiring an additional 12,027 shares during the period. Natixis Advisors LLC grew its holdings in Brookfield by 48.4% during the fourth quarter. Natixis Advisors LLC now owns 748,690 shares of the company’s stock worth $34,357,000 after acquiring an additional 244,260 shares during the period. Finally, Allen Investment Management LLC grew its holdings in Brookfield by 56.7% during the fourth quarter. Allen Investment Management LLC now owns 73,205 shares of the company’s stock worth $3,359,000 after acquiring an additional 26,486 shares during the period. Institutional investors and hedge funds own 61.60% of the company’s stock.

Brookfield Price Performance

Shares of BN opened at $45.59 on Wednesday. The company has a market capitalization of $111.72 billion, a price-to-earnings ratio of 89.39 and a beta of 1.53. Brookfield Corporation has a fifty-two week low of $37.93 and a fifty-two week high of $49.56. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.32 and a quick ratio of 1.20. The business’s 50-day moving average is $43.95 and its 200-day moving average is $44.88.

Brookfield Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Monday, June 15th. Brookfield’s payout ratio is currently 54.90%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on BN. National Bank Financial lifted their target price on Brookfield from $58.00 to $60.00 and gave the stock an “outperform” rating in a report on Friday, May 15th. Weiss Ratings restated a “hold (c)” rating on shares of Brookfield in a research report on Friday, March 27th. Scotia lifted their price target on shares of Brookfield from $48.50 to $53.00 and gave the stock a “sector outperform” rating in a research report on Friday, May 15th. Royal Bank Of Canada decreased their price target on shares of Brookfield from $63.00 to $61.00 and set an “outperform” rating on the stock in a research report on Friday, May 15th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Brookfield from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Brookfield has an average rating of “Moderate Buy” and an average target price of $56.82.

About Brookfield

Brookfield Corporation (NYSE:BN) is a global alternative asset manager that specializes in real assets. The company invests in and operates businesses across real estate, infrastructure, renewable power and energy, private equity and credit. Its activities span both ownership and active management of physical assets as well as the operation of investment funds and vehicles that provide institutional and retail investors access to long?lived, cash?generating assets.

Brookfield’s services include asset management, direct investing, property development and the operation of infrastructure and energy businesses.