Principal Financial Group Inc. Grows Holdings in Brookfield Corporation $BN

Principal Financial Group Inc. increased its stake in Brookfield Corporation (NYSE:BN) by 1.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 50,849,914 shares of the company’s stock after buying an additional 799,440 shares during the quarter. Brookfield comprises approximately 1.8% of Principal Financial Group Inc.’s holdings, making the stock its 5th largest holding. Principal Financial Group Inc. owned approximately 2.05% of Brookfield worth $3,487,338,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Akre Capital Management LLC raised its stake in shares of Brookfield by 0.7% in the second quarter. Akre Capital Management LLC now owns 19,219,290 shares of the company’s stock valued at $1,188,713,000 after acquiring an additional 125,269 shares during the period. Norges Bank purchased a new position in shares of Brookfield during the 2nd quarter worth about $1,040,160,000. Mackenzie Financial Corp grew its holdings in Brookfield by 1.6% during the 2nd quarter. Mackenzie Financial Corp now owns 16,319,256 shares of the company’s stock valued at $1,010,616,000 after purchasing an additional 249,913 shares during the last quarter. Bank of Nova Scotia raised its position in Brookfield by 13.3% in the 2nd quarter. Bank of Nova Scotia now owns 13,263,185 shares of the company’s stock worth $820,569,000 after purchasing an additional 1,556,042 shares during the period. Finally, Geode Capital Management LLC raised its position in Brookfield by 19.4% in the 2nd quarter. Geode Capital Management LLC now owns 10,882,122 shares of the company’s stock worth $679,852,000 after purchasing an additional 1,770,378 shares during the period. 61.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on BN shares. TD Securities boosted their target price on Brookfield from $57.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, November 14th. CIBC reissued an “outperform” rating and set a $52.00 price target (up from $50.67) on shares of Brookfield in a research note on Friday, November 14th. Zacks Research upgraded Brookfield from a “strong sell” rating to a “hold” rating in a report on Monday, January 19th. Wall Street Zen upgraded Brookfield from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, Morgan Stanley reiterated an “overweight” rating and set a $58.00 target price on shares of Brookfield in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $54.27.

Brookfield Stock Performance

BN stock opened at $45.56 on Friday. Brookfield Corporation has a 1-year low of $29.07 and a 1-year high of $49.56. The business has a 50-day moving average price of $46.58 and a 200 day moving average price of $45.49. The company has a market capitalization of $112.84 billion, a P/E ratio of 126.56 and a beta of 1.58. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.31 and a quick ratio of 1.19.

Brookfield (NYSE:BN) last posted its 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. Brookfield had a net margin of 1.34% and a return on equity of 3.92%. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. As a group, equities research analysts forecast 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 was paid on Wednesday, December 31st. Investors of record on Tuesday, December 16th were paid a $0.06 dividend. The ex-dividend date of this dividend was Tuesday, December 16th. This represents a $0.24 dividend on an annualized basis and a yield of 0.5%. Brookfield’s payout ratio is 66.67%.

Brookfield Company Profile

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.