Legal & General Group Plc Purchases 310,864 Shares of Brookfield Corporation $BN

Legal & General Group Plc increased its holdings in shares of Brookfield Corporation (NYSE:BN) by 4.4% during the third quarter, Holdings Channel reports. The fund owned 7,359,626 shares of the company’s stock after acquiring an additional 310,864 shares during the quarter. Legal & General Group Plc’s holdings in Brookfield were worth $505,074,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of BN. Norges Bank purchased a new position in Brookfield in the 2nd quarter worth approximately $1,040,160,000. Lone Pine Capital LLC bought a new stake in shares of Brookfield during the 2nd quarter worth $347,683,000. Canada Pension Plan Investment Board increased its stake in Brookfield by 132.5% in the second quarter. Canada Pension Plan Investment Board now owns 6,540,631 shares of the company’s stock valued at $405,065,000 after acquiring an additional 3,727,628 shares during the last quarter. Picton Mahoney Asset Management bought a new position in Brookfield during the second quarter valued at approximately $140,555,000. Finally, Geode Capital Management LLC grew 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 valued at $679,852,000 after purchasing an additional 1,770,378 shares during the last quarter. 61.60% of the stock is currently owned by institutional investors and hedge funds.

Brookfield Stock Up 1.3%

Shares of NYSE:BN opened at $41.63 on Wednesday. The company has a market cap of $101.99 billion, a price-to-earnings ratio of 84.39 and a beta of 1.58. The company has a 50-day moving average price of $46.01 and a 200 day moving average price of $45.69. Brookfield Corporation has a 12 month low of $29.07 and a 12 month high of $49.56. The company has a current ratio of 1.32, a quick ratio of 1.21 and a debt-to-equity ratio of 1.48.

Brookfield (NYSE:BN) last issued its quarterly earnings data on Thursday, February 12th. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.06. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Brookfield had a return on equity of 3.87% and a net margin of 1.74%. As a group, equities research analysts predict that Brookfield Corporation will post 3.85 earnings per share for the current year.

Brookfield Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This is a positive change from Brookfield’s previous quarterly dividend of $0.06. This represents a $0.28 dividend on an annualized basis and a yield of 0.7%. Brookfield’s dividend payout ratio is currently 48.98%.

Analyst Upgrades and Downgrades

BN has been the subject of several analyst reports. BMO Capital Markets increased their price target on shares of Brookfield from $49.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, February 13th. Zacks Research upgraded Brookfield from a “strong sell” rating to a “hold” rating in a report on Monday, January 19th. National Bank Financial boosted their price target on Brookfield from $56.00 to $59.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 4th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Brookfield in a research report on Monday, December 1st. Finally, Royal Bank Of Canada lifted their target price on Brookfield from $49.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $54.59.

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.