Brookfield (NYSE:BN) Reaches New 12-Month High - Here's Why

Key Points

• Brookfield Corporation's share price reached a new 52-week high, trading at $69.29 after previously closing at $67.05.
• Several research firms have increased their price targets for Brookfield, with ratings ranging from "buy" to "outperform," and an average price target of $75.70.
• The company is set to undergo a 3-2 stock split on October 10, 2023, which will affect current shareholders before the market opens.

Brookfield Corporation (NYSE:BN - Get Free Report)'s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $68.81 and last traded at $69.29, with a volume of 220111 shares changing hands. The stock had previously closed at $67.05.

Wall Street Analysts Forecast Growth

BN has been the subject of a number of recent research reports. Royal Bank Of Canada raised their price target on shares of Brookfield from $81.00 to $83.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Scotiabank boosted their price objective on shares of Brookfield from $69.00 to $75.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. JPMorgan Chase & Co. boosted their price objective on Brookfield from $70.00 to $73.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 12th. National Bankshares set a $82.00 price objective on Brookfield and gave the company an "outperform" rating in a report on Tuesday, July 29th. Finally, National Bank Financial assumed coverage on Brookfield in a research report on Tuesday, July 29th. They issued an "outperform" rating and a $82.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $75.70.

Brookfield Price Performance

The company has a quick ratio of 1.18, a current ratio of 1.29 and a debt-to-equity ratio of 1.50. The firm has a market cap of $114.88 billion, a P/E ratio of 162.00 and a beta of 1.73. The company has a 50 day moving average of $65.94 and a two-hundred day moving average of $58.94.

Shares of Brookfield are set to split on the morning of Friday, October 10th. The 3-2 split was announced on Thursday, August 7th. The newly created shares will be issued to shareholders after the closing bell on Thursday, October 9th.

Brookfield (NYSE:BN - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.88 EPS for the quarter, missing analysts' consensus estimates of $0.89 by ($0.01). Brookfield had a net margin of 1.11% and a return on equity of 3.77%. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.44 billion. Sell-side analysts expect that Brookfield Corporation will post 3.85 EPS for the current year.

Brookfield Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, September 12th will be issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Friday, September 12th. Brookfield's dividend payout ratio (DPR) is currently 83.72%.

Institutional Investors Weigh In On Brookfield

A number of institutional investors have recently made changes to their positions in the stock. Valeo Financial Advisors LLC grew its stake in shares of Brookfield by 20.6% during the second quarter. Valeo Financial Advisors LLC now owns 4,973 shares of the company's stock worth $308,000 after purchasing an additional 848 shares during the period. Osaic Holdings Inc. increased its position in shares of Brookfield by 13.8% in the second quarter. Osaic Holdings Inc. now owns 85,053 shares of the company's stock valued at $5,235,000 after acquiring an additional 10,298 shares during the last quarter. Orion Porfolio Solutions LLC increased its position in shares of Brookfield by 110.8% in the second quarter. Orion Porfolio Solutions LLC now owns 43,392 shares of the company's stock valued at $2,684,000 after acquiring an additional 22,803 shares during the last quarter. Squarepoint Ops LLC increased its position in shares of Brookfield by 29.6% in the second quarter. Squarepoint Ops LLC now owns 25,502 shares of the company's stock valued at $1,577,000 after acquiring an additional 5,821 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. acquired a new position in Brookfield during the second quarter worth approximately $869,000. 61.60% of the stock is owned by institutional investors and hedge funds.

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.