The Goldman Sachs Group Upgrades Brookfield (NYSE:BN) to "Strong-Buy"

Key Points

• Brookfield has been upgraded to a "strong-buy" rating by The Goldman Sachs Group, reflecting positive sentiment among analysts regarding the stock's potential.
• Several price adjustments have been made by investment firms, with BMO Capital Markets raising its target price for Brookfield from $66.00 to $69.00, and Scotiabank setting their target at $75.00.
• The company will conduct a 3-2 stock split before the market opens on October 10th, which may attract more investors and enhance liquidity.

The Goldman Sachs Group upgraded shares of Brookfield (NYSE:BN - Free Report) to a strong-buy rating in a report released on Tuesday morning, MarketBeat Ratings reports. The Goldman Sachs Group currently has $78.00 price objective on the stock.

Other research analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Brookfield from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. JPMorgan Chase & Co. lifted their target price on shares of Brookfield from $70.00 to $73.00 and gave the company an "overweight" rating in a report on Tuesday, August 12th. Morgan Stanley reaffirmed an "overweight" rating on shares of Brookfield in a report on Monday, May 19th. CIBC decreased their price objective on shares of Brookfield from $74.00 to $72.00 and set an "outperformer" rating on the stock in a report on Friday, May 9th. Finally, National Bankshares set a $82.00 price objective on shares of Brookfield and gave the stock an "outperform" rating in a report on Tuesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating and eight have issued a Buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $75.70.

Brookfield Stock Down 0.0%

Shares of BN traded down $0.03 during midday trading on Tuesday, reaching $66.53. The stock had a trading volume of 1,196,287 shares, compared to its average volume of 2,324,522. Brookfield has a 1-year low of $43.61 and a 1-year high of $68.75. The company's fifty day simple moving average is $65.39 and its two-hundred day simple moving average is $58.54. The company has a market cap of $109.71 billion, a price-to-earnings ratio of 154.72 and a beta of 1.73. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.29 and a quick ratio of 1.18.

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

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

Brookfield Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, September 12th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.36 annualized dividend and a dividend yield of 0.5%. Brookfield's payout ratio is currently 83.72%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Brookfield by 1.6% in the first quarter. Vanguard Group Inc. now owns 60,892,877 shares of the company's stock worth $3,186,707,000 after purchasing an additional 988,419 shares in the last quarter. Pershing Square Capital Management L.P. raised its position in shares of 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 valued at $2,149,054,000 after buying an additional 6,111,593 shares during the last quarter. TD Asset Management Inc raised its stake in shares of Brookfield by 1.5% in the 1st quarter. TD Asset Management Inc now owns 24,584,311 shares of the company's stock valued at $1,286,395,000 after buying an additional 354,171 shares in the last quarter. Akre Capital Management LLC raised its stake in shares of Brookfield by 0.7% in the 2nd quarter. Akre Capital Management LLC now owns 19,219,290 shares of the company's stock valued at $1,188,713,000 after buying an additional 125,269 shares in the last quarter. Finally, Norges Bank bought a new stake in Brookfield during the second quarter worth about $1,040,160,000. 61.60% of the stock is owned by hedge funds and other institutional investors.

About Brookfield

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.