Bank of America Corp DE Trims Holdings in Brookfield Corporation $BN

Key Points

• Bank of America reduced its Brookfield stake by 2.1% in the first quarter, selling 240,564 shares and retaining 11.1 million shares valued at approximately $449.8 million.
• Institutional investors own 61.6% of Brookfield, while the stock recently traded at $42.55, below its 50-day and 200-day moving averages.
• Brookfield paid a quarterly dividend of $0.07 per share, and analysts maintain a consensus “Buy” rating with an average price target of $56.64.

Bank of America Corp DE decreased its position in shares of Brookfield Corporation (NYSE:BN - Free Report) by 2.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,115,001 shares of the company's stock after selling 240,564 shares during the period. Bank of America Corp DE owned 0.45% of Brookfield worth $449,824,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in BN. Truvestments Capital LLC raised its position in shares of Brookfield by 49.9% during the 4th quarter. Truvestments Capital LLC now owns 640 shares of the company's stock valued at $29,000 after purchasing an additional 213 shares during the period. Meadow Creek Wealth Advisors LLC lifted its stake in shares of Brookfield by 2.3% during the 1st quarter. Meadow Creek Wealth Advisors LLC now owns 10,308 shares of the company's stock valued at $417,000 after buying an additional 234 shares in the last quarter. New England Capital Financial Advisors LLC lifted its stake in shares of Brookfield by 50.2% during the 4th quarter. New England Capital Financial Advisors LLC now owns 751 shares of the company's stock valued at $34,000 after buying an additional 251 shares in the last quarter. ST Germain D J Co. Inc. boosted its holdings in Brookfield by 49.9% in the 4th quarter. ST Germain D J Co. Inc. now owns 811 shares of the company's stock worth $37,000 after buying an additional 270 shares during the period. Finally, State of Wyoming boosted its holdings in Brookfield by 6.0% in the 1st quarter. State of Wyoming now owns 5,151 shares of the company's stock worth $208,000 after buying an additional 290 shares during the period. Hedge funds and other institutional investors own 61.60% of the company's stock.

Brookfield Price Performance

Shares of Brookfield stock opened at $42.55 on Friday. The stock has a 50 day moving average of $43.83 and a 200 day moving average of $44.14. Brookfield Corporation has a 12 month low of $37.93 and a 12 month high of $49.56. The firm has a market cap of $104.29 billion, a PE ratio of 83.43 and a beta of 1.54. The company has a current ratio of 1.32, a quick ratio of 1.20 and a debt-to-equity ratio of 1.54.

Brookfield Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Monday, June 15th. Brookfield's dividend payout ratio is 54.90%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. National Bank Financial raised their price target on Brookfield from $58.00 to $60.00 and gave the company an "outperform" rating in a report on Friday, May 15th. JPMorgan Chase & Co. upped their price objective on Brookfield from $60.00 to $62.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 12th. Weiss Ratings reiterated a "hold (c)" rating on shares of Brookfield in a research report on Wednesday, June 24th. Scotia lifted their target price on Brookfield from $48.50 to $53.00 and gave the company a "sector outperform" rating in a research note on Friday, May 15th. Finally, Royal Bank Of Canada lowered their price target on Brookfield from $63.00 to $61.00 and set an "outperform" rating on the stock in a report on Friday, May 15th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $56.64.

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.

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